What is the Difference Between An Overdraft Facility and A Personal Loan?

Are you still confused which one would you prefer between overdraft facility and a personal loan? Then, it is better for you to learn first the essential difference between the two for you to decide which one is a better option.

Here, you will be able to discover what really overdraft and personal loan are. Also, you will know the difference of each from one another.

Overdraft Facility and A Personal Loan

What is an Overdraft?

An overdraft refers to the agreed variable amount of borrowing with your bank up in setting a limit. It is considered to be a great option when you are with short-term financial requirements, including the equipment purchases or operating expenses. Here, you are given a chance to repay the borrowed amount quickly. Also, you are only obligated to pay the money you borrowed.

Furthermore, an overdraft can be considered as a facility where you can have the ability to withdraw or avail a particular limited amount as an overdraft from your account. This will be based on your bank transactions and eligibility and is fixed by the bank.

Personal Loano

What is A Personal Loan?

A personal loan is a type of loan having fixed terms with repayment schedules. So, you have the opportunity to plan expenditure as well as cash flow making it less flexible compared to overdraft.

Through personal loans, you can borrow a more substantial amount of money. This means that they can be a better choice for long term purchases with high value. On the other hand, if you fail to pay back the loan or you miss a payment, chances are you can encounter financial troubles and damage your credit ratings.

In a personal loan, the repayment is typically made upfront in installations or one go. Then, the interest rate is defined as per a loan. You are obligated to repay the borrowed amount per monthly EMIs based on the loan tenure as well as terms and conditions.

What are The Significant Differences?

When you consider applying for a personal loan, the bank will credit the amount to your account. Once that the amount is disbursed, a levy of interest will start immediately. Meaning, whether you used the money or not, you are required to pay the entire amount’s interest.

In case that you choose an overdraft option, you are not required to pay the interest not until you withdraw the money. The interest will be charged according to the used amount the same with a credit card where the charged interest is based on the entire limit.

When short-term financial requirements are involved, it is better for you to choose overdraft than the personal loan. However, if you feel that you will need more funds and more time required to repay, it is recommended to convert into a personal loan.

To help you decide, always consider a personal loan when you require for higher purchase value while preferring an overdraft facility if you are in need of short-term operating expenses.

6 Quick Ways To Save In The New Year

When you are living paycheck to paycheck, the idea of ever saving any money may seem nearly impossible. However, there are a few things that you can do to save money. When it comes to saving, every little bit adds up. By saving even small amounts, you will find yourself with more money at the end of the week or month and before you know it, your savings will begin to increase.

Quick Ways To Save

Here are 6 very simple steps that you can take to start saving money quickly:

  1. Set up automatic bill payments

With busy schedules, it is very easy to forget to pay some of your bills on time. By paying your bills when they are due, you will save yourself money by not having late fees. Most companies charge anywhere from 10% to 15%. While this may seem like a very small savings, it will certainly add up quickly with minimal effort.

Setting up automatic payments can ensure that you pay your bills on time and avoid late payments altogether. A word of caution is to keep up with your bank account balance in order to avoid overdrafts and fees.

  1. Consider switching banks

All banks make their money from fees of one sort or another. Three of the top banks earned upwards of $6.4 billion in ATM and overdraft fees last year. If you are paying a monthly fee for either a checking or savings account, then you should look for a new bank. There are many banks that offer free accounts and perks just for opening a new account.

  1. Open a short-term CD

If you are in a position where you can comfortable afford to leave your money in a CD for up to a year, then a short-term CD is a good idea for you. You will want to shop around and find the highest paying yield before you invest in a short-term CD. If you think that you will need the money before the year is up, it is best to put your money into savings instead in order to avoid a penalty for early withdrawal.

  1. Sign up for loyalty programs

By signing up for rewards and loyalty programs, you can reap great rewards for the everyday things that you do such as grocery shopping and buying gas. Make sure you sign up for emails as that is often a way that they reach out to customers. Many stores also offer apps now and that is another great way to keep up with savings options.

  1. Buy with cash rather than credit

By taking cash with you when you shop, you can avoid overspending. If you are paying with a credit card, you are not limiting yourself and will end up spending more than intended on needless items.

  1. Avoid paying for convenience

America, as a whole, has gotten into the habit of paying for convenience. Rather than make things at home, such as coffee, we make the purchases while we are out resulting in spending much more than we should. Taking time to do things at home will save you a tremendous amount in the long run.

  1. Use coupons

Whenever you make a purchase, make sure you use coupons and coupon codes. Whether you’re shopping for groceries or buying things online. Use sites like https://www.yourbestdeals.com/ to get discounts on anything from socks to computer software.

Clothing Stores You’d Never Knew Had College Student Discounts

student clothes discount

Are you looking for clothing stores where you can avail discounts? As a college student, the struggle is very real when we talk about the money. Hence, it is very hard for you to purchase the stuff you really need, particularly new clothes. After all, you should get some sort of discount after paying so much for your school!

However, fret no more! In this post, we will provide you with top clothing stores that offer a discount to college students. Are you now ready? Let’s dive in!

  • TurboTax

TurboTax for college students: If you’re a student and attended at least one course last year, you might qualify for significant student tax breaks.”

“Lucky for you, TurboTax specializes in helping students get their maximum tax refund. We have a great student discount, or for students with simple taxes, you might even be able to file free!”

  • AMERICAN EAGLE

This sought-after store offers 5% cash back on all purchases along with a student discount. All you need to do is to sign up for StudentRate.com, and you’ll receive free shipping with any purchase worth more than $50. Isn’t that amazing?

 

  • DOCKERS

Dockers is an online store, but once you sign up for them, college students receive a 20% discount instantly!

 

  • THE LIMITED

This store has many branches all around the country. If you want that internship look, this store will get you that along with a 15% student discount!

 

  • CREW

This unique and classic accessory, shoe, and clothing store will offer college student quirky looks all year round with a 15 percent discount.

 

  • ANN TAYLOR

Catered for women only, Ann Taylor is a clothing store that offers female college students with 15% student discount.

 

  • TOPSHOP

What’s more, Topshop is a store which features some of the best women’s fashion trend and even features Kylie and Kendall Jenner’s swim collection. So, if you are into that, grab your college student ID and go to their store to receive 10% off online and in stores.

 

  • BANANA REPUBLIC

The Banana Republic offers 15% college student discount on full-priced purchases.

 

  • KATE SPADE

Get a 15% discount off full-priced products every time you shop in a Kate Spade store.

 

  • MADEWELL

In this store, college students aren’t only the ones who are privileged with 15% discounts. Teachers also can take advantage of their 15% off in-store purchases.

  • H&M

Take advantage of all the trendy and sophisticated accessories, shoes, and clothing your wardrobe can hold at H&M’s 15% discount.

 

  • CLUB MONACO

Whether you shop online or in-store, Club Monaco will offer you 15% off on both sale-price and full-price purchase.

 

  • BOOHOO

Shop and purchase at Boohoo and take advantage of their 10% full-priced or off sale items.

 

  • LEVI’S

If you want to receive discounts from this sought-after clothing brand, all you need to do is to sign up with email, and you will get free shipping and a 20% off on your first online order. But wait, there’s more! You’ll also get a 15% discount after that. What do you think?

 

  • MEDELITA

All your pre-med university out there can receive 15 percent discount scrubs along with college student discount by Medelita.

 

  • TOMS

Want to change that old pair of shoes of yours for a discounted price? Steve Madden offers 10 percent cash back on shoes, and for each pair you purchase will be given to a kid in need. You don’t only get discounts; you’ve also helped someone with your purchase.

With this stores that offers college student discount, you can surely get brand new items which doesn’t break your bank. What are you waiting for? Shop now!

Getting through Your Individual Voluntary Agreement Process

Going through insolvency processes is extremely challenging without the Individual Voluntary Agreement. This legal tool allows an insolvent to handle their arrears in a structured way so that there is no need to file for bankruptcy. The Individual Voluntary Agreement is a way to pay off debts in a manageable time frame as well as time limit. Anyone who is able to maintain the payments for these debts successfully for an agreed period of time can have the remainder of the debt forgiven. So what are the steps to complete the process of completing an Individual Voluntary Agreement’s terms? This website would provide more info.

Steps to Follow

  • Get yourself some legal advice.

Just googling what an IVA is the first step of starting the process. However, it is prudent to retain the services of a legal professional specifically one who has some experience with insolvency cases. This is because the agreement is a legally binding promise to pay off one’s debts. This advice should help you know whether or not you are actually suitable for the Individual Voluntary Agreement.

  • Find an insolvency practitioner.

Once you determine whether or not you are suitable for an IVA, you should get an insolvency practitioner to help you through the process. The insolvency practitioner refers to an individual who is legally allowed to work in insolvency processes related to debtors. These individuals must be licensed professional whose only focus is to act as the intermediary between the creditors and the insolvents. They may be liquidators, accountants or even lawyers by profession aside from being insolvency practitioners.

  • Make your best offer!

It is crucial to make your very best offer to your creditors. Creditors are not legally required to accept your Individual Voluntary Agreement. This is basically a plea to the creditors to allow the debtor to slowly pay off their debts over a period of time. Therefore, making your best offer is the only way to get your creditors to accept your terms and conditions.

  • Go through the process.

The process involves making your offer through the insolvency practitioners. The document is presented to the group of creditors for perusal. There is then a vote on whether or not to accept the agreement among the creditors so that if at least 75% agree, then the proposal is accepted although some alterations may selected. Once you receive the feedback from your practitioner, make the agreement legal. Your creditor becomes a supervisor for your IVA agreement.

  • Pay your dues!

Of course, you must now pay the money you owe. You are legally required to hand over the required money to your insolvency practitioner who will then disseminate the funds among your creditors. You have to ensure that you maintain your payments in a timely manner so as not to suffer through any further financial punishment.

  • Be patient.

Patience is the key in this process given that it is a long term process lasting over five years. At the end of this however, the debt can finally be forgiven!

A Closer Look At Your Heart Loans Application Form

Heart Loans never stops to live up to its reputation as having one of the United Kingdom’s easiest loan application processes.  They acknowledge the importance of the borrower’s time, and so they are consistent with providing fast and reliable loan service.

 

A Single Application Form

Prospective borrowers are asked to fill out just one application form and filling it out will take as little as 5 minutes.  You will be asked for a set of information for the evaluation of your credit score and identity, to be used not by Heart Loans, but by their affiliate loan lenders.  Whether your credit score is good or bad, you do not have to be apprehensive about a credit history check as this is just fairly standard procedure.  For more https://www.heartloans.co.uk/.

loans

Credit Standing

The fear of most people is for their application to be rejected because of bad credit standing.  However, a poor credit record does not always equate to rejection.

Included in the vast variety of loan lenders affiliated with Heart Loans are those who specialize in giving assistance to people with low credit ratings.  Your ratings will not matter to them as they have their own set of evaluation techniques.  The only thing they want to make sure of is that you are capable of repaying the money that you will borrow from them, regardless of high or low credit ratings.

Information Needed

Here is a list of the information you have to input in the application form.

Complete Name.  Of course this is self-explanatory.  You can not use your nickname or alias when applying as this will make it difficult for the loan lender to check your identity.

Address. This should be filled out as it is an important tool in the evaluation of your application.  It is important for two reasons, one is to lessen the possibility of frauds.  In consonance with the anti-money laundering and fraud regulations in the United Kingdom, they check the authenticity of the applicant’s address to ensure that the loan is not used by greedy fraudsters trying to steal another person’s identity.  The other reason is ensuring that the address given corresponds to the borrower’s bank account.

Birthday.  This is vital information since borrowers should be of the minimum age of 18 years in order to apply for short term or payday loans.

Monthly Salary and Employment History.  This detail will be used by the lenders to gauge the capability of the borrowers to meet the repayment terms and to repay the full loan amount.  Your request will be assessed and if the evaluation results show that getting a payday loan is not the best deal for you, you will be offered with other lending alternatives.

Bank Account Information. Only your bank details will be needed, and you do not need to go to the bank to do so as this is just fairly basic.  Since it takes just 15 minutes to electronically transfer money to your account upon approval of your loan, it is important to fill in your bank account information.