Checking accounts are aimed at offering account holders easy and quick access to their money. It offers the depositors efficient and accessible means to withdraw their cash for their daily needs. They have also been called demand accounts or transaction accounts in the past. The ultimate selling point of this type account is that they offer reliable and fast access to an account holder. It provides the account holder numerous ways to make transactions like issuing a check, using a debit card at an ATM, via the phone and over the internet through netbanking. The key feature to this form of account is the lack of any unlimited withdrawal facility that allows the account holder to withdraw as much of their funds as they see fit at no extra transaction cost, The number of withdrawals are usually limited in savings accounts from 3-6 times a month depending on the bank.. Different banks offer checking accounts with varying packages and offers. This could mean the minimising of charges involved. Play By The Rules Most of the banks offer free online checking accounts. However, it is imperative that the customer to check the services offered. Specifically, one must ask about hidden charges before opening an account with a bank.

A personal loan is truly the loan for any reason. From consolidating your debt to redecorating your home, taking a vacation, there are many reasons for which one might apply for a personal loan. A personal loan allows the borrower to borrow a certain amount of money without requiring any collateral, and pay it back through monthly installments. The lender’s requirement for offering a personal loan is very simple. Most financial institutions ask for: Social security number Current employer information Previous employer information Gross income Purpose of the loan Co-applicant information, if applicable Apart from traditional lenders, major credit card companies also offer personal loans. To avail this, you must be a pre-approved card holder. Your creditworthiness and other factors are taken into consideration to decide the APR and loan amount. Even though this process seems simpler and easy, not all customers might be pre-approved to procure a higher loan amount or a low APR. Major card companies offering personal loans also allow you to set up automatic payments, thus simplifying the monthly payment process. It is imperative to have a good FICO score for being eligible for a personal loan from a traditional bank. Some borrowers perceive applying for a loan from a big nationalized bank as a hassle because of their many rules and paperwork.

Silver bullion consists of coins, bars, ingots and rounds that are made silver. However, silver bullion most commonly refers to silver coins. Investing in bullion, whether gold or silver, is considered a strong addition to an investment portfolio. This is because the value of precious metals nearly remains constant even in the most unsteady financial environment. Also, the value of bullion does not fluctuate sporadically and in fact, their value tends to grow in terms of global worth and liquidity. However, the price of bullion does change on a day to day basis. Silver bullion can be bought from banks, brokerage firms, coin dealers, and precious metal dealers. The value of silver bullion depends on its purity and its melt value. The melt value is the value of the bullion you would get once it is melted and sold. The purity value of silver bullion is usually set at 99.9% globally. If you are curious about silver bullion, here are 4 basic things you should know: Turning silver into bullion: Silver bullion is made by melting silver grain above 2192 degrees Fahrenheit. This turns the solid metal into liquid form, which is then poured into molds. These molds can be of ingots, bars and coins that turn the molten metal into silver bullion.

“ Invest in your future” as they rightfully say. Saving for retirement is one of the major concerns in your career. In today’s economy and time of uncertainty, with sky-high prices for even basic necessities, by the time you end up paying all your dues, there will be very little left to retire with. Thus it is imperative to earn and reinvest your earnings after you have met all your obligations to make sure that safety nest egg is ready for you to cash in when you retire. Here are some of the poplar re-investment opportunities you can follow as part of your retirement investing strategies: Plan your retirement portfolio: A comprehensive 401K will ensure multiple avenues for investment. However, it is a good idea to construct a total portfolio of stocks and bonds. Granted there is no certainty in the stock market that you will get a good return on your investment. But with time and experience, you will gain the expertise provided you start early and are willing to take a few risks for better returns. Investment in retirement income funds: Investing in retirement income funds can be profitable as part of your retirement investing strategies. Mutual finds especially are a good option since a diversified portfolio of stocks and bonds are created and managed by the financial institution on your behalf to provide a steady stream of income that will come in handy for retirement.

Many students heading in to college avail loans to further their studies. Student loans can be used for any college released expenditure, including tuition, room and board, books, computers, and transport costs. Upon completion of the course, many are unable to pay back their loan. It is best to choose the lender and loan most suitable to your requirements, so as to minimize repayment difficulty. Some of the most famous types of student loans are offered through: Federal Government – These loans (financial aid) are often the cheapest as they are subsidized. For lower and middle income families, the federal loans are usually the only option. As a student, the first step in applying for a federal loan, is completing the FAFSA (free application for federal student aid). This loan is further classified as subsidized – the government pays the interest while the student is studying and unsubsidized. These loans are made regardless of the borrower’s credit history and approval is automatic if the student meets the program requirements. Federal student loans are also made to parents, where the credit history is looked into and the approval is not automatic. PNC student loans – This private loan is offered from one of the biggest banks in the country.

The federal money direct loan program is nicknamed student loan forgiveness program. Originally named William D Ford loan program, it is commonly referred to as Obama student loan forgiveness program. All these programs and its benefits are only for the federal loan borrowers and not for private loan borrowers. Having a person co sign your student loan can get you lower interest rates. There are options for student loans without consigner. Federal student loans do not require a consigner. The student can take it without a parent’s help or without a credit history. Private student loans usually require a consigner, especially if the applicant is below 21 years of age. To procure a student loan without consigner apply for federal loan. Federal student loans do not require a co-signer, thus allowing a student borrower to avail a loan with having a credit history or a parent’s help. Fill out the FAFSA (free application for federal student aid) to find out if you are eligible for federal grants or scholarships. This application also lets you know if you are eligible for federal loan. Other than not requiring a cosigner, this loan also has lower interest rates and forgiveness programs. Private loans do not offer forgiveness.

Whether you are shopping for your first house or if you are moving to something better, it is better to know all the facts about home loans before making your move. There are many kinds of loans. Mortgages are the most well-known type. A mortgage is a type of secured loan pertaining to real estate or house. The ownership of the property is with the borrower who makes repayments in installments over an accepted period of time. The borrower is required to put up a collateral (asset) to secure a mortgage. The lender is able to provide higher amounts, usually with a better interest rate, as the lender can partially or fully seize the collateral if the borrower defaults. Fixed rate mortgages are the most commonly occurring type of home loans. The benefit is, you know ahead of time the repayment amount and the term of repayment is usually stretched over a period of 10 to 50 years. There is also a provision of repaying the loan quickly by paying additional amounts. In this type of loan, loan repayment goes first towards paying interest, then to paying the principal amount. The benefit of opting for Adjustable rate mortgage (ARM) is that it usually offers a lower initial rate of interest than the fixed rate mortgage.

Installment loans are short term loans that are perfect as small business loans, or to cover unexpected medical expenses, or financing a home remodeling project, or basically for any quick cash need. Installment loans are also commonly called personal loans. Installment loans are safer alternatives to the traditional cash advance. The outstanding feature of this is, instead of paying the entire loan amount along with interest and fees on the stipulated due date, installment loans allows you to customize your payment schedule. When there is a quick cash need, instead of getting sucked into a vortex of high interest rates and fees or credit card debt, consider the safer option of installment loan where you can make equal, manageable payments over a period of weeks or months, thereby easing the repayment load. Each repayment amount includes a portion of the principal amount and interest. Before choosing a lender, look out for the policies on loan repayment. Some well known financial institutions do not have any hidden charge or fees attached to their installment loans, and more importantly you pay interest only for the time you keep the loan. They also provide options for paying the loan back early without any penalty.

Having poor credit diminishes one’s ability to procure a loan and also renting an apartment or landing a job etc. People with poor credit have low credit scores. A credit score is a number that lenders (banks and credit cards etc.) use to identify the risk element of lending money to you. The standard credit score is called FICO score, named after the Fair Issacs Corporation which created this. Credit score usually range from 300 to 850; the higher your score the better is your credit. Credit scores are determined by factors such as: Payment history – Lenders see how consistent you have been in previous loan repayments. Outstanding amount – Those carrying a lot of debt are considered risky and is less likely to pay back new loans. Length of credit history – If you’ve been a long time borrower and a responsible one, the higher the score. Types of credit in use – Credit cards, personal loans, mortgages etc are the kind of credit a person may already have. New credit – Your credit score may lower if you apply for too many loans within a short span of time. The obvious solution to having poor credit is to improve your credit score.

Applying for a loan is a brain wrecking process in itself with all the paperwork and jargons involved. This becomes even more difficult if you have a poor credit score. Credit scores range from 300 to 850. Having a FICO score of 579 and below means you have poor credit score. A FICO score of 580 to 629 means you have a bad credit score. To qualify for loans, your goal should be to improve your credit score (ideally it should be above average, i.e. FICO score of 630 and above). Other than credit score, other factors like debt to income ratio, determine the terms of your loan. Having a poor or bad credit score almost always means a higher interest rate. If you have poor credit, but have a steady income and low debt levels, the probability of you securing a personal loan is higher. As a borrower, you may have bad or poor credit due to one or more of these reasons: Default in making any of the repayments Shopping extensively for a loan but getting rejected repeatedly. Has never taken a loan in the past and there’s no credit history to validate. To procure a loan in spite of having poor credit:

Personal loans are given out to people who want to avail an unsecured line of credit, since they have no collateral to put up and hence cannot avail regular loans. Most types of personal loans do not require collateral as security and the promise to repay money is the only assurance for the loan taken. There are a number of things that you should take into account before applying for a personal loan among the multiple sources available to choose from. A thorough research of the lender, the interest rates at which the personal loan is being offered at and terms of condition of the loan will help you get the best deal. Listed below are the different types of personal loans: Personal loans are generally divided into two categories namely unsecured and secured loans. Unsecured loans: Unsecured loans, as the name suggest, do not require any collateral security for the loan taken. Banks and financial institutions will generally not deal with a lot of unsecured loans since the only guarantee that the loan will ever be repaid is on the basis of the promise made by the borrower. Unsecured loans and short terms credits are generally given by individuals, credit unions, and third-party credit sources.