Looking for loans in Facebook can be done in just seconds. Simply type the relative terms and the search bar will give you the best results. Despite the plethora of options that may appear, it’s a bit challenging to find the one that you can trust. Facebook is a big arena of service providers, and lenders control a big chunk of the pie. Now, the question is imminent: should you trust lenders from Facebook?
Your Perspective Matters
In determining the ‘trust factor’ of Facebook lenders, your perspective plays a major role. Every time a lender reaches out, you have to determine the qualities that you’re looking for. Perhaps you want a loan deal that can guarantee a longer repayment period. How about a lender that offers easy application process? Jot down all you loan-related questions so you can get a full grasp of your perspective.
Content Says It All
Lenders build authority in Facebook through content. They can post informative articles every once in a while, or capitalize on videos. Infographics are also their thing, analyzing all strong points of getting and managing loans. Browsing lender content is a useful way to determine if you’ll invest your trust. Just be objective in browsing the content. Communicate with the lender and ask about the real terms and conditions they’re offering.
Transparency through User Reviews
Very responsible lender probably has a Facebook page or group. Check out lender pages and see their reviews. More often than not, lenders cannot directly control user reviews. If a client is pissed, he or she will rant in the Facebook page. The reviews will serve as your guides and will emphasize transparency.
Before you put your trust on a Facebook lender, you have to make sure that all details that you need are secured. As a rule of thumb, only select the lenders that have websites so you can check their services and products.
There are instances where a lender evaluates the borrower’s credibility to acquire a loan and passes but the lender still is not thoroughly convinced. In this cases, a lender may require a guarantee that may help support the loan.
There are two types of guarantee that a lender may require. A primary guarantee and secondary guarantee. A primary guarantee is a common type of guarantee where a security in the form of an asset is placed as a collateral. A secondary guarantee on the other hand is a third person required by a lender to guarantee payment of the loan. Here are some of the obligations that a guarantor may have.
A guarantor’s extent of liability depends on the agreement. A guarantor’s liability becomes executory once the borrower defaults on the payment. A guarantor is not usually required unless there is default by the borrower that is present. Payment liabilities depend on what has been agreed on the contract. It can range from being liable only to the payment default or the entire loan depending on the borrower’s default.
Good Credit Standing
One of the things that is required of a guarantor is of good credit standing. The guarantor will be a person who will assume the loan and a lender will want someone who is capable of repaying the money that has been borrowed. Even if the credit review of a guarantor provides results showing capacity to pay but credit standing isn’t good, it gives the lender a level of risk that may not be acceptable.
Capacity to pay
A guarantor needs to show that they have the capacity to pay. They should have enough assets and their value should show that they can repay the loan in case of the borrower defaulting payments.
Being a guarantor is takes a lot of thought before agreeing to binding yourself to a loan. A few questions you might want to ask yourself before you proceed.
Why does the lender require the borrower to bind a guarantor?
Does the borrower have the capacity to pay for the loan?
Is the borrower responsible with his past and present obligations?
Are you willing to pay back the loan plus its interest and other debt costs in case the borrower is not able to pay?
Properly managing your debt will help you maximize the potential of using credit. How it can help you with your personal life or business operations. Credit have brought people a lot of advantages but they are also known to have brought down financially stable individuals and organizations.
Here are some of the responsibilities on using a credit card:
Pay on time
The number one responsibility that a good bdo credit card holder is to pay your dues on time. Don’t wait for a day to cross a due date before paying your fees. Not only does this cause unnecessary finance charges but reflects a bad payment habit by the credit card holder. There are a lot of ways to ensure that you can pay your dues on time. This includes enrolling your card under auto pay facility under your savings account. You can also set up reminders on your calendar to avoid going past your due date.
Enroll under online facility
Enrolling your card under the credit card issuer’s website allows you to view your balances, charges, interest fees and due dates. This allows you a better access to information regarding your credit that can help you make good decision on financial matters. Having yourself enrolled in the credit card issuer’s online facility also gives you leverage on security.
Review your charges
Always make sure that you take time to sit down and review your statements each month. It is your responsibility as a card holder to make sure that the charges applied to your credit is correct. Any fraudulent charges, no matter how small, continue and become bigger if tolerated.
Pay more than the minimum amount due
As much as possible, always pay your credit in full if you can. If not, pay double the minimum amount. Paying the minimum fees that are due only pays for the interest and has little impact in lowering your outstanding debt. Balances need to be paid in full every month to avoid any additional charges applied such as interest rates and finance charges.
Know and use your benefits
Most credit card company such as metrobankdirect offer benefits that come along with your metrobank credit card. These can be in the form of travel miles, redemption points or even discounts. Take advantage of these perks as these can help you save on other financial aspects.
Some payday loans or salary loans especially those that involve large amounts such mortgages may require a cosigner. The reasons that a cosigner is mandatory may vary. A cosigner is often required by a lender when the borrower does not meet the requirements that is required from them on their own.
Under these cases, the cosigner allows the lender to review the credit standing as they become equally liable to a loan as the borrower. Here are a cosigner’s liability once they agree.
Because of cosigning the loan agreement, the cosigner becomes equally liable of the debt that the borrower gets into. The payment liability rests on both the borrower and the cosigner. In the event that a borrower defaults in payment and debt has been endorsed with a collection agency, the payment default will affect both the borrower and cosigner’s credit standing. The reason behind this is due to equal liability of both parties to the loan.
Good credit standing
Another obligation that a cosigner must have is that they have good credit standing. Reason for this is that the insufficient credit standing of the borrower will be compensated by the good credit standing of the cosigner. This good credit standing of the cosigner will become the basis of the lenders approval to grant the loan.
A cosigner must have a stable income to support the personal loan philippines. A cosigner is liable to the loan as the borrower. This means that, the cosigner must be ready to pay for the amount due if the borrower misses a payment. It is necessary for the lender to have a basis for allowing the cosigner to be equally liable and this basis would be the capacity to pay. Without a stable income, the loan may not be granted as both borrower and cosigner does not meet the standards.
Prior to cosigning a loan, it is very important that you assess properly the liability you are taking for cosigning a fast cash online loan agreement. How it can affect your credit standing and how it can add to your obligations. Cosigning a loan agreement is the same as taking on the loan. The only difference is that the borrower is the one taking all the money.
Before taking on a business loan, you will need to understand the basics of getting one. Like in purchasing any good or services that you need, proper steps need to be taken to ensure that you are choosing among the best suppliers and products being offered.
You need to ensure that you are not missing out on any benefit that comes with your purchase especially if there are promotions attached to it. For large amounts of loan, the licensed moneylender singapore often gives a space for negotiating the terms of the loan that can help you create an advantage that will benefit you over the period of the loan. Here are the steps that you will need to take:
Step 1: Shop
You need to check out every licensed moneylender that offers a business loan singapore or at least choose among the lenders who have the best reviews in the industry. It is very easy to check customer satisfaction reviews nowadays. Shopping is the best way for you to identify the advantages and disadvantages each lender can offer. Having a lender shopping worksheet can greatly help you identify what each lender can offer. To make sure that you are using the lender shopping worksheet to its fullest, make sure that same questions and criteria are being requested from all the lenders. This will allow you to act on the next step.
Step 2: Compare
Once you have indicated the information in your lender shopping worksheet, it is now time to compare the information. Try to identify which will benefit you and your business with the personal loan singapore.
Is it the low interest rates or the term that is being granted? Are there discounts or freebies that will help you in the future? Don’t be afraid to show your lenders that you are shopping and comparing them. This will give you a great leverage for the third step.
Step 3: Negotiate
Lenders will often provide a packaged loan but most often, the terms of these packaged loans can be negotiated to better fit your needs. Having the lender know that you are comparing with other lenders and showing that your business is important to them will help you create terms that can be very beneficial to your business. Always remember that you deserve the best deals a loan can provide.