A Guide to CIBIL or Credit Score and How To Avail a Loan With Bad Credit Score?

Your financial profile and credit worthiness highly depend on your credit score. A credit score is a 3-digit number that is assigned to your profile after assessing your credit & debit history. This score ranges from 300 to 900, where anything above 750 is termed as perfect. In India, you may find many agencies who calculate or do credit scoring, but among all TransUnion CIBIL is popular and reliable. Hence, a credit score is also referred to as the CIBIL score.

CIBIL or credit score is the first and foremost vital factor that is checked by every financial institution whenever you apply for any kind of credit i.e. a loan or a credit card. It allows the lender to assess your repayment capability. If your score is low, then the chances of accessing the credit will get badly affected and you might not get the same on your favorable terms & conditions or it might get rejected too. Thus, it becomes essential that you know how you can improve your credit score as this not only ensure that you get the required funds but will also allow you to crack a better deal suiting your terms.

Read more at: https://www.yelonow.com/loan-with-bad-credit-score-in-yelo/

Which is the best option: Online Personal loans or Offline Personal loans?

In today's scenario, if you are facing any financial emergency or temporary cash crunch, only a personal loan is the armament that holds the potential to immediately solve your problem. Personal loans can be applied online and offline, it purely depends on the individual how they want to get it processed. More and more people prefer to go for online loans whereas there are still many individuals who prefer offline mediums for loan processing as they prefer the personal touch and face-to-face interactions. But before choosing the online or offline mode, it's better to understand their process flow.

Read the article: https://www.yelonow.com/online-personal-loans-or-offline-personal-loans/

Smart Tips to Keep Your Financial Goals Intact!

Pressure on the world economy is mounting, and investors are not getting the desired results or returns on their investment. Financial products neither performing well nor meeting the expectation. Thus, it’s very common for people to feel uncertain in the current financial market. Despite economic slowdown is cyclic and it makes sense to relax your finances and tides up the associated goals with your investment portfolio, in this kind of an unstable market, else it could be a costly mistake. Have a look at the following smart ways to handle or plan for such challenging times.

Opt for Small Instalments

Investing in a highly volatile market could be risky. For example, a lump sum amount of a 1.5 lakh is invested by you in any mutual fund whose net asset value is Rs. 100, and by any chance if the market falls, then your invested corpus amount will get negatively impacted. And if you have taken any Personal Loan to invest, then it will badly hit your finances further. So to make investments in unsure market conditions, it’s better to fragment the corpus amount and invest in small investments. For example, you can make a liquid fund of 1.5 lakh and opt for SWP i.e. systematic withdrawal plan by investing Rs. 10,000 every month over 12 months. This way you can smartly get the advantage of rupee cost averaging, hence minimizing the impact of market volatility on your investment.

Read more here: https://www.yelonow.com/financial-goals-personal-loan-tips

Cash Advance Facts That You Must Know!

A cash advance is a short-term loan offered by a bank or an NBFs lender. The cash advance loan also refers to the service provided through credit card where the issuing authority allows the cardholders to withdraw a certain cash amount as per your approved eligibility. Cash advances generally come with steep interest rates and fees, but yes, they are attractive among borrowers as you get the fast approval and availability of the cash quickly. Cash advance or instant loans are very convenient to manage any emergency.

Advantages of Cash Advance Loans

We all need some additional cash to cover an unexpected expense or a shortfall toward the month's end. Cash Advance Loans are the quickest way to get money to cover those surprise expenses.

But having said this, Cash Advances come with some cons or negatives too:

ü  Processing Fee - In cash advance loans, the processing fee is either flat or fixed amount or a certain percentage, i.e. 1% to 5 % of the loan amount. Lenders pick the higher one.

ü  Higher Interest Rate - Cash Advances come with the highest rate of interest ranging from 22% to 30% as compared to any other loan.

ü  Immediate Interest Accrues - The interest rate in case of cash advances is charged aggressively for example, in credit card, you'll be charged from the day you take the amount, but in case of cash advance loans, you have to pay the interest amount for the whole period even if you pay back the loan amount.

This way Cash Advances are very aggressive and expensive, which also includes certain taxes, this makes hard for the people to pay back who take Cash advance loans.

How Cash Advances Can Harm Your Credit Score?

Taking cash advance loan will not impact the same, but it will start hurting when you begin utilizing the money. In any case, taking a cash advance can place you in a difficult situation that would bring down your Credit Score rating.

The cash advance loan is added to your balance parity, which changes the pattern of your credit use. Credit Utilization is a score that takes a gander at the amount of your all credit which you're utilizing. Ideally, it is recommended to keep this number under 30%. Interest also starts accruing from cash advance, which makes it further difficult for the person to clear all debts. And if you miss any of the loan repayments, this will more worsen the situation for you.

How Cash Advance Loan Is Different From Payday Loan?

If we talk about the form their basic structure and practicality, both are more or less similar. In both cases, the borrower gets the loan amount immediately and for a shorter period with hefty processing fees and higher interest rates.

The main difference in Payday Loans as compared to Cash advance is that they are, decided based on your pay cheque rather your credit history. The payment of Payday loan is done immediately on the very next day of your salary credit through post dated cheque which you give to your lender at the time of loan approval and disbursal.

No matter which loan you take, but if manage it smartly and responsibly, it will help you to manage any financial stress is an easier way.

How Personal Loan For Travelling Can Make Your Life Better?

Holiday or vacations are the best medicine for a stressed life. But, when you plan a trip, there are many things which you need to work upon and the most important one is to arrange the sufficient funds or money that many of us don't have ready reckoned available with us. Due to unavailability or shortage of funds, people either avoid or postpone their holidays or else reduce the trip duration. But now with the rising demands of the travel industries, many banks or NBFC offering personal loan for travel, for domestic and international holidays, basis your eligibility and paying capacity.

These instant loans can be used for covering tickets & hotel expenses or fulfilling the desire of shopping through the local lanes of the destination location as souvenirs or signature items. With personal loan availability, you can thoroughly enjoy your vacations without worrying about the money part.

How Can I Take Personal Loan For Travel?

You can easily apply for the personal loan subject to your actual travel expenses. Personal loans are unsecured and no collateral is required. You can avail a personal loan for travelling from 1 lakh to 25 lakh depending upon your eligibility and repayment capability.

Personal loans today are instant loans which you can easily apply online and if you fulfil the requirements, it will be disbursed within 24 hrs. This way they act as an immediate severe in the case on any cash or fund crunch.

Interest rates on these instant loans depend upon the lender and your eligibility, but yes, they are far better as compared to credit cards as personal loan interest rates are much less as compared to them.

As we already said, demands of travelling industry are increasing, more and more people, especially young or working professionals are frequently taking breaks from their monotonous routine and want to go on vacations, and seeing this trend many banks or NBFs are coming with travel packages too under personal loan categories.

So don’t wait and apply for instant loans online, compare them, and select the one which suits your terms and enjoy a wondrous vacation ahead.