Gift Yourself a Dream Wedding With a Wedding Loan

Weddings are known to be elaborate and expensive affairs. Right from the bridal trousseau and jewelry to the venue costs, catering and gifts for guests, the bills can be very expensive. But that doesn’t mean you have to let the money be a obstacle on your life’s most important moment. Make the occasion memorable for yourself and your family. You can take out a Wedding Loan and ensure that you all have something to celebrate, without having to worry about the costs.

When it comes to funding your wedding, it’s unlikely that you have enough savings to meet costs. The best option is through a Loan, most banks and NBFCs offer Wedding Loans. and you can apply for one to meet the costs.

What is a Wedding Loan?

In essence, a Wedding Loan is a Personal Loan taken to meet marriage expenses. A Personal Loan for a wedding can cover costs like buying jewelry for the bride, venue cost, guest accommodation costs, catering charges, decorator fees and other professional services that ceremony usually require.

Usually, the bank verifies your income and credit score before deciding on the loan amount that they can offer you. The higher your income and credit score, the better your chances to get the loan approved.

Before applying for a loan, it’s recommended that you get a rough estimate of the expenses. Based on your eligibility, you’ll be able to know what amount of loan you can get. That way, you can plan your wedding accordingly.

Why Do I Need One?

Besides the usual wedding costs, there can also be some sudden expenses. If you suddenly decide to live stream your wedding to your extended family who couldn’t make it, you’ll have to plan for that as well. All of this needs money, so it’s best to be prepared.

Destination and theme weddings are the fads at the moment. These can be very expensive. Ferrying guests, theme decor, coordinated costumes and more make these events some of the most expensive marriage ceremonies you can find anywhere. It’s not surprising that most of us don’t have the ability to pay for all of this through normal means. That’s why a Loan can be one of the best things that you can get.

You might be worried about taking the interest rates in Personal loans are high. You might not want to start your married life in debt. If that’s the case, you can borrow from your parents, friends or family at zero interest.

How To Apply?

Applying for a Wedding Loan is a simple process. You can also apply for it online and meet the document requirement to process the loan application.

If you’re a salaried employee, you’ll have to provide proof of identity, residence, salary slips and bank statements for the past 3 months and work experience documents. In case you’re self-employed, you need to furnish your Income tax return. With necessary documents in place, financing your wedding is a simple task.

A Personal Loan for your wedding can be the solution to get the dream wedding you’ve always wanted. Once you enter into wedlock, expenses are going to pop up again. You should predict all of this before you finalise your marriage ceremony budget as well. Only get a loan that you can pay off without burdening yourself too much.

Instant Travel Loans & More About O’Spicy Calicut

Travel loans have become a convenient way to fulfill all your travel dreams without having to worry about money. This is because you can easily opt for quick personal loans from online lenders and pay back over time without compromising on your monthly budget. This week, I would like to tell you more about a quaint coastal town in Kerala and why that travel loan would be worth it.

A land where whiffs of ‘Sulaimani’, the local black tea follow you around! Where the legendary ‘Kozhikode Biriyani’, Banana Chips and ‘Kozhikode Halwa’ hold their own amidst the greatest of Asian cuisines! Where you can soak up the Mystique Malabar and become one among them in no time at all…

Here’s your answer if you are wondering why you should endure a 5 hour journey from Cochin to Calicut. And that is not all. You can just congratulate yourself on stumbling upon an offbeat experience oozing with warmth.

Forever a flourishing spice trading coastal town, Calicut, the erstwhile seat of the formidable Zamorin Empire has a particular draw- the Kappad beach to trace the trail of Vasco Da Gama’s first step to the nation back in 1498- something that changed India’s destiny drastically for hundreds of years to come. Or hop to Beypore to watch colossal shipping vessels called ‘Urus’ being manufactured. More than touristy, Calicut is more of a break from your regular Kerala trip that encourages you to do nothing but absorb the friendliness & serenity flowing all over.

A hunting ground for Ayurveda treatments and ethnic spices, both a terrific hit among the travellers and locals alike, you’ll feel the small town getting bigger and bigger in your eyes. If you are a fan of quietude, we suggest you visit Harivihar Ayurvedic Retreat, a mere 10 minutes from the main town by rickshaw. Calicut Ayur on the banks of Iruthully River too is an idyllic choice. These retreats are so designed that the moment you step inside, the outside noises seem to magically disappear. Quite tempting, isn’t it, to sign up for a massage session?

If interested, you may check out the local Kerala Martial Arts Centre nearby. Clangs of swords and urumi (a very traditional & even more dangerous weapon) add to the surreal experience watching the fighters moving with frightening agility.

A visit to the Theeram Nature Conservation Society around 30 km away from the north of Calicut can shake awake the hidden naturalist in you. The story of its inception is that inspiring. Gobsmacked to find that the Olive Ridley turtles, a part of their staple food, a bunch of local fishermen of Kolavipuram shore to rig up a small turtle hatchery. If you’re visiting Calicut during November to December, you may catch sight of female turtles appearing on the beach to lay eggs, which will hatch in 2-3 months.

People jokingly say that Calicut has more textile shops and eateries than natives. Though a huge exaggeration in itself, you will kind of agree as you walk past oodles of such enterprises. The popular ‘Mittayi Theruvu’ (Sweet Meat Street), close to Mananchira Square is a lively testimony to that. Wandering amidst the street with the swirling mass of busy people can consume your entire afternoon. Its narrow lanes seem to course with the din in tiny sarees and chappal shops punctuated with bakeries that are essentially ephemeral Pandora boxes of pleasures.

5 Important Tips to Get a Personal Loan Approved

You might have a smooth running life, but that in no way means that there won’t be a problem with you. You can face an emergency situation at any point of time. So, for that, you need to be careful enough. A loan at this point of time can be a savior for you. It can help you meet a financial crisis. Through a loan, you are going to get some cash that will be helpful to meet the personal needs. But getting a loan is not that simple. There are certain steps that you need to abide by so that your loan plea gets approved.

Check the Eligibility Criteria

Most of the loan providers do have an eligibility criterion. Some prefer the borrowers to be within a particular age group, generally between 21 to 65 years. Another thing that they might be checking about you is a minimum amount of earning per year. Maintain that you are not a defaulter on any of your previous loans or credit card bills.

Verify Your Credit Score

A credit score is what the lenders are going to determine before they give you a loan. So, before you apply for the loan check for the credit score so that the loan plea does not get rejected. If your scores are not good enough rectify them. This will increase your chances of getting the personal loan approved and also might fetch you attractive interest rates.

Provide Genuine Details

When you are applying for the loan, make sure to provide all details that are true to the best of your knowledge. The lenders will doubt your intentions and will cross check everything. They might consider visiting you or giving you a call personally to verify the information you have provided. So, giving them genuine details will increase your chances of getting the loan approved.

Avoid Several Applications

Aim for a realistic loan amount that is payable by you. So not ask for huge amounts because in that case the plea might get rejected. Another mistake that most people make is applying at several places. The lenders will doubt your intentions and your probability to get the loan approved will be reduced. Also, multiple applications will affect your credit scores.

Have a Stable Source of Income

Having a stable work history is sure to impress the lending institutions. If you are having a minimum of two years of experience that will be an added advantage. Try to avoid switching jobs and maintain a stable source of income.

These are some of the factors the loan providers take into consideration. So, before you apply for a personal loan, consider having a proper knowledge about the terms and conditions and work according to get the loan approved.

Five Reasons for Refusal of a Personal Loan

Don’t you wish personal finance were a mandatory course in college? Unfortunately, too many of us learn by mistake. When you need a personal loan and are rejected, you might be baffled as to what went wrong- and how to fix it. Here are some clues.

NO CREDIT

No credit is a situation where you have never used credit and therefore have no credit history for the bank to review. They have no way of making an educated decision on whether or not you will pay back a personal loan based on your credit history. No credit is worse than bad credit. Qualifying for and making regular payments on these types of introductory forms of credit can overcome a “no credit” score:

· Student Loans

· Secured credit card (includes a down payment amount)

· Being added to a parent’s or spouses good credit: card, car loan, etc.

LOW CREDIT

Low credit takes on several forms. If you’re using more than 30% of your allowable debt, it can negatively impact your score. Too many inquiries from shopping around for loans will also hit you hard. Lapses in payment, defaults, or bankruptcies are giant red flags and can take a long time to rebuild from.

Other things that lenders may look at are whether or not you have sizeable assets should you default on the loan. They also check to see if your debts are diversified or if you are only carrying one type of debt.

INCOME

Proof of income is generally required when applying for a personal loan. If you are unemployed or underemployed, it can work against you in the loan approval process. Lenders may also require a work history to see how long you have been with your current employer, and to determine if you typically have job stability. Frequent job loss or change will tell a creditor that your payments may not be reliable.

PURPOSE OF THE LOAN

Believe it or not, your application can be rejected due to your proposed purpose for the loan. Financial institutions have the right to set up the parameters surrounding their disbursements and can accept or reject your application based on what you want to use the money for.

BLACKLISTING

If you’ve defaulted on debt before, your name may be put on a list of whom not to loan to,’ also known as a “Blacklist.” This will follow you around for a long time and is difficult to erase. If you do resolve the debt issues, get documents to prove the resolution.

NO CREDIT CHECK LOAN

If you need a loan now, but are concerned that you might not qualify for a personal line of credit, you can qualify for a No Credit Check Loan. You could be on your way to a better financial future in no time!

Understanding Online Loans

Online loans have become the latest fad. Many people love them due to the benefits that they come with. Unlike the traditional loans that require you to wait for weeks or even months before you receive them, Online loans are released in your account immediately the loan lender certifies that you are qualified.

How to get the online loans

Getting the loans is easy. All you need to do is to visit the website of the lender and make your application. To increase your chances of getting the loan carefully read through the requirements required and provide them.

The cool thing is that online loans are one of the easiest to get. In fact, when you apply for them, the lender will give you the loan even if you have bad credit. All the lender wants to know is whether you can afford to pay. To prove that you can repay the loan once it’s given to you, you should provide a bank statement or proof of employment.

Benefits of online jobs

As mentioned above, many people are going for these loans due to the comfort that they come with. Some of these advantages include:

Ease of access: This is a no brainer. As mentioned, you don’t need a stellar credit score to get these loans. As long as you prove that you can afford to repay the loans. You are ready to go. This is unlike with the traditional loan lenders that will require you to have a good score to get the loans.

Also, you don’t have to travel to your bank to get the loans. All you need is a computer and internet connection, and if the lender certifies that you can repay the loan, he/she will send you the money to your account instantly.

Payment options: Unlike with traditional loans where the repayment of the loans is decided by the lender, with online loans you agree with the lender on the amount that you will be repaying. In addition to this, in the event you lose a job, you can contact your lender and adjust your repayment.

Factors to consider when getting the loans

When you are borrowing the loans, you need to consider a number of factors for you to get the right ones. These factors include:

Amount to borrow: How much money will you be borrowing? The amount allowed differs from one lender to another. You should do your research and find a lender who will give you an amount that you will be comfortable with.

Repayment period: This is the amount of time that you need to repay the loan. Again this differs from one lender to another. The cool thing is that you can reach an agreement with the lender and settle at an amount that both of you are comfortable with.

Interest charged: The loans are known for their high interest, but this doesn’t mean that you have to pay high interests all the time. Before you take a loan, scout for lenders with the best rates.

5 Situations When Personal Loans Can Save the Day

With a rock solid credit history, you can successfully apply for personal loans and expect a swift processing of the same for meeting temporary financial glitch in life. Personal loans are all-purpose loans that can be availed as secured or unsecured loans. These can be used for multiple reasons and the purpose need not be disclosed ever to the lender.

The interest rate of loan depends on the tenure and credit score of the borrower. These can be drawn for a few months to several years as per your requirement.

5 situations when you can use personal loans as a smart financial move:

  1. When you have immediate cash needs: It is practical to use short-term personal loans to bridge the shortage of funds in your life. You can use the funds to support any of the sudden cash emergencies like medical expenses, home repair or funding a foreign trip. The purpose of loan doesn’t affect its interest rate, however your income and duration of loan does. All you need here in a planning stage is to have a strong back up plan for repaying the loan. The repayment will improve your credit score and add to your future worth at the same time.
  2. To avoid bad credit situation: In case you have lost a job or face a sudden spurt of personal expenses such as a wedding or some other expense in your life, you can take recourse on personal loans. Bad credit is a situation you should always avoid. If you have shortage of funds, rather than missing a loan repayment you can borrow some funds. The idea is to not let the score fall for temporary financial challenges.
  3. Consolidate multiple payments: When you have multiple payments to be made every month, it is better to simplify the process by consolidating the loan into one personal loan. By consolidating loans, you just have to pay a single repayment and that will pay for other loans. Availing short-term loans for bad credit is a practical means to mend mounting debts and save a financial mess.
  4. Additional funding for students: Being a student it is not always easy to keep a track on your expenses. Sometimes you need funds for reasons that your education loan misses to pay for. Herein you can apply for short-term loans for students as these are readily available. The short-term loan can also be used as a right way for building a good history.
  5. Business funding: Every new start-up or a business entity needs positive inflows. You need to maintain adequate supply of funds for maintaining sound terms with your suppliers and business associates. The short-term personal loans can be used as business loans to keep the flexibility of operations in your business.

In all of the above cases, personal loans can be used to better manage your finances. However it is prudent that you carefully read terms and conditions of a loan agreement and do not sign a very expensive loan. In case you find yourself unable to make a mind on the loan terms, you should contact a loan broker for a financial advice. He would guide you on the ways to manage your funds and keep your credit score healthy.

What You Should Know Before Committing To A Secured Loan

The loan is secured by the lending company by way of ‘second charge’, which is a different regime compared to the main mortgage that holds the property on a ‘first charge’ basis. The latter is a legal arrangement in which the property securing the loan is registered with the Land Registry.

A homeowner loan obtained through this process can be used for anything the borrow wishes safe for illegal activities or purchases. However, second charge mortgages are usually restricted to funding home improvements or funding huge purchases such as car buying. Alternatively, second charge loans can be used to consolidate existing loans and help reduce the debt obligation of a struggling borrower.

With this arrangement, the borrower is expected to make regular monthly repayments throughout the life of the loan, which can run up to 25 years. The process of selling and administration of first charge secured loans is regulated by the Financial Conduct Authority (FCA) for a considerable length of time.

Today, second charge loans are now exclusively regulated by the FCA and are expected to conform to the same regulations, rules and procedures of ordinary mortgages. What this means is that borrowers will be expected to demonstrate that they can pay back both first charge ad second charge mortgages.

Who is Eligible for a Secured Second Charge Mortgage?

Do you have an existing secured loan(s) or mortgage loans that are currently running? Do you wish to borrow a huge amount of loan than what standard personal loans can provide? If your answers to the foregoing questions are the affirmative, then you are the right candidate for second charge mortgage loans. These loans can go up to £250,000 and are suitable for borrowers who have accumulated sufficient equity in their homes to guarantee the security needed for the loan.

What to Look for Before Taking Out a Second Charge Mortgage

There are numerous things that you need to know before taking a second charge mortgage loan. Here are some of the things to look out for:

By second charge, it means that any default can mean the lender taking you to court and instituting repossession procedures. When this happens, the first lender recoups his or her money back while the second lender gets thee remaining out of the sale of the repossessed home.

Second charge loans come with variable interest rates, meaning that borrowers need to exercise a lot of restraint, as the rates are likely to go up and down. If you have secured a loan that comes with variable rate, you are likely to suffer most if the rates go up, so it is important to assess your ability to pay before committing to this type of loan.

Debt is often perceived as the last option by most homeowners, but financial experts say it can prove to be the only way a borrower can get out of a financial problem in a short term. When you restructure your loan to increase the repayment period, you certainly lower the monthly repayments but increase the overall payment in the long term.

Compare thee Loans before Borrowing

After assessing your need for money (loan), you need to shop around for the best loans warehouse to understand the affordability and the conditions. You need to schedule an interview with various or selected loans agencies before you sign up. Remember that unsecured loans do not have interest rates similar to secured loan types. Unsecured loans have a maximum ceiling of up to £25,000 but this amount may vary from lender to lender and from borrower to borrower depending on the circumstances.

Make Your Decision

With a wide variety of loans available, it can be difficult to make a decision on which loan suits your needs. However, you need to evaluate your own situation based on income, need, outgoings and your credit scores. You may also need to consider if you have enough equity in your property and whether you need a long-term or short-term loan. Perhaps the most crucial question to ask is why you need the loan in the first place.

Borrowing For Your Own Needs

Almost every person who has ever lived has come up short on some payment or another at some point in their life. Sometimes it just feels like life has too many expenses and not enough income to go around. Knowing this, you should probably know how to obtain a personal loan in the event that you ever need one.

What A Personal Loan Looks Like
A personal loan is the type of money you borrowed based on trust in your word and signature. It is known as unsecured debt because you do not put up collateral to back up the fact that you intend to pay the loan back. The only thing saying that you will follow through on this is your promise to do so. As such, a lender has to have some pretty strong faith that you will pay them back. Either that or they will charge a high-interest rate for lending you the money.

Just about any lender is going to pull your credit history when they decide if they will lend you money or not. In fact, a lender that does not do this is probably going to charge you such a high-interest rate that you will wish you had never borrowed the money in the first place.

Borrowing From A Source You Can Trust
There are lenders who do not charge high rates and yet are still willing to lend personal loans to those that they can verify have a high likelihood of paying them back. These lenders are most often credit unions.

Credit unions are different from traditional banks in that they are not for profit. Instead, they are a group of people from the local community pulling together to create their own bank of sorts. These are a good place to turn to because they tend to have better rates on personal loans than do others. Since they are not concerned with profit, you know that they have your best interests at heart.

Provide Collateral If You Can
There is no question that providing collateral is a sure fire way to improve your odds of getting approved for a loan. There are plenty of things that a lender will consider as potential collateral. It could be a business that you own, a home, a car, motorcycle, or just about anything of significant value. The worst that they can do is say that something will not qualify as collateral with them, but that is unlikely so long as the thing you propose is traditional.

Collateral always gives a lender a little more peace of mind. They then at least understand that if you do fail to pay them back, at least they can take over whatever item of value it is that you have put up. It is the worst case for both you and the lender to have this happen, but it will help nudge them towards getting you approved for the loan. Check your inventory to see if you have something that just might qualify.

No Guarantor Loans: Pros and Cons That You Should Know

The UK online finance market is flooded with thousands of loans of different types. No guarantor loans are one of the most promising unsecured funds that people choose to fulfil their financial needs and overcome various crises. Now the question arises, are these funds viable and legitimate? Well, of course, these financing options are legitimate and approved by the Financial Conduct Authority (FCA). But, the problem is both certified and non-certified direct lenders offer these funds. The applicants have to be highly cautious if they want to get genuine and trouble-free cash.
No guarantor funds have various pros and cons that you should know before you apply:

Pros:

• No tough eligibility criteria. Any 18-75 years old resident in the UK can apply. CCJs, bankrupt, default, and bad credit customers are absolutely eligible.

• An easy and quick online application procedure with no hurdles. The applicants need to devote only 2 minutes to complete the application process. There is no need to go anywhere. No queues and no waiting.

• Loans for bad credit with no guarantor are especially designed for hopeless poor credit customers whose funding applications have been rejected by all traditional banks and other financing institutions.

• Gone are the days when you had to submit numerous documents to the lending company for getting the approval. Now, with the advent of financial technology (FinTech), paperwork has completely gone. You don’t even have to attach scanned copies with the online form.

• As the name suggests, you can access these funds without a guarantor. You don’t have to chase co-signers and plead them for co-signing your application.

• You don’t have to pledge any valuable assets to avail loans for people with bad credit.

• As the competition between the direct lenders is so high, you have a good chance to get an extra discount on the APR.

• You can get the fast approval as there is no credit check or the direct lending companies carry out the “soft credit check” only.

• Highly customised repayment modes don’t overburden the monthly budget of the borrower. You can repay the loan with no guarantor in easy installments.

Cons:

• Chances of a lending fraud are high as numerous non-certified direct lenders are offering bogus deals.

• The total cost is usually high due to the presence of extra charges i.e. lender’s fee, upfront fee, processing fee, and more.

Overall, no guarantor loans have various benefits that you can’t ignore. Yes, these funds have very few cons, but you can avoid them by applying to a reliable and certified direct lender.

Millie Brown is working as a lending consultant with a reputable direct lending company in the UK. He loves to share genuine information on various types of loans.

Invoice Factoring Vs Financing: Understand the Difference

Invoice factoring or financing? Cash-strapped businesses often find themselves in dilemma when they hear two strikingly similar terms consecutively. In a tight credit environment, companies are turning to certain non-banking alternatives so that they can smoothly run their businesses.

Out of all the tools available, invoice factoring and invoice financing are considered to be the most effective. These financing methods are getting more popular due to their non-complex nature. But businesses need to pick one to proceed successfully with their operations.

Let’s understand their meaning first…

Yes, they are different from each other. Factoring of invoices differs to financing of invoices in many ways.

In factoring, the commercial factoring company or lender purchases a business’ outstanding receivables. The lender can factor the advance anywhere between 70 to 90 percent at the time of the purchase. The balance – less factoring fee – is also released once the payments of the invoices are collected.

Under financing, the amount is secured by a pledge of those assets associated with accounts receivables. A borrowing base of 70 to 90 is established with a control management fee of 1 to 2 percent.

Coming to their differences…

Flexibility – Although the amount received is more or less same in both the cases, factoring offers more flexibility than financing, In the former’s case, business can pick and choose which invoices to factor. In the latter, the financing company will choose which invoice to clear.

Collateral – Invoice financing requires companies to submit all of its accounts receivables as collateral to the financing company. This is generally not the case with factoring.

Processing fee – Financing is usually cheaper than factoring. While only 1 to 2 percent is charged against the outstanding amount in case of former, it is 1 to 5 percent in case of the latter.

Both have their pros and cons. If you are a small business, factoring is the option you might have to go for because some invoice financing companies require a minimum of $75k sales a month to qualify.

Both these methods are a brilliant option to tackle your cash management issues. All you need to do is find the company which can fund you with the least processing charges. Factoring invoice companies can put a full stop to your cash crunch situations. They act like an engine of sales and growth and prevent hiccups that might halt business operations. The key here is to know when to get involved and when not to.

In 1985, 1st PMF Bancorp was founded as a family run lender providing factoring, but as our clients’ businesses expanded globally, PMF Bancorp expanded its services to provide credit and financing support for our clients domestic as well as international business needs.