Some people don’t have good money management skills and always spend more than they earn. So, they need a financial adviser to help them with planning their monthly expenses and budgets. The financial adviser can help you to get where you want to be. He is able to break down your financial goal into monthly or weekly targets that are more manageable so that you can successfully achieve your goal.
The financial adviser will want to know your income and he will ask for your most recent copy of bank statement. He will ask you to outline your regular expenses so that he can create a plan to help you reach the savings goal. He can take a look at your monthly expenses, and identify the areas that you are spending too much money on.
The financial adviser can suggest where you need to cut down the expenses so that you have more leftover money set aside for savings. The financial adviser will offer you tips on the best tools you can use for managing your cash flow. Using the tool can help you to better understand the sources of the cash flow in your household.
The financial adviser can assist you in achieving small or big financial goals for example saving a deposit for a new house, overseas holiday, and college education. He can set up a realistic goal that is achievable so that you can arrive there realistically. He is able to come up with strategies to reduce your financial burden by getting rid of unwanted expenses. He will guide you on avoiding expensive mistakes and help you to focus on your financial goals in short and long term. The financial adviser can explain to you how the financial decision that you can make can have an impact on your finance n the near future.
As you shop around, make sure you compare the cost and find one that suits you budget. The average fee that will be collected from you is about $200 – $800 per session. If you need ongoing assistance on finance management, you will be charged ongoing fees. Usually, the certified financial adviser will review the financial services guide (FSG). If you decide to go ahead to hire the financial adviser, he will prepare a copy of statement of advice.
It is important that the financial adviser that you hire is certified and holds a degree in business. You must feel comfortable to talk with the financial adviser since you are going to discuss your financial situation with him. Your good friends may be able to suggest a referral or you can also get idea on which adviser to hire based on word of mouth.
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A good credit score allows you to quickly get approved for lenders because lenders know that you are most likely to pay your bill on time. If you have great credit score, you can qualify for unsecured personal loans that do not require you to provide a property for collateral to get approved. This makes personal loan a great option for people who don’t own a home or car. These loans can be used for a variety of purposes such as renovating a home, and going for a holiday. A personal loan is for you if you are able to pay back the loan within a short amount of time.
Unsecured personal loans is different from a mortgage where the lender has the right to repossess your home if you fail to pay back. Despite that, you can risk your credit score suffering a significant drop in the event that you do not pay back the loan. You can qualify for loans with low interest rate if you have at least a good FICO score of 690 – 719. Many lenders will offer even better rate for people with an excellent credit score range from 720 – 850.
Only those who don’t have missed payments will get good credit score. Those who have a Court of Judgment (CCJ) are also likely to have lower credit score. The rate that people with good credit get will be much better compared to those with credit scores under 620. People with low credit score often sign up with lenders that don’t do background check but the downside is that the interest rate can run up as high as 300%.
If you don’t have a good credit score, you don’t have to be disappointed because you can improve your credit score if you show a good track record of paying your bill on time within a period of 3 months. To increase your credit score to a satisfactory level, you must first review your credit report to find out where you did wrong that you need to improve.
Sometimes, errors in your credit report such as the misspelling of your address can affect your credit score. You can get the error fixed for free at the credit bureau. If you notice that you have a lot of missed payment on the credit report, you should come up with financial strategies that will help you to be punctual in paying bills. You can set aside some emergency funds before starting to pay back the debt.
When shopping for unsecured personal loans, it is wise to use an online comparison service. The online comparison service allows you to compare loans based on various criteria such as loan amount, loan term, and interest fee. You won’t harm your credit score by doing a search with the online comparison tool.
Many people who need small amount of money for urgent expenses would often turn to peer to peer loans. For example, if you just need to borrow $25, you can easily borrow this amount from P2P lenders at a fair interest rate. To apply for the loan, you simply enter a few personal information into the loan request form at the P2P lending site. You just need to have internet connection to apply for the P2P loan. When you sign up for P2P loan online, you will get to choose from hundreds of individual lenders with different interest rate. Some lenders would also lend their money to people with bad credit score.
Usually, the staff will review your loan as soon as you have submitted the application and you can expect to see the funds in your bank account within 1 – 3 weeks. Sometimes, it only takes less than 1 week for the lender to wire the funds into your bank account. This is much faster compared to traditional bank loan where you have to wait 3 months for a bank to send its response about your loan application. You have to wait for a few more weeks after the bank approve your loan application so P2P loan is definitely the best option if you need the money as soon as possible to cover your emergency expenses.
The interest rate in the P2P loan is often lower than the interest rates that are charged in a traditional credit card. The interest rate is fixed so you don’t have to worry about expensive monthly fee. The interest rate you are charged is based on the loan term you have selected in the peer to peer loan. The loan terms that you can choose from is 1 – 5 years. In the past, this type of loan only allow borrowers to borrow a small amount but it is now possible to borrow up to $40,000. if you responsibly pay off your first loan, you will be easily approved for additional P2P loans.
The lender usually is upfront about the fees and it is unlikely that they will charge hidden fees. On the other hand, the banks and financial institutions will charge you various types of fees such as application and processing fees.
You can choose to be anonymous to your lender by not revealing your name or giving them your telephone number. Most P2P lenders will not charge you with any prepayment penalty fee for settling the full amount of loan you owe. Since the loans are unsecured, you don’t have to come up with a collateral to get approve for the loan. Most importantly, obtaining a peer 2 peer loan will not affect the credit score on your credit report.