Posted in Finance

Top Reasons to Work with a Licensed Money Lender

loan rateWhenever you need to borrow some money, it is always a good idea to work with a licensed money lender as opposed to the various unauthorized sources. That should be the case irrespective of the amount and duration in which you intend to repay the money. Some of the top reasons to work with a licensed money lender from GM Creditz are highlighted below.

To Avoid Harassment

Borrowing money from illegitimate moneylenders opens up a chance of you facing harassment, especially if you are unable to make repayments on time. Licensed moneylenders, on the other hand, have to follow a set of rules set by the law, which do not involve any form of harassment to you. Failure to follow the laws may lead to the money lenders losing their licenses and potentially facing other punishments from the government.

To Avoid High Interest Rates

A majority of the unlicensed moneylenders usually charge very high interest rates. That is the case because they are not governed or limited on how to do their business. When you borrow money from a legitimate moneylender, you can be sure of paying a reasonable interest rate. That is because the licensing bodies usually put a cap to the amount of interest that they can charge.

To Enjoy Privacy

Whenever you borrow money, you will have to provide some information about yourself. Some of the information you provide may be sensitive to you, such that you would not want it to land in the wrong hands. When you offer such information to an unlicensed moneylender, you will not be sure of the privacy and security of the information. The moneylender may also use the information in a wrong manner. Borrowing from a licensed moneylender protects you from all such privacy and security issues.

It Is Easier to Get Loans

It is a lot easier to get a loan from a licensed moneylender compared to getting it from an illegitimate source. All you need are all the requirements and qualifications. It will also take a short time to process the loan and get the money into your approved

You Can Get a Loan of Any Amount

Working with a licensed moneylender allows you to get access to any amount of loan. The determining factors that may limit the amount are your job group or your ability to repay the loan on time. You are also allowed to borrow money for any purpose.

a calculator and a piece of paper
Posted in Finance

Three Most Common Causes of Financial Stress and How to Deal with Them

Financial stress is a common experience among people who live a modern lifestyle. Credit cards, mortgage, leasing, installments are some commercial products that give the illusion of owning things. These facilities do benefit people who can control their consumerist urge, but to others who are unlucky, they can get too deep in debt and stressed out.

If you’ve been feeling anxious, depressed, and confused, the chances are that your financial burdens have been the cause for your condition. Let’s find out more below!

Mounting Bills

a miniature car and a calculatorBelieve it or not, your bills can stress you out too! If you like to pay things with installments, credit cards, or pay-later platforms, they are likely to mount up fast and overwhelm your coffer.

Another common scenario is when you apply for a car lease. A car is usually not a primary need. And although lease fees are mostly affordable, they can add up to other expenses and overburden you. Do not rush yourself into terminating the contract because it would be better if you consult a car lease consultant first and see how you can get the maximum benefits of that deal. In case you do not know, leasing is beneficial only after some years. If you return the car earlier than agreed, there are penalties to pay.

Financial Emergencies

money on an umbrellaMedical emergencies, an unexpected pregnancy, a disaster, unemployment, and major house damage are only a few examples of situations that add to your expenditure. If you are not covered by insurance, then the bill may mount up and drain your coffer fast. Therefore to tackle this potential problem, please consider getting an insurance policy.

Moreover, if you that it would be better to save money and use it as your backup during an emergency, then you should evaluate that idea again. If you pay for health insurance, for example, the coverage will save you a significant amount of money by the time you need it. It would be much safer if you can do both, which are to save your money in a bank account and get yourself insurance protection.

Mounting Debts

Financial emergencies often lead to debts. And the worst thing about debts is that you might be confident of your financial strength when you sign the contract and pay your dues during the first months, but the real challenges will usually come after some years. Job relocation and sudden job loss are the most frequent reasons why many debtors get bad credit scores.

To overcome that mentioned risk, you should avoid having debts that can surpass your ability to save money. However, if you have already been in that situation, you must consider consulting a debt consolidation expert. Debt consolidation is meant to gather all of your debts and put them into one account so that they can be more manageable than before. However, you can forget the idea of doing this task alone because you are definitely not the person who can persuade your lenders. A debt consultant often has major influence and reputation among creditors so that they can vouch for you.