發表文章

How To Shrink Your Student Loan Debt Before Payments Restart?｜Personal Loan｜EMVertex Credit

-
圖片
  Borrowers have gotten a long break from federal student loan payments and interest during the COVID-19 pandemic, but that relief is scheduled to run out at the end of the year. As part of its response to the coronavirus crisis back in March, the government put student debt payments on hold, dropped the interest rates to 0% and stopped collections on defaulted student loans. Those measures are set to expire on Dec. 31. Congress has so far failed to approve an extension. Meanwhile, President-elect Joe Biden wants to cancel $10,000 in student loan debt for every borrower — but he doesn’t take office until Jan. 20. So, it’s looking likely that student loan payments and interest rates will return to normal after next month. And if you’ve got student loan debt you should take steps now to clear out as much as you can. Here are a few things you can do to help pay off your student loan debt faster. Take your payments off ‘pause’ While it might be tempting to use the remaining few weeks o...
張貼留言
閱讀完整內容

How To Refinance A Personal Loan?｜Personal Loan｜EMVertex Credit

-
圖片
  When used wisely, a personal loan can be a smart financial move. It can help consolidate debt, pay for medical expenses not covered by your insurance, pay off high-interest credit cards, or cover an unexpected emergency. When you’re ready to take on a new loan or refinance an existing loan, visit an online marketplace like Credible today. If you want to reduce your monthly loan payments or take advantage of a lower interest rate, refinancing your current personal loan with a new one at better rates and terms might be the right call. Can you refinance a personal loan? How to do it? In order to refinance a personal loan — and snag the best rates possible, there are a few simple steps you need to take. Boost your credit score and debt-to-income ratio Shop for personal loan lenders and compare rates Apple for your new loan Pay off the original loan 1. Boost credit score/debt-to-income ratio Refinancing a personal loan will cause a minor dip in your credit score because the lender wil...
張貼留言
閱讀完整內容

Rolling Your Closing Costs Into Your Mortgage Loan: Yay Or Nay For Investors?｜Personal Loan｜EMVertex Credit

-
圖片
  Many mortgage lenders offer what they call “no-closing cost” loans — mortgages you can roll your closing costs into rather than paying them upfront. As an investor, these loans can be tempting. After all, they reduce the amount of money you’ll need upfront to buy a property. They also free up cash flow, ensuring you have plenty of funds to finance any repair, rehab, or marketing costs on the tail end. But make no mistake: These mortgages aren’t perfect. In fact, they could actually cost you more in the long run. Are you considering a no-closing cost loan for your next investment purchase? Here’s what you’ll want to think about. Is it a short-term or a long-term investment? With no-closing cost loans, upfront fees are really just rolled into the loan balance (essentially, you’re financing those costs). That means a higher monthly payment and more interest paid long term. For these reasons, these types of loans heavily favor short-term homeowners — ones who expect to pay off the lo...
張貼留言
閱讀完整內容

Know When To Part Prepay A Home Loan｜Personal Loan｜EMVertex Credit

-
圖片
  If you have a home loan, it is possible that you might have faced the dilemma at least once whether to make part prepayment of your home loan or invest that extra sum you might have received as your bonus. As home loan is generally one of the biggest loans one might avail of during the lifetime, and there is no prepayment penalty, you would want to get rid of it as soon as possible and be debt-free. However, making the decision whether to make part prepayment or invest the sum is not that easy in case of home loans because there are multiple factors that you need to consider, including the rate of interest on loan, remaining tenure, rate of return from the investment, tax benefit forgone on interest and principal repayment, among others. However, there are certain situations when it is advised to make the part prepayment rather than investing. Let’s explore them. Rate of return is lower In case you are planning to prepay your loan, you first need to calculate the opportunity cost...
張貼留言
閱讀完整內容

8 Things To Keep In Mind While Opting For A Pre-Used Car Loan｜Personal Loan｜EMVertex Credit

-
圖片
  There are several things that one needs to keep in mind while buying a used car. Here we are taking a look at some of them. While the lockdown slowly lifts, the threat of the pandemic still looms large. In this situation many buyers with limited budgets are opting to buy a used car instead of a new car. By using their own vehicle to commute, they feel safer. However, there are several things that one needs to keep in mind while buying a used car. 1. Type of Car The first step is to identify the type of car you would like to purchase and its availability. If the car you want fits in your budget, you should also visit the dealership and physically check the internal and external condition of the car. 2. Availability of Finance Once you are sure you can afford the car, then you can start looking for finance. Lots of financing options are available for used cars. Banks and other non-banking financial institutions cater to individuals looking to buy used cars. Online car aggregator pl...
張貼留言
閱讀完整內容

How To Secure A Cheap Business Loan?｜Personal Loan｜EMVertex Credit

-
圖片
  Some new business owners may be too scared to take out a loan, convinced that it is never worth the risk. But if you are prudent and you research and plan, you can get a small loan which will help your business by a big amount. Why do you need a loan? Any lender is going to ask you this question and you absolutely need a good, specific answer. While there are many good reasons to get a loan such as these listed by Entrepreneur, the fundamental reasons are that you are either starting out, need to cover day to day costs during a tight period, or are looking to expand. Lenders will respond to each of these fundamental reasons differently. A business that is starting out will have a more difficult getting a loan than one which has an established cash flow, which means either a higher interest or putting up collateral if not rejected altogether. It may be better to consider alternative funding sources in that scenario. What type of loan do you want? When most people think of loans, w...
張貼留言
閱讀完整內容

A Lower Loan Interest Rate｜Personal Loan｜EMVertex Credit

-
圖片
  THE Covid-19 pandemic has severely impacted the global economy. Malaysia has not been spared its effects, with many businesses closing permanently while many more struggle to recover to pre-pandemic levels. Some employees have taken pay cuts while others have lost their jobs, with unemployment rates reaching record highs.Even though the civil service has been fortunate enough to be spared similar situations, many are also struggling as the pandemic has caused the price of many goods and services to increase, especially essential items such as food. In addition, personal expenses have also increased as we have to buy masks and sanitisers to comply with Health Ministry guidelines. This increase in the cost of living leaves civil servants needing more disposable income. While most private sector borrowers enjoyed the loan repayment moratorium for six months regardless of their employment status and salary, civil servants with government loans were not offered the same privilege. Fur...
張貼留言
閱讀完整內容