Good To Go Loans

Creative Ways to Make Money

Gunjan Suvarna — Mon, 03 Jul 2023 11:34:17 +0000

There are plenty of creative ways that can help you make money. The best option for you would depend on your skills, interests, and available resources. Here are some ideas that are worth considering:

Open an Etsy Shop

If you are artistic or simply good with crafts, why not open an Etsy shop? Sell your handmade crafts or create digital products, printables, and digital art.

Tutoring

Offer tutoring and teaching services in subjects that you are good at. There are plenty of platforms online that can connect you to various students worldwide.

Photography

If you are good at photography and have the equipment for it, then you can take impressive photos and sell them on stock photography websites.

Pet Sitting or Dog Walking

If you’re an animal lover, you can become a pet sitter or dog walker. Many pet owners would hire someone to take care of their pets when they are away or busy.

Flip Items

Buy and resell items for a margin. You can try this on collectibles, vintage clothing, antiques, electronics, or any items that you can resell for a profit.

Rent out a Room or Property

If you have a spare room or property, why don’t you rent it out? Consider looking for tenants or renting it out on Airbnb or similar platforms.

Gardening and Horticulture

If you have a green thumb and are good with plants, try starting up a gardening and horticulture business. There are individuals who would love to have beautiful plants for their homes or offices.

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How to improve your income?

Gunjan Suvarna — Mon, 26 Jun 2023 11:04:06 +0000

Income is an important factor for many people. With the current economic situation, a lot of people want to increase their income in order to achieve their goals. No matter what the goal is, one can work towards it by looking for creative ways to improve income.

Invest in Education

Pursuing further education, degrees, and certifications relevant to your field can help you learn new skills and elevate your status in the workplace. This results in improved income.

Acquire Salable Skills

Develop new skills that are highly in demand in various industries. With a new set of skills, you can perform better at work allowing you to take on new projects or get a higher position and salary.

Build a Strong Professional Network

Build a strong network by attending industry events, joining associations, and connecting with industry peers and mentors. Networking will help create new opportunities for better work and projects.

Specialize in Your Field

Specialization and becoming an authority in your niche can make you become an invaluable expert. This leads to higher pay and increased income opportunities.

Consider Starting a Business

If you have a unique idea for a product or service, then why not start your own business? Entrepreneurship offers the potential for increased income, although it also comes with significant risks.

Freelancing

Use your skills by freelancing. Freelancing can provide additional avenues to make money and diversify your income streams.

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How to Survive Harsh Economic Conditions?

Gunjan Suvarna — Mon, 19 Jun 2023 10:41:06 +0000

The current global economic crisis has affected countless individuals. Now, many are uncertain about what the future brings. As someone affected by the economic downturn, you might wonder how you can survive the harsh economic conditions. You can survive – with resourcefulness, resilience, and careful planning. Here are a few tips that can help you navigate these tough financial times.

Budget and Reduce Your Expenses

Create a detailed budget and track your earnings and expenses. Identify inessential expenses and cut back on non-compulsory items. Once an appropriate budget is established, you need to stick to it.

Prioritize Essentials

Make sure you cover your essentials first such as groceries, utilities, mortgage, and healthcare. Covering your basic needs will help protect your credit and reduce financial strain. Allowing you to easily cut costs.

Avoid Impulse Buying

Be wary of emotional spending and impulse buying. The money spent on impulse buying is money that could go towards your savings or paying off debt.

Adjust your Financial Goals

In harsh economic conditions, it is best that you review and adjust your financial goals. Perhaps, your current financial goals cannot help you get through this period. Make adjustments, postpone major expenses, and redefine your long-term goals.

Increase Your Income

Increasing your income is perhaps the best way to tide the harsh economic conditions you are facing. Seek opportunities that will increase your income like freelancing, part-time jobs, selling unused items, or starting a small business. Multiple income streams will help alleviate your financial burden.

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How to Minimize Grocery Shopping Expenses

Gunjan Suvarna — Mon, 12 Jun 2023 10:01:53 +0000

Minimizing grocery shopping helps save time and money. Here are some strategies that can help you achieve this:

Plan your meals

Create a meal plan that outlines your breakfast, lunch, dinner, and snacks. This will allow you to buy only what you need for your meals.

Create a shopping list

Based on your meal plan, create a detailed shopping list. Stick to your least to avoid purchasing unnecessary items.

Buy in bulk

Buying items in bulk, particularly non-perishables, is more cost-effective. It reduces frequent grocery shopping.

Stock on food essentials

Stock up on food essentials like pasta, rice, frozen vegetables, and canned goods. This way, you will have ingredients ready for a meal.

Prioritize fresh produce with a long shelf life

Buy food items with a long shelf life, such as grains, beans, carrots, potatoes, and apples. This will help you avoid frequent grocery shopping.

Use leftovers

Use your leftovers efficiently. For instance, leftover chicken can be used for chicken salad or leftover steamed rice for fried rice.

Preserve food items

Save your food items by preserving them. Freeze or refrigerate some portions of your meal. Preserve your food items by drying, canning, or pickling them.

Monitor your inventory

Keep track of what’s stored in your pantry and fridge. This way you can avoid stocking on food items you already have.

Buy generic brands

Generic or store brands are way cheaper than well-known brands and are still of comparable quality.

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5 Common Red Flags of Bad Lending Companies

Gunjan Suvarna — Mon, 05 Jun 2023 09:43:17 +0000

It is important to check the lender’s credibility to ensure that you are dealing with a trustworthy institution. Here are tips that can help you assess the credibility of the lender:

No Contact Information or Physical Address

A legitimate lending company will have a physical address and contact information. Therefore, be wary of lenders that do not share or withhold their addresses and contact information.

Aggressive Sales Tactics

Avoid lenders or lending companies that are aggressive and use high-pressure tactics. This includes lenders rushing you to get a loan, signing a document without explanation, and encouraging you to borrow more. The same is true with companies that do unsolicited phone calls, emails, and text messages.

Upfront Fees

Be wary of lending companies that require advance payments or upfront fees before getting the loan. Legitimate lenders would charge the fees as part of a repayment plan or deduct the fees from the loan amount.

Lack of Transparency

Reputable lenders provide clear and transparent information about their loans, terms, fees, interest rates, repayment schedules, and loan conditions. If the lender is hiding information or unclear with them, then it is a huge red flag.

Unusual Interest Rates

Be wary of unusual interest rates. Legitimate lenders will never charge way higher than the market average. If the interest rates are way lower than the average, then they might have hidden fees or deceptive loan terms.

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How to Check Lender Credibility?

Gunjan Suvarna — Mon, 29 May 2023 09:20:04 +0000

It is important to check the lender’s credibility to ensure that you are dealing with a trustworthy institution. Here are tips that can help you assess the credibility of the lender:

Licensing and Registration

The lender must have the necessary license and registration to operate. There are regulatory bodies that oversee lenders and you can often find this information on their website.

Reputation

Check for online reviews and ratings about the lender. There are plenty of websites online that can provide insights about other’s experiences with the lender.

Contact Regulatory Bodies

Contact relevant regulatory bodies to confirm the legitimacy of the lender. They can provide information about the company, including complaints and disciplinary actions against them.

Check for Complaints

Check whether the lender had complaints or legal actions against them. Aside from relevant regulatory bodies, you can check online databases, consumer protection sites, and court records for information.

Visit the Lender’s Website

Credible lenders will always have a professional, informative, and clean website. The website must provide the lender’s contact information such as phone number, email, and physical address.

Ask for Reference

For large business loans or financial transactions, you can ask the lender for references. Ask for businesses or individuals they have worked with in the past and inquire about their experience.

Evaluate their Customer Service

Try to contact their customer service department for questions. Assess their level of responsiveness and professionalism.

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Key Points to Look Out When Reviewing the Loan’s Fine Print

Gunjan Suvarna — Mon, 22 May 2023 04:33:33 +0000

Reviewing the fine print of your loan is important. It helps in completely understanding the loan’s terms, conditions, and everything else associated with it. Here are the key points you need to look out for when reviewing the loan’s fine print.

APR

The Annual Percentage Rate reflects the total cost of borrowing. It includes the interest rate and all the other fees. Make sure it is within your means. Determine whether the APR is fixed or variable.

Loan Term

Check the length of the loan’s term. This will tell you how long you’ll be paying. Longer terms have lower monthly payments but will cost more in interest. The opposite is true for shorter terms.

Fees

Examine any fees associated with the loans. Common fees include application, origination, late payment, prepayment, and annual fees.

Grace Period

Check if there is a grace period for your loan. It is the time you have between the due date and when penalties kick in.

Default and Late Payment Terms

Understand the penalties for default or late payment. Lenders might demand additional fees or higher interest rates.

Collateral

If the loan requires collateral, understand the repercussions of default. The lender might have the right to foreclosure or repossession.

Conditions and Covenants

The fine print may include certain conditions or covenants related to insurance coverage, maintaining financial rations, and other obligations during the loan term.

Renewal Terms

Review the renewal terms of your loan. It might automatically renew unless you close or refinance it.

Legal Recourse

Understand the loan’s dispute resolution process. Check for any available legal recourse for both parties in the event of disputes or default.

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What are the Common Debt Repayment Terms?

Gunjan Suvarna — Mon, 15 May 2023 03:38:22 +0000

The debt repayments terms vary according to the type of debt and the agreement made by the lender and the borrower. Here are the common debt repayment terms according to the various types of debts on the market:

Credit Card Debt –

The common repayment term for credit card debt is a minimum monthly payment that the borrower has to pay. It is a percentage of the outstanding balance.

Personal Loans –

The repayment terms for personal loans are in fixed monthly instalments for a set period. Usually, the time frame ranges from 1 to 5 years. The interest rate is often fixed and borrowers will know the exact amount they need to pay each month.

Mortgage Loans –

Repayment terms for mortgage loans are long, usually around 15 to 30 years. The interest rates are either fixed, variable or interest only.

Student Loans –

Student loans have different repayment terms. The most common ones are standard repayments and income driven repayments.

Car Loans –

Car loans may have fixed monthly instalments over a certain period of time. The time frame usually ranges from 3 to 7 years. The interest rates are either fixed or variable, depending on the lender and the loan terms.

Business Loans –

Business loans have different repayment terms and it depends on the lender and the loan’s purpose. Some business loans have very short repayment periods, while others can last for several years.

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How to Evaluate Interest Rate?

Gunjan Suvarna — Mon, 08 May 2023 03:34:49 +0000

Understanding interest rates is an important thing to do if you are planning to borrow money. Here are a few factors that you need to consider when evaluating interest rates:

Type of Interest Rate

Interest rates are either fixed or variable. Fixed rate remains constant throughout the period making it predictable. Variable rate depends on the market conditions, making it uncertain and hard to predict.

Research Market Rates

Research and compare interest rates of similar products to give you a benchmark in evaluating the interest rate offered. Consider different factors like inflation, economic climate, bank policies and other factors that influence interest rates.

Compare Rates

If you’re evaluating different loan offers from different lenders, then compare their interest rates. Look for an interest rate that is suitable for your financial situation.

Assess APR

APR or annual percentage rate is a factor you need to consider as well. APR takes into account the interest rate and additional charges of your debt. Assessing the APR will help you determine the total cost of your debt.

Check the Time Frame

Evaluate the total duration of the borrowing period. The time frame of your loan will significantly impact the total cost you have to pay. Long term loans will mean you pay more interest whereas you will save interest on short term loans.

Understand Compounding Interest

Interest rates are sometimes compounded. Compounded interest rates are calculated on both the principal and accumulated interest over time. It can significantly affect the total amount you have to pay back.

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How to review loan and credit card offers?

Gunjan Suvarna — Mon, 01 May 2023 03:30:19 +0000

If you’re planning to review loan offers, it’s important that you carefully assess them to make an informed decision. Here’s a helpful guide on how you can review loan and credit card offers:

Understand the Type of Loan

Try to understand the type of loan being offered to you. Whether it is a credit card debt, mortgage, or personal loan, each type of loan is different according to its terms, interest rates, and repayment options.

Evaluate Interest Rates

The interest rate is always an important factor as it determines the cost of your debt. Compare interest rates offered with similar loan offers on the market. If the interest rate is variable, learn how it could affect your overall debt and repayment.

Go Over Fees and Charges

Review the fees and charges associated with the loan offers. Consider how these fees will affect the overall cost of your debt.

Review Repayment Terms

Review the loan repayment terms, especially the duration and frequency of payments. Check to see whether the terms align with your finances and if you’re comfortable meeting them.

Analyse the Total Cost

Calculate the total cost of the loan, taking into account the interest charges and associated fees. Compare the total costs with other offers to determine the most cost efficient option for you.

Check for Features or Benefits

Loan offers may come with benefits or extra features that you can take advantage of. For instance, credit cards may offer rewards or incentives. Go over these extras and see whether they are valuable to you.

Always Read the Fine Print

Review the terms and conditions of the debt. Pay attention to every detail like disclosure statements, grace periods, penalty fees, and clauses that may affect your capability to manage or pay off your debt.

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