Welcome to Radford Revenue
Welcome! Radford Revenue Accounting Management has established with the sole purpose of providing effective and efficient assistance when it comes to handling any sort of company’s accounting matters. Radford Revenue Accounting Management was established in 2003 and since then, it has provided many small and large ventures with best accounting consultancy.
If taking out a bank loan is something you are considering doing in the next few months, there are some things you should consider before you apply for one.
After all, there are some circumstances where taking out a bank loan is a smart thing to do and some circumstances where it is not.
Would you benefit from a loan consolidation? — If you have various credit card balances and other small loans, it could benefit you to consolidate them altogether into one loan.
In that case, taking out a bank loan can be a smart thing to do. That is, as long as the interest you are offered means your repayments on the consolidation loan will be less than if you pay each debt separately.
Do you have a good credit rating? — Another reason to take out a bank loan is if the loan you can get will come with a low interest rate.
As this is usually based on the how good your credit rating is, make sure the bank loan will come with a low interest rate before you accept it. Otherwise, you could end up having the same high repayments every month.
Is your spending under control? — Most people get into debt by not controlling their spending habits. If you plan on taking out a bank loan in order to pay off debts, be absolutely sure you have your spending habits under control before you do.
If not, you could quickly find yourself with a new bank loan that is difficult to pay off, and becomes even more difficult as you keep spending.
Is your debt manageable? — While it can be very beneficial to take out a bank loan so you can repay debts you owe, if the debt you owe is too large, there really is not much point doing so.
Be sure the debt you already have is manageable before you take out a bank loan.
If, however, you feel repaying the bank loan could be a problem, now is not the time to apply for one. Instead, look at hiring a financial adviser to help you get your debts and your spending under control first.
Is your repayment plan solid? — Make sure you are honest with yourself about the possibility of paying off your debts with the plan you currently have in effect and use a calculator to make sure you know what to pay (i.e. kreditrechner).
Is that repayment plan solid, and will it allow you to repay all your debts easily? If not, do not fool yourself that taking out a bank loan will solve your debt problems. Especially as, in many cases, taking out such a loan will probably just make them even worse.
Let’s face it. Debt is no fun. It is a weight and burden most working-class people feel. Some people struggle with debt for a life-time if they fail to develop a strategy for how to overcome debt. It is imperative to have a plan if one wants to be released from the cold grip of constant debt. How do we formulate a strategy? Let’s consider it.
One of the most basic rules for getting the best of any quick loans or debt is to always pay more than the minimum required payment. In particular, credit card companies love customers who just make the minimum required payment per month. People who keep credit card companies enamored in this way cannot look to be free for 15 years or more usually. If your minimum payment is NZ $23.95, try paying an even NZ $30 instead. Not only will you get your bill paid off much faster, NZ $30 is much easier to remember each month than is NZ $23.95.
There is a strategy known as a snowball method for paying off debt. It requires you to reduce your expenses to a bare minimum to cover necessities and use a large block of income to attack your loans and debts. List these loans and debts from the most to the least. Pay the minimum monthly payment on the more ominous amounts owed and concentrate most of your block payment on the easiest debts to pay off. Doing this will give you a psychological victory as you conquer one debt at a time, giving you the feeling that progress is being made. After your debt or loan is done, concentrate your resources on the next most oppressive loan or debt. You just go up the chain like this till all of your loans and debts are cleared.
Here is a good explanation of the snowball method:
Besides these common-sense payment methods, do not forget the income side of things. In the Internet age, there are always ways to boost your income and throw these resources into the fight against debt. Thee are Web Sites out there like TaskRabbit that can be used to secure temp and casual work for payment. You can sell your excess goods that are never used on E-bay. Try finding seasonal work as it becomes available, especially around Christmas-time. Make certain that the one-time or unexpected payments you may get are enjoined in the fight for debt freedom.
Be sure to ask credit card companies for lowered interest rates. This can only help and not hurt. If your payment standing with the particular credit card company is good, it is very possible that they will accede to your request. If they say ‘no,’ transfer your balance to a lower interest credit card or to a temporary low or no-interest card. Doing all of these things together can save you years in debt bondage.
Loans can be used to service emergencies such as sorting medical bills, personal use, electrical bills, and other critical situations. But getting a loan when you have a bad credit score can be a tricky affair. Usually, if you fail to pay a loan on time, then the creditors have all the rights to list you on the CRB. One way of ensuring that you don’t fall into this category is by improving your credit score. Pay loans within the required time limit and don’t take loans that you’ll have difficulty in servicing. However, you can still get personal loans with a poor credit score from a bad credit loans company in New Zealand.
Below are some tips on how one can apply for bad credit loans.
#1 Join a Credit Union
A credit union is made up of members of with a common interest. It is usually made up of workers from the same field of employment. These unions often create a pool of funds that are to be used for personal development. The amount of loans given depends on how long one has been a member of the union. The union also considers the amount of money that one has saved with them. The Credit Union can give an individual a loan regardless of the bad credit record that he/she has. They are independent of the guidelines with which banks and other lending institutions are run. Therefore, make this important initiative of joining a credit union as they favor you when you need a loan but have a terrible credit score.
#2 Apply for a Peer-Peer Loan
Peer to peer is an online platform that connects people to individuals who can lend them money instead of an institution. The company has been existence since 2005, and most clients have expressed satisfaction in their services. They will hook you up with a lender whom you’ll have to convince before he/she disburses a loan to your account. What is good with these lenders is that most of them don’t emphasize that borrowers need to have a good credit score. Ensure that you review their terms and conditions before accepting a deal. Otherwise, you may land a raw deal that will affect your future financial advances.
#3 Take a loan from Friends and Family
Most borrowers often ignore the fact that they can get loans with better service conditions from their friends and family. They might even give you credit without expecting interest on top of the borrowed amount. Approach your close friends and family who may be doing a little better financially. In most instances, they’ll give you the exact or lesser amount with the expectation that you’ll return the money after sorting out your financial issues. Make sure to pay back the borrowed amount because money can destroy an initially blossoming relationship. This is a good way of applying for a loan if you have a bad credit score.
If you have decided to apply for an easy loan versus a loan from a traditional lending institution, there are some things you definitely need to be aware of before you sign on that dotted line.
This is because, if you do not pay special attention to every aspect of that easy loan agreement, it could end up costing you far more money than you expect.
Does the interest rate remain the same? — While easy loans NZ will already have a high interest rate, some even increase the interest rate they charge as the loan term progresses.
Make sure you know what your interest rate will be throughout the entire term of the loan, and do not sign up for an easy loan that has an increasing rate.
Do you understand all the fees? — Have the account executive you are dealing with walk you through every fee you will have to pay for that easy loan, and under every scenario.
Otherwise, you could end up paying hidden fees you did not know were included in your loan, and these hidden fees can be exceptionally high.
Are there penalties for paying a loan early? — One of the big ways companies offering easy loans charge you hidden fees is by applying penalties to anyone that pays their loan off early.
This means you need to be sure you will not be suddenly handed a bill for several hundred dollars, simply because you paid off your easy loan a month earlier than you had planned. Never sign up with a company that makes you pay a penalty for an early loan payment.
Are payments due every month or every week? — Some companies offering easy loans also allow you to pay weekly instead of monthly. While this may seem a good idea if the thought of a high monthly payment seems daunting, this is actually the worst way to pay off a loan.
Companies love adding weekly repayment plans, as this adds many more dates during the year where you may miss a repayment deadline. Every time you do, you will have to pay a penalty, giving even more money to the company that gave you the loan.
Longer time periods to pay off loans — While being able to pay off a loan over a longer period of time means you will also end up paying more money in interest, if you are not absolutely sure you can pay a shorter loan with a higher monthly repayment amount, this is the way to go.
After all, if you do take a loan out over a shorter period of time and then miss a payment, the penalty you will have to pay could be as much as your monthly payment.
Err on the side of ease when it comes to repaying an easy loan, as you can always pay it off faster if you like. As long as there is not a penalty for doing so, of course.
Online loans that are funded quickly are often the most important financial tools you may use. Loans with online applications and quick processing save quite a lot of time, and they take you out of the limbo of waiting for a decision. There are quite a few things that you must keep in mind when applying for one of these loans, and this article carefully details what to do when you need extra cash.
Be Honest On The Application
You must be honest on your application because the company knows how to check everything you have written down. You must use current financial information to complete your application, and you find that the application may be submitted instantly. The company sends a receipt to your email, and you may be notified the same day. You are not obligated to take a loan approval. You may choose to accept a loan after applying to a few different places.
Check Their Credit Rating
You may check the credit rating for the company online before accepting their loan, and you may find customer service reviews online that are quite helpful in the decision-making process. A company with poor reviews is not a good match for anyone, and you must ensure that you have asked the company questions about how they service their loans before signing.
Check Their Rates
Companies with good credit ratings often have good rates because they need not pass on their costs to their customers. You must ensure that you have spoken to the company about what their lowest rates are, and you may ask for a rate that was designed for someone who does your job including teaching, military service, or public service.
You may receive a senior citizens rate, or you may find a studen rate that is more affordable. The rates are only one part of the process as you must ask the company for a repayment schedule that suits your needs.
Repayment for your loan is quite important because you must be on a schedule that you are capable of maintaining. You may ask the company for a longer repayment schedule, or you may use the repayment schedule to expedite the payment of the loan. It is wise for you to use the repayment of the loan as a financial tool, and you may ask for refinancing if you ever wish to take out more money.
Someone who has negotiated the repayment schedule on the loan will save money over the course of time, and you may refinance to drop your rates at any time. The payment schedule may change often if you have differing financial needs, and you may contact the company if there is an issue with repaying your loan as it is currently constructed. A quick loan has a few moving parts you must check, and going through the steps in this article ensures that you get a loan that is truly easy to use.