Category: Uncategorized

What is a credit?

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credit loan

Through a credit, a person makes a certain amount of money available to him during a predetermined period. You pay this amount through monthly fees each month or for a specific date.

 

When do we talk about credit?

credit loan

A credit is a certain sum of money made available by a person, a company or a bank for a specific date. This sum is then paid for dues or for a specific date. In the private sector, credit is used to finance goods and services. In the industrial sector, it serves to finance investments.

 

Preconditions

credit finance

To get a credit, you must be of legal age and a salary. You must also have sufficient solvency, also called “honorability”. This solvency is calculated by the amount of the salary after deducting certain costs and other credit obligations. The data from the credit information center are also necessary for the analysis of solvency. This information will enable us to demonstrate whether, and by what amount, other credits exist and whether they are paid correctly.

 

Types of credit

credit type

There are several types of credit, which differ mainly by their function. It is important to distinguish:

  • Consumer credit: also called private loan, used to finance the purchase of private goods and services, such as furniture or vehicles. For these types of credits, it is not necessary to communicate the reason for the request. The repayment of the credit is usually made for monthly monthly purposes.
  • Hypotecanary credit: loan for specific purposes, which can be used for the construction or purchase of a house, the rental of a property, etc. … but also for renovation purposes. The use of money must be justified (invoices, purchases, ..).

 

Why take a credit?

Why take a credit?

When you take out a loan, you also make a medium or long term financial commitment. Make sure that your home budget does not change during the credit. In certain situations, it is judicious to apply for credit installments, especially if you anticipate an important purchase that you cannot finance on your own.

The least expensive solution is to have your neighbors or friends lend you. However, it is not recommended to make a credit of confirmation in the following two cases:

If you know that your budget will deteriorate during the credit period, for example having a child or going to retirement.

How do I cancel my insurance?

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It is possible that, when requesting a personal loan or a mortgage, you have found yourself being forced to take out life insurance. Well, this condition can never be mandatory. However, sometimes it is one of the requirements of some entities to grant you the requested funding. Next, let’s see if you can unsubscribe that insurance and how.

There are insurance comparators that find policies more appropriate to your risk profile or your needs. But what can you do if you have already taken out insurance? Can you cancel a policy? Is it legal to cancel life insurance?

Right of withdrawal in life insurance

money

If you have decided to change your insurance, the first thing you should do is cancel the policy you have contracted . You can cancel it without the need to carry risks or consequences by filling out this letter of low cancellation type of insurance, so you know how to proceed.

You must be aware of the renewal date. The insurer has the obligation to notify you at least two months before the date of renewal of the insurance, as well as the price of the following policy. If you do not notify the insurance cancellation, Law 50/1980 says that it can be renewed automatically. If your insurance doesn’t let you know, don’t worry, because in The Good Finance we do . We will inform you through the app and mail.

If you do not want to renew the policy, according to article 22 of the Law you must notify the insurer 30 days before the expiration date. The method of notice will depend on what was agreed with the insurer. Of course, the consequences depend on each insurer. There are cases in which it is only possible to cancel it if you no longer have the insured good in possession. Therefore, it is important that you have all the information to know what you are exposed to.

Reasons why I can cancel the insurance

cash

If you are thinking of canceling your insurance, there are four reasons why you can proceed without waiting for the contract to expire.

Cancellation by modification of the price or coverage. If your insurer decides to change the conditions of the contract and you do not agree with them, you do not have to notify a month before. It is mandatory that they inform you of the changes made and it will be you who decides if you want to continue with the insurance or not, even if there is less than one month left for the renewal. You have 15 days , since you receive the proposal, to accept or reject it. If you do not answer, they will understand your silence as an acceptance of the modifications.

Cancellation due to risk reduction. The price you pay is established according to the risk assumed by the entity. At lower risk, lower price. If the risk has been reduced, you have notified your insurer and still have not lowered the premium, you have the right to cancel it before the expiration date.

Cancellation by hiring online. If you have purchased insurance online, you have 14 days to regret it. They cannot ask you for explanations or penalize you for it.

Cancellation of life insurance. Life insurance has its own regulations. According to the Insurance Contract Law, in its article 83, if you have contracted individual life insurance and for a period of more than 6 months, you can cancel it within the next 30 days of contracting.

Home insurance with mortgage loan

Home insurance with mortgage loan

Another of the most common contracted insurance that they usually force to contract when signing a mortgage is home insurance. It is only mandatory to take out home insurance when you sign a mortgage if it is securitized. In this case, the regulations indicate that the acquisition of a damage contract for that house is necessary. Otherwise, if the mortgage is not securitized, you have no legal obligation to contract home insurance with its specific conditions.

The hiring of insurance must be a totally free action . The idea is that these products provide peace of mind. The insurer will respond to a certain situation. Therefore, the hiring of insurance must be a thoughtful, free decision and should never be negotiated individually.

The Good Finance also helps you save on your policies. You have all your insurances at hand, well detailed and notifies you before expiration so you can stop losing money when you renew them. Also, if you want to know how to cancel your insurance through your The Good Finance application, you can learn how to do it here.

Do you have any advice, curiosity or question that we have not commented on? What are you waiting for! You can help many users who read your comment on our blog ?

How to get a loan for my first business? | Business Loans

by admin

cash

Are you thinking of creating your own business? Congratulations! We know that it is not easy to make this decision, but it definitely brings you many advantages. Especially because it will be a unique personal and professional experience.

Do not forget that when you start your first business it will demand a lot of your time in the first months and during the following months you will have to work twice what you worked when you were employed. But that is the challenge! You will work for what you are passionate about getting up every day to create a better future.

Who doesn’t want to be their own boss?

bank

It is everyone’s dream, for that reason, we want you to choose a business based on your passions, hobbies and talents. You must find something that you really love and can turn it into your business, when you already know what you want to do, then you will be ready to go after your dreams.

On this occasion, we want to guide you so you know how you can get a loan to start your business. Giving you some tips so you can get and fulfill your dreams. So keep reading.

Tips to get a loan

Tips to get a loan

Surely you left your previous job for several factors, it may be the most hours you worked, depending on a salary, or it just wasn’t the job you were passionate about.

Analyze the money you need

It is important that you make a list of all the expenses you will get and also consider how you will make the monthly payments.

Type of financing

When you know the amount you need, go to the trusted financial institution so they can provide you with the necessary advice, this in order to provide you with a credit that suits what you need, considering the interest rate that will be providing

Create your business plan

Create your business plan

It is important that you explain what your business will be and what it is about. Analyzing the costs, benefits and the exact amount you need to start your project.

Request a credit

If you have developed an excellent business plan, do not worry. They will definitely be able to help you in the financing you need, but it is important that you already have part of the capital that you need, so that you can have a backup so that there is no problem.

We are very happy that you want to start this new dream, we know that the first steps are not easy but with effort and dedication we know that you can achieve everything you set your mind to. Being a passionate entrepreneur is something that defines all Guatemalans. You are looking for a better future for you and your family.

Moms, Try Increases Credit Card Limit

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Using a credit card is a great way to make payments for various needs. With a credit card, someone can make payments easier (airplanes and online shopping), get reward points and big discounts. Then, what if the credit card limit is still mini, even less for monthly needs? Like it or not, you have to increase your credit card limit.

What can be done to increase credit card limits? Look carefully – 10 tips that can be applied the following.

 

Consider Time to Increase Limit

Consider Time to Increase Limit

In general, the increase in time limit that can be received by the bank is one year. The bank will certainly see your loyalty as a customer. If you are diligent in using a credit card and orderly in making payments (on time and on the right amount), the bank will consider increasing credit card limits. What’s more, if you have enough savings and deposits in the bank.

Therefore, customers need to continue to use the credit card to see whether it will rise or not after 1 year. Some banks have different policies, such as minimum spending in one year, administrative fees, bonuses or shopping discounts at merchants who have collaborated and so on.

 

Choose a Big Bank that Has a Credit Card Main Business

Choose a Big Bank that Has a Credit Card Main Business

Choosing a large bank and having a clear structure is a very powerful tip to ensure optimal credit card accommodation. Indications that can explain the size of a bank are branch offices, ATM machines that are spread out, the number of customers, and operational areas on an international scale.

 

Use Optimal Credit Card Limit

The maximum credit card limit used will help customers to increase the limit. This is due to the profits obtained by the bank if the customer uses the maximum amount of the limt. Therefore, using a credit card with a minimum of more than 60% of the limit each month will give customers more opportunities to be able to increase the limit value. This is very logical because if the customer does not spend the credit card limit every month, then the increase in limit is considered not necessary.

Make sure you use a credit card in the right way, for example to get a discount when shopping monthly, making it easier to pay for electricity, telephone, internet, newspapers with auto debit.

 

Make Request Increase Limit by Phone

Use Optimal Credit Card Limit

Request for limit increase can be made by telephone. If a customer makes the request, the bank will assess the seriousness of the customer’s needs. Therefore, something like this can be used as an additional reference for the bank.

 

Pay Full Payment or Minimum Payment Bill

Full payment payment will explain the customer’s ability to cover credit card needs. Even some large banks will automatically increase the credit card limit if customers make a full payment regularly and orderly.

 

Avoid Late Payments

Pay Full Payment or Minimum Payment Bill

Late payments will cause the bank to doubt the ability of a customer to make a payment. Therefore, if the customer wants the bank to increase credit card limit sustainably (continue), it is appropriate to avoid any form of negligence, including the late payment.

 

Using Alternative Other Credit Cards

Using a type of credit card will certainly be the same as increasing the limit. Therefore, by applying a new credit card with a previous credit card capital, it will keep the needs met with an increased limit value. If the first bank gives a limit in a nominal money, then the next bank tends to give a higher limit as a certain form of competition. Therefore, this method needs to be done as one of the steps that can be taken.

 

Make Shopping Routine

Using Alternative Other Credit Cards

Shop regularly. Thus, the flow of purchases with credit cards that will be recorded can be done optimally. If the customer is active in a flow of purchases, this condition can be a reinforcement if the customer wants to increase the credit card limit value.

 

Request Increase Limit Through Sales

Of course credit card sales also need certain targets. Thus, proposing a limit increase through sales will benefit all parties, both customers and sales.

 

Make Request Increase Limit via Email

Request Increase Limit Through Sales

In general, e-mail will be longer than the telephone. However, email can be attached with some supporting evidence regarding payments and purchases made by customers. Therefore, the document will be one of the bank’s considerations to increase the customer’s limit value.

 

If the Bank Has Raised Your Credit Card Limit, then the Sign:

Congratulations if, your credit card limit has been raised by the bank. That’s a sign that the bank gives more trust to you. Do not let you waste or disappoint bank trust. The track record of credit card payments, in a way, will help you in your next credit application.

Borrowing Tips

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borrow money tips

They are very fond of the KATA form of taxation, but it is not as easy to borrow with it as with an employee. Banks have very different views on how much they rely on the creditworthiness of sole proprietors.

 

It is considered to be less secure revenue

It is considered to be less secure revenue

For borrowing, small businesses paying a monthly fee of $ 50,000 will need to be presented with a certificate from the NAV rather than an income certificate from their employer. The problem is that this certificate only accounts for up to 60 percent of the invoiced revenue. It is worth exploring the possibilities.

This income, on which NAV issues paper, is decisive in determining the amount the credit institution considers to be a loan amount. The bank’s decision is based on maximizing the repayment installment based on our monthly legal and ongoing earnings. And the repayment amount will be even stricter for home loans than last year .

So, if someone shows a net income of 400,000 forints as an employee, he or she can claim much more than someone who bills for $ 400,000 as an entrepreneur – no matter how much revenue he or she shows up.

 

One bank that way, the other bank so

One bank that way, the other bank so

There are three ways in which financial institutions handle this NAV-verifiable income, which is 60 percent (or almost half) of the account value.

  1. The (annual) amount in the NAV income statement is divided by 12 and is treated as net income.
  2. The amount in the NAV certificate is still deducted from the tax return KATA tax (HUF 25, 50 or 75 thousand per month) and then divided by 12.
  3. After deducting the KATA tax, the amount is reduced according to a formula determined by the bank.

Of course, the best thing to do for a loan applicant is how much you can get if you go to a company that doesn’t charge tax or additional formulas. Therefore, it is advisable to carefully examine the offers of financial institutions and, if necessary, not apply for a loan from our account-keeping bank.

The 3 reasons that make free investment credit the ideal to meet your goals

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Among consumer loans, one of the most popular is free investment. But what makes it so special and why should we consider it above another credit or card when seeking financing? There are three reasons that explain it.

 

They don’t have many requirements

credit problem

You will not need to submit many documents when applying for these types of credits. Basically, it is necessary to have a certain credit history and demonstrate that you can pay the fees, that is, that you have a source of income. Something interesting and that makes them even easier is that depending on the amount you request, a co-debtor is not necessary.

 

Offer fixed fees and large terms

Offer fixed fees and large terms

You can finance it in up to 60 installments, depending on the amount you are requesting. The financial institution will check its borrowing capacity, that is, how much money it could pay, and that will determine the amount of installments and the term. By having a fixed rate, from the first moment of the credit you will know how much you will pay in total.

 

The purpose is determined by the client

credit problem

It is not necessary to present documents or justify what the money will invest in. The client is free to use it to finance a vacation, pay for a course or simply face an unexpected expense that came out of the budget. The important thing is to understand that it must be requested if it is really needed, and not just “to have more cash.”

But is it more convenient than using the credit card? Interest rates are usually lower, so you will pay less interest for the credit than for using your plastic. In addition, some banks even offer you a preferential rate if you have a payroll account or if you purchase life or unemployment insurance. In this case it will be necessary to check the cost of the insurance, to see if there really is a saving.

What do banks evaluate before giving you a loan?

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All banks offer different types of credit tailored to those who are looking for money loans , but not all people can access this financial benefit.

Banking institutions usually evaluate personal loan candidates to find out how much money they can borrow and if they are candidates for these services.

Know what banks evaluate to give personal loans :

Your credit history

Your credit history

It is good to consider the importance of good payment behavior if you want to apply for a loan.

Banks take credit history into account when giving you a loan, so it is important that you have a record of financial activities. This can let the bank know if you are a timely customer with payments, etc.

That you do not have overdue debts

That you do not have overdue debts

It is not a problem for a financial institution to lend you money if you have other credits with other banks.

The important thing is that you do not have delays in paying your monthly installments and that you can Herne the Huntertar the expenses that a new debt would entail.

Know what banks evaluate to give personal loans :

Have Good Finance to pay

Have Good Finance to pay

You cannot ask for a 7-figure loan if your income does not allow you to pay a debt of this nature . Banks will always evaluate the payment capacity you have, for this they will take into account your monthly income (which you should check through receipts, etc.), versus the expenses you have each month.

These are three factors that banks consider to know if they can give you a loan or not. Together with the above they will also consider your age, as well as your credit score.

If you have not decided on a loan yet, you have time to think about it! Read our post: What you should consider before deciding on your next loan .

Financial Management Apps For Your Business Take Off – Business Loans

by admin

cash

If you are used to organizing company income and expenses in Excel spreadsheets, it is interesting to know that there are much simpler and more practical, and safer ways.

By betting on the routine use of financial management applications, for example, you gain more mobility and agility in the financial management process, freeing up time to devote to other equally important areas for business success.

Listed below are applications and managers that enable you to keep your business finances up to date, always organized. Control company numbers from your computer or smartphone! Follow and know its main features:

ZeroPaper

bank

Available for iOS and Android, ZeroPaper is one of the most widely used managers for small and medium business managers. Among its main features, which are presented in a totally simple and intuitive interface, it is worth mentioning the possibility of attaching payment receipts to suppliers. This makes the process of reconciling launches much easier.

Protected by SSL encryption, financial data can be accessed from both the web version and mobile devices. Entering information is also very simple and allows synchronization with bank accounts.

My Savings

bank

While offering financial control, Minhas Economias also provides links that promote financial education.

It is possible to analyze and track not only the amount available, but also how much has been spent and the next amount to be credited to the account, a great way to get organized and not miss any past or future postings.

My Savings is available for Android and iOS mobile devices.

Pocket Guide

Pocket Guide

Available for Android and iOS, Pocket Guide is a 100% automatic financial manager with one big advantage: without the need for bank passwords, just a view password, you sync your bank account and have real-time access to everyone. the debit and credit postings.

Despite being automatic, the application is highly customizable: it is possible to modify categories and create labels that facilitate the organization. Another interesting tool is the ability to create goals in each category. By tracking the data, you can identify the excess expenses that need to be reduced.

Difference between credit and debit cards

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debit cards

Knowing clearly what is the difference between credit and debit cards will free you from many inconveniences. So you can avoid penalties by your bank and the generation of unexpected debts.

A credit card looks very similar to a debit card and both are instruments that allow you to disburse. But there the similarities end because, in fact, they are two very different payment instruments.

In the next lines, you can see the main differences between credit and debit cards.

 

According to the payment method

debt payment

When you cancel with your debit card, the amount is debited from the bank account you have associated. It means that if you went to the bank, you would withdraw cash from your account and then, with it, cancel the purchase. The maximum amount of the acquisition with this instrument is given by the number of funds available in your account.

On the other hand, if you use a credit card as a payment instrument, what happens is different. The bank instantly grants you a loan so that you acquire the good or service of your interest. You can see it as the bank that pays the seller, using a credit she gives you. This under the commitment that credit said solvent plus interest rates, within a certain period of time.

Then, when you cancel with a debit card you don’t generate debts, but you consume the funds from your bank accounts. The opposite is true with the credit card: you generate a debt but keep those funds intact. This is perhaps the main difference between credit and debit cards.

 

According to the possibility of financing

financing

This difference is derived from the above, only with the credit card is it possible to finance purchases. That is when you buy with a debit card you don’t get any financing since you use your own money.

Understanding this difference is important if you have in your plans to request some type of financing in the future. If you give proper use to your credit cards, canceling on time, you will be forming a good credit history. In contrast, the use of the debit card does not forge such a history.

 

According to the costs of use

According to the costs of use

Every credit card generates usage costs, in the form of interest payments or commissions for cash withdrawal. And even, with some of them, up to annual maintenance or renewal fees. All this means that this payment instrument should be handled with extreme care, avoiding falling into unproductive indebtedness.

On the other hand, a debit card will not generate high usage costs, since it will not produce interest. You may have to pay commissions if you withdraw cash, in case you use a bank other than yours. But these are generally extremely low.

CREDITS FOR INTERNET PURCHASES

by admin

Black Friday, Cyber ​​Monday, Hot Sale and Amazon Prime Day, are anglicisms that share the same category: they are offers when shopping online. This is an activity that has gradually modified the traditional way of acquisition in consumers.

Currently, all products can be purchased through this channel, as different platforms adapt to lifestyles. Some Colombian businesses such as Marquero provide essential products, for example, Paffi makes homes, Clothes Republic purchases clothes and technology and Pancks makes loans online.

 

Internet loans to buy what you need

Internet loans to buy what you need

During 2017, a record of sales of 5,000 million dollars in 24 hours in the United States was calculated, this represented an increase of 16.9% in dollars spent online compared to the holiday in 2016, according to Adobe Digital statistics Insights, an entity that tracks 80% of online spending on the top 100 retail websites in North America.

Colombia is not far behind, since the figures of the Colombian Chamber of Electronic Commerce (CCCE) indicate that the country has increased the use of this type of Internet purchases thanks to more than 87 million transactions were made and evaluated in $ 51.2 billion pesos during 2017.

In turn, Cyber ​​Monday was famous in different regions of the country, Bogotá, Medellín, Cali and Barranquilla led the list of purchases this 2018 with 1.2 million visits to the site represented in 90.36% more than cyberlunes of the previous year. This indicates that Colombians are migrating to these types of purchases in categories such as technology with 18%, fashion with 16%, trips with 15%, cell phones and tablets with 13%, home with 8% among others.

 

Is it safe to buy online?

Is it safe to buy online?

These types of purchases have multiple benefits. However, the arrival of the requested products may take time and becomes a disadvantage for this alternative. For this, there are solutions such as the free investment online credits offered by Pancks; that at the fifteen minute range it responds to your loan application to expedite and facilitate users’ purchasing decisions.

Additionally, Amazon, a global Internet sales giant that is headquartered in the United States, recently announced its arrival in the national territory during the month of July, with the sale of gadgets, kitchen products or decoration. It also projects short-term goals to have innovation and service offerings.

These figures reveal confidence and security in these types of transactions. However, it is important to clarify that in online purchases there are risks as well as face-to-face ones for multiple circumstances. One of them is that the delivery time and product quality are not as expected and there are problems related to the type of payment.

At this point, online shopping can become a headache since there are security flaws. Therefore, when buying online it is important to have a good antivirus in the first place, it is also advisable to visit trusted pages, make use of intuition regarding offers from other countries and constantly change the password.

Additionally, for pioneer brands in the e-commerce business, it is important to choose name portals that allow for successful progress in the purchase process. In the case of MercadoPago de Clothes Republic, it is possible to return 100% of the purchase in case of not receiving the product purchased with the agreed conditions.

 

It is also important that when buying on the Internet

It is also important that when buying on the Internet

The opinions of other consumers who have previously purchased the services are visualized to make a better decision. On the Internet it is possible to find comments and ratings to facilitate the decision of what to buy, who to do it with and under what conditions. You can even decide whether to buy from physical stores, from users or directly from brands that open commercial windows within an electronic commerce platform.

Finally, Financialsave is an alternative that benefits from this type of purchase with promotions of 60% in different sectors, valid during this week. Regardless of the nature of the business, it is possible to make a loan application with Pancks and make purchases directly from the portals.