NSC Finance

Financial advice and money saving tips.

There are multiple important things that you need to consider when applying for a loan in 2019. These days it is becoming easier than ever to borrow money, but that doesn’t mean you can be careless with the process. It is crucial that you make a point of taking your time so you don’t do anything you’ll end up regretting. One small mistake can severely reduce your chances of getting the money you need. This article will help you get a loan with minimal effort or hassle.

You Don’t Have to Borrow from a Bank

While many people do apply for loans with banks, it is definitely not your only option. You should also take some time to look into private lenders. These lenders are often an even better option than banks because they are more flexible. Private lenders don’t typically care about your credit, even with unsecured loans. It can be a challenge to get approved for a bank loan of any kind if you don’t have a high score. You need to keep this in mind before deciding which type of lender to apply with.

Do it Online

Another important thing to consider is that you can get a loan by going online. In fact, the entire process can be done without ever stepping foot outside of your home. An increasing number of people of all ages in the UK are getting online loans. You can fill out an application right on the lender’s website. Whether you go through a bank or a private money lender, you will want to apply this way. It is by far the most expedient way to get through the application process. A standard online personal loan application only takes about 20-45 minutes to complete.

Check and Double Check

Once you have completed your loan application, you will need to check and recheck it for errors. The last thing you want to do is submit one of these applications with any information that isn’t completely accurate or current. This is the most effective way to get your loan application tossed out, and you’ll have to start over. Take all the time you need to make sure that everything on your application is correct. This will drastically increase your chances of approval.

Choose the Right Time

If you are going to submit an online loan application, you should try to submit it earlier on in the week, preferably in the morning. This way you can get a response from the lender as soon as possible. It’s usually not a good idea to submit one of these applications on the weekend, because you might not get a response until the beginning of the following week. The day and time that you submit your application will in fact make a big difference overall.

Prequalify Before Applying

The fact is that prequalifying for a loan is almost always a good idea before filling out an official application. It will help you get a better sense as to what your chances are like with a certain lender. It won’t take very long to get your request processed, and it’s usually free. Most lenders do not charge a fee for prequalification requests, but if they do you might be able to get it waived. If you do prequalify for a loan, you will find out what your interest rate is going to be. You’ll also get other details that can help you decide whether or not to apply.

Limit Your Applications

You need to limit the number of loan applications that you submit, because it can damage your credit if you aren’t careful. If the lender runs your credit, it will count as a hard inquiry. This shows up as a small but negative mark on your credit report. One loan application won’t do that much damage, but it’s a whole other story if you get carried away.

Manage Your Expectations

It’s imperative for you to manage your expectations when applying for a loan. Part of this is taking a look at your credit report before you start submitting any applications. This will help you gain a better understanding of what the current conditions of your credit is. Since your credit can be a major factor in qualifying for a loan and the interest rate you’ll get, you need to acquire this information right away.

It’s never a good idea to rush through the loan application process, simply because there are so many things to consider. You will be able to give yourself the best chances of approval by just doing some research and taking a careful approach. If you want to get approved by a lender as easily as possible, it is necessary to keep these things in mind when moving forward.

One of the best things about owning a credit card is that you can get some incredible rewards. Not all of these cards offer the same rewards though, so it is important to get your facts straight. The more you learn about these rewards, the easier it will be to choose the right credit cards. Sometimes referred to as “points”, credit card rewards can be anything from free hotel room stays to cash back.

How it Works

Pretty much all credit cards offer rewards that you can get when redeeming points you accrue from simply using your card. One of the reasons that credit cards can be so tempting for people to use is because of these potential rewards. If you aren’t sure which rewards you can get from your card, you can just call up your issuer. Every company has different rules and terms for earning and redeeming rewards. It is important that you know about these rules so you don’t set yourself up for disappointment.

Types of Rewards

Since there are different types of credit card rewards, it is important that you explore some of your options. One of the most common types is cash, which can be a bit misleading. While some credit cards do give you actual cash back, others will only let you use it as a credit on your account.

A lot of credit cards allow you to use the points you have accrued with your spending on various items in an online merchandise store. You will be able to see how many points you need to have to get each item. There are also travel rewards cards, which will give you miles that you can use for airline tickets. Depending on how often you use your credit card, you could end up saving a lot of money on travel over the years.

Some credit cards will let you redeem your points for hotel room stays. You may be able to get a steep discount or even a free stay, depending on how it works for your card.

How Your Credit Factors into Your Rewards

It is important to keep in mind that the very best credit card rewards programs are reserved for people with higher scores. This doesn’t mean that you can’t get any rewards from using your card, but you could be limited if your credit isn’t very good. Not all of these companies place the same emphasis on people’s credit with regards to their rewards, but it has become standard practice.

Credit Card Rewards Tips

There are some tips that you should consider following so you can get the most out of your cards, including:

  • Know your options: The first thing you need to do is to explore some of your rewards options. You need to know exactly which rewards you will be able to get with the points you earn from your credit card.
  • Choose the right cards: If you have multiple credit cards, make sure that you use one in particular that offers the best and easiest rewards. This will give you the most for the least amount of money. Take the time to see what each card has to offer before deciding which ones to use.
  • Learn about the exceptions: There are always exceptions and catches to credit card rewards that you will also need to be aware of. You will want to go through the exact terms of these rewards before trying to redeem any of your points.

Selecting the Right Card

When you are trying to choose the right credit card to get, you will absolutely need to consider the rewards that come with each one. If you travel a lot, you will most likely want to get a card that gives you miles with your purchases. There are also cards that do true cash back, which you can use for anything you want. The rewards are just one factor in selecting the right credit cards, but they are very important. You must have a complete understanding of each card’s policies regarding rewards before making a final decision.

 If you want to get the most out of your plastic, you will absolutely need to make a point of learning about each one’s various rewards. You also need to explore tiered rewards and flat rewards respectively before deciding on anything. Tiered rewards are broken down into certain categories, whereas flat rewards are much more straightforward. These days lots of credit card issuers offer some incredible incentives for charging purchases with their cards. You should not make a decision on a certain card until you have taken the time to consider this. It can help you get exactly what you get the credit card you need and so much more.