First Time Loan Application

8 Smart Tips For Borrowing Money – Get The Loan That Suits You Best (2020 Update)

The idea of borrowing money is usually frowned upon on and most of us would avoid borrowing if possible. That said, there may be unforeseen situations in life where we require an extra line of credit. You may be hit with a sudden emergency and require additional funds to see you through. You can’t make ends meet when you are broke. You need to maintain your lifestyle and at the same time, you need to invest for the future. All these require you to have money. What happens when you don’t? It is thus normal to look for financial assistance from other places. If you are a first time borrower and have your doubts about borrowing,  here are a few smart tips you need to evaluate before you start borrowing money: 1. Savings Have you ever thought of investing or even buying something? Sometimes, you might wish to purchase a home or a car. All this is possible if you work smart. The first step is to inquire how much you need, then come up with a plan of how to achieve that amount. The best way to get this amount is by saving. Sometimes, savings might take time. If you go to the bank with a certain amount of money and inquire for more, you will stand a better chance of receiving the money. In addition, your savings will have reduced the loan by a certain percentage. This will mean that you will spend less time paying up the borrowed money. In short, you will have used a smart method to borrow money that you didn’t have in the first place. 2. Penalties Life is full of surprises. No one plans for bad things to happen. However, that shouldn’t stop you from achieving your goals. If you are going to borrow money, it is prudent to think of the penalties just in case things go sideways. Some financial institutions issue harsh penalties which may leave you in a bad financial state. Get yourself a place that will work with you even on those rainy days where you might delay

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7 Essential Things To Know Before Taking A Loan

You might currently find yourself in a temporary financial knot and require a personal loan to get you through. However, before taking out a personal loan, there are a few things to take note of. Once you have made up your mind to take out a loan, the next step is to find the right financial institution. Most people go with the closest financial institution they can find, but this often leads to mistakes that could have easily been avoided. Here are 7 things that one should know and consider prior to taking out a loan that can prevent common mistakes made by borrowers: 1. Get A Loan That Suits You Best Once you have taken out the loan, the decision will affect your life for the duration of the loan. Therefore, it is imperative that you shop around and get a loan that is most suitable to your current situation.  The idea is to look for competitive rates, and packages that are flexible enough to handle the ups and downs of life. You should look across the lending landscape considering credit unions, traditional banks, and licensed moneylenders. Review their eligibility requirements, what types of loans they offer, interest rates, terms and conditions and the like. Considering their reputation is also very important because nobody wants to work with an institution that has a bad name. At Lending Bee, you can be assured that you will be getting one of the best loans in the market. As a licensed money lender under the Ministry Of Law, Lending Bee not only offers our customers with friendly interest rates and flexible loan tenures, but we also pride ourselves for being active listeners to our customers. Based on the needs of our customers, we will pick out a loan that is best suited for them. 2. Take Stock Of Assets This comes into play when you are considering taking out a loan that requires collateral. Personal loans can be offered with collateral or without. Secured loans tend to have lower interest rates and monthly payments, or they may be offered to someone who

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