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Guarantor for Loan – 5 Reasons for Not Being a Friend Guarantor

Being a lender for a loan or a lender is the same as being in debt only to someone else. Having a debt has a lot in common with being at the top of a ladder, but before you climb into it you need to make sure that the base of it is firm and well supported so that you can climb with ease. It’s like having a steady and stable financial life. Not only that, in this publication we want to address exactly how being a guarantor can generate good headaches if all terms are not met by the one you entrusted your name, reputation or assets to.

Being a lender for friend, relative or family member loan may even seem like a nice thing, and give that feeling that you have done a good deed. That’s okay, but as this can also put many things in your life at risk, including finances, assets, clean name and even friendship.

Guarantor for loan !!!

Guarantor for loan !!!

While it is possible to be a loan backer for a friend and never face any negative consequences, most of the time it will not be worth it. Check out the five reasons why you should not be a friend loaner or anyone else who asks you for this favor.

1. You will be responsible for the loan

1. You will be responsible for the loan

No matter how trusting or wonderful your friend is, he or she may end up defaulting on the loan you helped take away. Anything can happen, your friend may lose his job, get a divorce, or find out that a close family member needs help with medical treatment.

If your friend can not repay the money you borrowed, you would have to repay the loan yourself, since you are also a co-signer or guarantor.

2. Your Credit Can Make a Hit

2. Your Credit Can Make a Hit

If you are a guarantor of someone and he misses the payments by delaying the installments, your credit score may decrease. If this happens, it may be more difficult for you to buy a car, a home or get lower interest rates at your bank or at credit companies.

If your friend does not pay 2 to 3 installments due, the lender can trigger legal means and send your CPF to the credit protector, SPC and protective bodies. In the analysis of the lender, you are more likely to repay the loan, since your financial situation is more stable and probably has higher income.

3. Your property may be at risk

3. Your property may be at risk

Sometimes a collateral-for-friendship can secure a loan with your own property on a home equity loan (mortgage). If you are (the guarantor) and put your car or home as collateral and your friend does not repay the loan, you could potentially lose your property a few months late, or you pay the arrears out of your own pocket.

4. You can end up with a long friendship

4. You can end up with a long friendship

If you are forced to cover the cost of the loan that you have signed, you can certainly end up resenting your friend. After all, it can be difficult to keep friends with someone who can put or put your financial situation on alert.

5. It could be more difficult to obtain new loans

5. It could be more difficult to obtain new loans

Being a lender for friend or relative loan, makes your eligibility and qualification for other loans much more difficult. For example, if you are guarantor of a car loan to someone else and you try to withdraw a personal loan, a lender may reject your application.

Note: Co-signing a loan to a friend will affect your debt to income ratio (margin for loans), ie the amount of debt you are paying compared to your gross monthly income. A lender may not want to lend money to someone who already has future credit and debt debts to pay.

So when invited to be a co-author or co-author of a loan, ponder and analyze the whole situation thinking about you and the financial commitment involved. Good luck!

Employee Loan: Your Company Your New Bank

Employee Loan – If you are a private, employee or salaried employee, and currently are very busy in worrying about your debt, they do not stop growing and this has got you in the middle of your job, it’s worth checking RH of the company that works if the new loan trend for low-interest employees has arrived.

How to make loan for employees

How to make loan for employees

Companies worried about their employees have taken the loans to negative employees known as payroll loans. We know that bad days hinder the productivity of small business, office and commercial employees.

Paying back the repayments of expensive financing like credit card loans are escalating, and getting loans at low interest banks are getting harder and harder, so loans for employees and company employees can be an excellent solution. Loan money generally serves to eliminate expenses like medical treatments, student loan installments or maintenance for automotive repairs.

Although only a handful of companies have instituted employee loans so far, note that this is a trend that continues to increase among employers who are concerned about their employees, employees and employees.

The possibility of companies agreeing with banks, financial and cooperatives to offer the loan for employees does not exist soon, this modality can be requested by practically all the companies properly registered and with accounts active in banks, of course that some banks require a minimum of registered employees but this is easy to solve by finding an institution in which the company fits.

The truth is that companies should be concerned if their employees are stressed about how to keep repaying their debts and that this fact has made it difficult for them to focus on their work. It is likely that your employer does not want you to take a second shift on the job just to overcome a financial difficulty.

Secured loans in private companies

In Brazil and in the world many companies are adhering to this trend. They are offering payday loan that is cheap to consolidate and or even refinance other loans and payments of credit card bills.

In addition to low interest payday loans, some companies are offering lines of credit with low or no interest payments to their employees who are in need of cash to pay for emergency expenses or to reduce their other debts. While most apply interest rate, it is usually much lower than what has been offered in the market by financial service providers.

Credit Alternatives for Employees

In payroll loans interest is around 2.30%, different from the negative loan that applies interest of 15% to 24% and loans between people (lending P2P) that is from 5% to those who have a restriction on the name.

The demand for loans to employers and wage earners is real. A recent survey by the company reported that companies typically have 46% of employees and full-time employees have some kind of problem to pay their household expenses, and that just over 52% have credit card debt.

The move towards the employer’s loan (paycheck credit) is especially haphazard for employees who would otherwise become borrowers with private loan (moneylender) and loan with dirty name (Creditsor). Unsecured short term loans can be really disastrous, with interest rates reaching up to 1.4601% per year.

Companies take responsibility for loan repayments from employees, and lenders release the requested amounts giving employees the benefit of getting low interest loans, and without much risk to the lender. Read also: private payroll personal credit.

Financial advice in companies

Sometimes companies also offer financial counseling and education services to help employees better understand how to keep their budget organized, make basic savings and manage debt.

With the ease of credentialing the available loan services for employees, it may not take long for your company to offer this modality for you to consolidate your debt with payday loan or low interest loan.

Who grants immediate microloan?

Why apply for loans with Hypocredit? Rating: 3.9 (Number of ratings: 19 ) Features of Hypocredit Ask for a loan Forget about the financial problems with What good Rating: 2.5 (Number of ratings: 16 ) Rebank Features Request a loan Characteristics of Munda Credit Request a loan

This type of credit is offered to people who can not access banking products and who do not receive subsidies from administrations. A microcredit can be granted to a single person or to several who want to create a business jointly. In some cases, microcredits are granted without commissions and interest rates are lower than the rest of the financial market credits. You can also offer greater facilities for your return.

Also, microcredits can also be personal loans for those who do not have a guarantee or a large monthly income, and can be used to reform the home.

Differences between microcredit and mini credit

Differences between microcredit and mini credit

The microcredits were born in Bangladesh with the idea that people without resources and at risk of exclusion could have access to some money. Currently, these small loans have been converted into quick mini-credits provided by private equity companies, both to people who do not have a payroll and to those who have financial stability but need a certain amount of money at a given time. specific.

Mini- credits are credits of a small amount of money that will be available to the client depending on their income, which does not necessarily come from a payroll. These credits can be from 50 euros or less up to, generally, 800 euros, although some private equity companies can make much higher amounts available to the applicant. Depending on the amount borrowed, if it is small, it will be returned within thirty days, if it is a little higher there will be the possibility of returning it in several installments.

This type of credits must be requested with responsibility, at specific moments and with the assurance that they will be able to be returned within the agreed period of time because, otherwise, chain mini-credits can lead to a constant debt. It must be borne in mind that the interest paid for this type of credit to private equity companies is higher than what would be paid to a financial institution, so living off these loans can be very expensive if it becomes a usual practice

Where to apply for a microcredit?

Where to apply for a microcredit?

If we differentiate between microcredit and mini-credit, assuming that the first is destined for a business project, in 2010 the European Commission created the “European Microfinance Instrument progress”. It is a program that works together with the microcredit providers so that this type of credit increases. 

Through the Administration, you can go to the Ico Microcredit Line or those destined to Women Entrepreneurs and Businesswomen. Also, there is the possibility of going to platforms where loans of small amounts can be requested. Through crowfunding, collective financing can be obtained in exchange for a share in the company’s capital stock. The limit per project is 3,000 euros.

When it comes to a mini loan, both for companies and individuals, many facilities can be found through private equity companies that lend money quickly and that require few financial conditions to grant them, even accepting customers who are in the Financial Credit Institutions, depending on the amount due and the reason. Some of them are:

  • Customers with Financial Credit Institutions
  • Accept also clients that are in the RAI
  • Clients with Financial Credit Institutions and RAI
  • Customers with Financial Credit Institutions
  • Customers with Financial Credit Institutions
  • Customers with Financial Credit Institutions
  • Customers with Financial Credit Institutions

How to apply for a microcredit?

How to apply for a microcredit?

In the case of microcredits intended for a business project, the requirements will vary depending on the entity, the most common are:

  • Present a business plan to demonstrate the viability of the project
  • DNI or NIE, curriculum vitae, Income tax declaration, Labor Life Report
  • Feasibility report, issued by the collaborating entity
  • Application form
  • Professional and / or personal references
  • If you are going to contribute your own funds, indicate which ones are
  • If it is about the expansion of a business, proforma invoices must be submitted
  • Authorization to request a report from CIRBE

If it is a mini-credit, the documentation to be contributed will be:

  • DNI or NIE. It is necessary to be of legal age, some private equity entities do not grant loans to children under 21 years of age
  • Bank account and address in Spain
  • Having monthly income does not necessarily have to come from a payroll
  • Have a mobile phone
  • Authorize access to the applicant’s financial information