Monthly Archives: February 2022

Pros and cons of Moneylender

If you need extra cash to pay for home improvements, finance a wedding, or consolidate high-interest debt, you might want to consider a money lenders. Used wisely, an unsecured personal loan can fill a void in your budget without risking your home or other assets.

As with other loans, rates for personal loans hinge on your credit score, income, and debt-to-income ratio, and they’re not the right choice for everyone. Consider these pros and cons of a Moneylender before you make a decision.

Pros of money lenders

Flexibility and versatility

Some types of loans can only be used for a certain purpose. For example, if you take out a car loan, the only way to use the funds is to purchase a vehicle. Personal loans can be used for many purposes, from consolidating debt to paying off medical bills. For more information, you can contact good at money lending in orchard , Lucky plaza.

Lower interest rates and higher borrowing limits

Personal loans often come with lower interest rates than credit cards. As of September 2021, the average personal loan rate was 10.46 percent, while the average credit card rate was 16.27 percent. Consumers with excellent credit history can qualify for personal loan rates in the range of 6 percent to 8 percent. You may also qualify for a higher loan amount than the limit on your credit cards.

No collateral requirement

Unsecured personal loans don’t require collateral for you to get approved. This means you don’t have to put your car, home, or other assets up as a guarantee that you’ll repay the funds. If you’re unable to repay the loan based on the agreed-upon terms with your lender, you’ll face significant financial consequences. However, you don’t have to worry about losing a home or a car as a direct result.

Easier to manage

One reason some people take out personal loans is to consolidate debt, such as multiple credit card accounts. A personal loan with a single, fixed-rate monthly payment is easier to manage than several credit cards with different interest rates, payment due dates, and other variables.

Cons of Moneylender

Interest rates can be higher than alternatives

Interest rates for personal loans are not always the lowest option. This is especially true for borrowers with poor credit, who might pay higher interest rates than with credit cards.

Fees and penalties can be high

Personal loans may come with fees and penalties that can drive up the cost of borrowing. Some loans come with origination fees of 1 percent to 6 percent of the loan amount. The fees, which cover loan processing, can either be rolled into the loan or subtracted from the amount disbursed to the borrower.

Higher payments than credit cards

Credit cards come with small minimum monthly payments and no deadline for paying your balance off in full. Personal loans require a higher fixed monthly payment and have to be paid off by the end of the loan term.

Nils Larsen Manager Explains How to Set Investment Goals

Friday, January 28, 2022, 1:22 PM

Nils Larsen manager of financial portfolios explains how to set investment goals. 

LOS ANGELES, CA / JAN. 28, 2022 / Setting investment goals is an essential part of the investment process, according to Nils Larsen manager of financial portfolios.

“We develop financial goals very early in our lives, and those goals transform as we age,” Nils Larsen said. “The goal to purchase a car may transform into the goal to purchase a house, and eventually a goal to retire comfortably. Investment goals set the foundation for all of your investment decisions.”

Defining Investment Goals

The first step in setting obtainable investment goals is to define what those goals are.

The following are a few examples of common investment goals:

  • Planning for a family
  • Saving for education
  • Creating an emergency fund
  • Planning for major life vents (a major vacation, wedding, etc.)
  • Planning for retirement

Retirement is one of the most common investment goals. Investors to create a comfortable retirement fund are encouraged to start investing as much money as possible as early as possible. 

The SMART Qualities Test

Experts like Nils Larsen manager suggest passing financial goals through the “SMART” qualities test before setting them in stone.

  • Specific: Investors need to focus on one or a few clear goals instead of a large, general goal.
  • Measurable: Progress in reaching the goal is easily traced and recorded.
  • Achievable: The goal should be within reach. 
  • Realistic: An investment goal should be achievable given the individual’s current financial situation.
  • Time-based: Every investment goal should include a timeline for completion. 

Create a Strategy 

One of the most important aspects of setting investment goals is to create a viable strategy. An experienced financial portfolio manager can help you create a strategy that will help you reach your goals on time. 

Financial experts use several common strategies to help individuals achieve their goals.

Financial Growth

Financial growth is a common investment goal. Individuals with short investment timelines need to use different investment strategies to achieve growth than individuals with longer investment timelines. 

Wealth Preservation

Individuals who have already acquired wealth often want to focus on preserving that wealth for their future or future generations.

Maintaining a Lifestyle or Improving It

Individuals often seek the help of a financial professional to improve or maintain a certain style of living. Some are happy with the material items and assets they have, while others are seeking help to lead a bigger, better, or even more relaxed lifestyle. 

Determine Short and Long-Term Goals

Not all investment goals are treated the same. A financial portfolio manager will help investors determine goals that are possible to achieve in the short term and others that will take longer.

A common short-term goal is to create an emergency savings fund, while a common long-term goal is to save for a child’s college education or personal retirement. 

Nils Larsen Manager of Financial Portfolios

Nils Larsen is a financial portfolio manager with decades of experience in the industry. His expertise in risk tolerance, goal setting, and other aspects of investing has helped countless individuals and families reach their financial goals.