Category Archives: Personal Finance

What to Do When Your Loan Application is Declined

Having a loan application declined is never a good feeling, especially when the need for financing is urgent. In recent years, lenders have tightened their lending guidelines, making it more difficult for some applicants to get a loan approval when they need it. It can be a bit overwhelming knowing that a lender is not willing to offer you an affordable loan, but it is not the end of the road for most borrowers. Understanding why you were declined, what alternatives to conventional loans exist, and the specific steps you can take to prevent it from happening in the future are all beneficial in moving past the uncomfortable situation.

Know the Why

There are several reasons why a loan application may be declined, with the most common including problems with an applicant’s credit history. All conventional lenders take a close look at payment history, credit utilization, and other pertinent information detailed in a borrower’s credit report at the time an application is submitted. If there are any black marks, like a late payment or two, maxed out credit cards, or a court judgment or bankruptcy, a lender is likely to decline an application because the borrower poses too much of a risk. You may be aware of these warning signs to lenders before submitting an application, but in some cases, errors or new negative details have been added that you did not know about. In either case, it is important to check your credit report and history after a loan decline to pinpoint the problem – and then work toward fixing errors or black marks where possible.

Understand Your Options

A declined loan application is not the end-all to getting the financing you need. If you have assets you own outright, like a vehicle or other valuable personal belongings, you most likely qualify for a secured loan. But can you actually get a title loan in 10 minutes? A local car title lender may be a smart alternative when your need for financing is immediate and credit history is not in the best shape. You may also consider tapping into your available credit limit on a credit card as a temporary fix. Unsecured loans may offer a lower interest rate than these alternatives, but the higher cost of borrowing is often offset by the ease of qualifying for a different type of loan or cash advance.

In addition to alternative lenders, you may have the option to apply for an unsecured loan almost immediately with another conventional lender. Other banks or credit unions may have less stringent credit requirements or lower standards for proof of income. It is common for borrowers to shop around with similar lenders in order to get the financing they need, but approval is not always guaranteed after a loan decline.

Plan for the Next

The best thing you can do after a loan decline is understand where things went wrong and work toward correcting the issues. Lenders are often able to provide you with details as to why an application could not be approved, whether that be a lack of steady income, a credit blunder, or too many outstanding debt obligations. This information is powerful as it gives you direct marching orders to help prepare for your next loan application. So long as you are willing and able to put in the work to improve your credit, generate stable income, or pay down other debts, the next loan application process is more likely to lead to an approval.

Figuring Out Frequency – When To Trade

Many factors can make or break an investment. For example, how often you trade is essential to a profitable portfolio. Trading too often or too rarely can lead to missed opportunities or poor returns. The perfect frequency is whatever will lead to the greatest margin of profitability. For most traders, this approach means holding on to an investment for as long as possible. However, this plan will vary depending on the investment type, your personal strategy, and more. Consider the following four factors to help you decide how often you should be trading.

The Type of Investment

Investing

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Different types of investments call for different strategies for trade frequency. New traders will have their hands full, as plenty of research will be necessary before further exploring options such as day trading, binary options, and the plethora of other investment products available.

For example, day traders will need to decide whether they prefer to make a handful of trades before the markets open or if they plan to make decisions as new data becomes available throughout the day. On the other hand, binary trading options — investments based on whether a certain asset will be higher or lower than its current value by a set time — will need a totally different approach and skill set.

Your Specific Approach

How much risk can you tolerate as an investor? Your personality will largely help you decide what is a proper amount of daily trades for you. For example, a methodical investor will have low risk tolerance and will avoid snap decisions. Those who can tolerate greater risk, however, have more flexibility to jump on new opportunities as they arise. Note that investment type and individual personality work in tandem; a conservative day trader will use a totally different strategy than a spontaneous day trader.

Your Investment Strategy

In general, investments that stay frozen longer net better returns; you’ll likely want to sell as rarely as possible. However, you’ll need to define which market signals are worth an investment to decide how often you should buy.

Avoid hard minimum and maximum trade numbers. Instead, aim to make the correct amount of trades; don’t lock yourself into an arbitrary quota. You need to understand how and why you will trade and how to get out of a bad trade if needed. Define, practice, and stick to your strategy. Only make trades that fit your criteria.

Your Due Diligence

The market is full of unreliable, misleading, and inaccurate data. Plus, convenient modern technology makes it incredibly easy to trade as much as you want. These two factors combined may lead to the temptation to make a quick change when you hear about a market fluctuation. Patience is important, and not only for long-term investors. Short positions, binary options, and all other trades require that you stay patient, not make decisions impulsively, and rely on the knowledge you’ve gained through careful, comprehensive research.

If you’re beginning as an investor or you’re taking an interest in a new approach, find a strategy that accommodates your preferences and goals and test it before committing. Strike a careful balance between knowing the precise moment to trade and when to walk away by considering the above factors.

Common Misconceptions of Online Gambling

Online gambling is becoming more and more popular. It allows people who enjoy gambling to enjoy the activity from the convenience of their own home either on their computer or phone. There are many people out there who are skeptical about the industry and their legitimacy. Below we try to investigate and debunk the common misconceptions of online online gambling.

Can not be controlled

Many people who don’t agree with the industry don’t think it can be well controlled. This is just false. There are many laws and regulations in place to control the sites to allow legitimate gambling that is fair and regulated. This wasn’t true back in the day when the online gaming industry began but many states have adopted a whole set of rules just for it. They are actually on a short leash having to pay fines and taxes. With the competition that is out there, they can’t afford to be shut down so they tend to play by the rules they are asked to follow.

Viruses

It is a common thought to believe that you will get a virus by using online gambling. However, this doesn’t make much sense. These businesses are making a lot of profits, if they were to set up viruses on their servers it would mean their servers would be affected too and hinder their business potential. There are many legitimate licensed online gambling sites that can provide you with virus free entertainment. Sites like luckystreet.com that offer 888 casino free spins.

Scam

Most people think online gambling sites are scams. It is quite the opposite. As mentioned previously they are highly regulated and require licenses. Yes there may be sites that are not legitimate and may be scams but it is important for you to check a sites license when you start to use it. Be careful when providing your personal information to a site that they have a license with the state.

Only for old people and housewives

Some people may think that online gambling isn’t for them because they aren’t the stereotypical lonely housewife or unemployed old person associated with gaming. The key demographics for online gambling are actually the following:

  1. Middle-aged men and women with moderate and high income visit casinos because of curiosity, possibility to try their luck and skills, use different strategies in practice.
  2. Middle-aged men and women with low-income visit gambling portals in order to win and improve their financial shape.
  3. Young men and women with different income levels consider casino as a source of entertainment and opportunity to pass the time with fun.

Basically, online casinos are for everyone. Anyone who likes to be entertainment and win some money.

So don’t believe the hype. Today’s online casinos are well-regulated, safe and fun for all.