Provident Planning

Typical Requirements for Getting a Loan

Justin W — July 13, 2018

There are a variety of loans that are available to suit the needs of someone who may be trying to consolidate their debts, take their dream vacation, pay for school, to name just a few of the common life-scenarios that prompt people to try to be approved for a loan. In order to be prepared before you begin the process, you should be aware of the minimum borrower requirements for any loan:

Minimum Age

With few exceptions, the minimum age that is required for a person to be approved for a loan is 18 years old. There are only four states who have an exception to this rule which are Alabama, Mississippi, Nebraska, and Puerto Rico where the potential borrower needs to be older and be minimally between the ages of 19-21 years old, depending on which of these states you live in. Anyone who is younger than 18 years old would need a cosigner before they can be considered.

Residency Status

Any bank or lending establishment will verify your residency status in the United States or any country in which you are seeking a loan. You must be able to provide proof that you have resided continuously in the country for at least six months before applying for a loan. This is the case for virtually any loan available to consumers, from fast cash personal loans online to 15-year mortgages. Lenders like to see signs of stability and predictability in their borrowers’ lives and residency status provides a strong indicator.

Employment History

The longer you have been at your employer, the more likely that a lender will consider you a good risk for loan repayment and strengthen your chances of being approved for a loan. Typically, a lender looks most favorably on someone who can minimally prove two years of employment at the same job. If you work for yourself, you will need to show proof of this through business account bank statements that go back at least 2-3 years. Individuals who have long-term employment and are paid solely on a commission that varies from month-to-month also need to prove that they have a consistent amount of money coming in each month to cover a premium loan monthly payment to the lender.

Debt-to-Income Ratio

With few exceptions, lenders look at how much money you make each month and compare it to your monthly debt amount. This is called the debt-to-income ratio and it usually cannot exceed 35% of your gross monthly income. The average lender will consider a loan if an individual has at least $800-$1,000 of additional monthly income beyond your debt in order to comfortably pay a loan premium each month.

Other Types of Loan Requirements

Mortgage Down Payment

Even though this may not be a steadfast requirement for all mortgage lenders, it is to your advantage to be able to offer between a 5 percent to 20 percent down payment on the chosen property before the loan process begins. This improves the lender score you are given for loan approval since it lessens the ratio of debt that you will incur when you become the owner of the property.

Personal Loan Collateral

This is not always a requirement for personal loans since people do not have the same items on hand for collateral value to offer, but there are personal loan lenders who require some kind of collateral before you are approved for a personal loan because a credit score may not be the most favorable for their minimum requirements. Types of collateral could include a vehicle, property, or cash.

In Debt

How to be a Stress-Free Landlord

Corey — April 15, 2018

If you own a rental property, you’re probably aware by now that being a landlord isn’t always as glamorous as it’s made out to be. This is especially true if you own multiple units, with multiple tenants, who have all sorts of needs. Whether it’s a flood at two in the morning, or a broken HVAC air conditioning unit during the dead of summer, maintenance issues can be difficult to attend to. Multiply that with tenant turnover, filling vacancies, scheduling showings, and soon you can find yourself severely overwhelmed.

In Business

Budgeting For Essential Home Renovations

Justin W — March 23, 2018

Budgeting for an essential home renovation can seem like an impossible task, but really it’s nothing to be worried about, allowing it to be achieved with ease. Whilst payday loan lender Wizzcash may be able to offer funds in a financial emergency, there are several, nifty ways you can budget for that urgent home renovation. From seeking the right advice, to being honest about your budget and getting to grips with fees, here’s everything you need to know!

Seek The Right Advice

Before you begin your home renovation, regardless of how big or small it might be, it’s really worth asking for some advice about how to best allocate your limited budget. Whilst you may want to turn to your family or friends for advice, it is better to seek the advice of an expert, as the people close to you may be too emotionally invested to help you make the right objective decisions. Think of an architect. An architect will be able to advise clients where is best to invest in their properties, and will always recommend nifty ways to say money. Result!

Be Honest About Your Budget

When it comes to accurately budgeting for an essential home renovation, it’s paramount that you’re honest about the funds you have available. People often avoid telling their chosen architect or build about the money they have to spend, but there’s no need to hide. By telling your architect or builder what your budget is, they will be able to advise you in the most appropriate way possible, and as mentioned previously, can help ensure you get the most bang for your buck!

Get To Grips With Fees

Home renovations can be extremely confusing, especially when it comes to planning your costs. Due to this, before you step into the project too deep, it’s vital that you get to grips with fees. If you’re planning to work alongside an architect to turn your dream into a reality, discussing how their fee structure works is a great place to start. You may also need to consider the fees of other consultants, such as a quantity surveyor, so keep this in mind!

Understand What’s Included

It’s all well and good getting to grips with how fee structures work, but what use is it if you don’t understand what’s included? When discussing how your consultant’s fee structure works, ensure you understand exactly what’s included in your bespoke package. This way, you can rest assured that you have a healthy amount of budget left over for the additional aspects that are not included and are required to be found elsewhere.

Hidden Costs

When it comes to budgeting for essential home renovations, don’t forget the extras! You may think that you have everything covered, but it’s highly likely that there will be fees that aren’t directly included in your contractor’s quote. This is especially true if your project requires planning permission, as you’ll need to pay a fee to your council, which, depending on the cost, could change everything!

Essential home renovations are often a stressful affair. With a number of factors to take into consideration, sometimes your budget is the last thing on your mind. With these top tips, such as understanding what’s included and planning for hidden costs, you can rest assured that you will be able to complete your essential home renovation in budget.

In Budgeting

Get Back in the Groove with Aroma Therapy

Justin W — February 28, 2018

Are you one of those fine ladies whose career and lifestyle may just resemble the one depicted in the movie How Stella Got Her Groove Back? Perhaps you have a promising professional career, earn a good living and reside in a comfortable home, and have an attractive young child as part of your household. Using aroma therapy to maintain your physical and personal well-being might be something you’ve thought about trying. This can be accomplished by using the best body care and home fragrances you can obtain by using a bath and body works coupon. Just walking into a Bath and Body shop can give you a reason to exhale. The fragrant ingredients in the lotions, soaps, scrubs and personal care products are so enticing, you’ll want to rush home and fill a tub with them. Aroma therapy need not be expensive. Just imagine returning from a hard day at work and finding your hot bubble bath ready and waiting for you to soak in with bubbles and subs up to your chin. Using products from the Bath and Body Works shop makes it easy to imagine, and a Groupon coupon makes it easy and economical to do. You can save a substantial amount of money when you shop with Groupon, and buy all the items for yourself and others at discounts up to 75%.

Regular use of the products obtained with these coupons can help a lady maintain an appearance and sense of being at that age in her life when she is at her peak of success, professionally, socially and physically.

There are so many products that you can get from Bath & Body Works that can keep you feeling fresh and attractive. Their selection offers everything like hand soaps made with coconut oils that make you feel like you are back in the Caribbean enjoying the trade wind breeze and the taste of a strawberry daiquiri. You can also obtain bath scrubs, body washes, fragrances and moisturizers. These are the perfect kinds of skin care items you would want to have handy when you are going out to a party during spring break or just taking a break from your daily grind.

In Prosperity

Give Her a Different Kind of Present this Valentine’s Day

Justin W — February 1, 2018

Okay, guys you have just two weeks left. And don’t play dumb, we all know that Valentine’s day is only two weeks away. Have you picked out her present for this year yet? I bet you are still trying to think of something outstanding, something she will absolutely fly over the moon when she sees it. You’re also feeling that just a card – even the fanciest talking or singing one – and flowers won’t do the trick. You may probably still be scratching your head trying to think of the best possible surprise. Now, here’s where I’m going to make a suggestion that may shock you. Try some real good custom cosmetics for her this year. Instead of the big box of chocolates, or the 24 bright red roses in the vase, or the ice cream cake with champagne frosting, or even the real sexy lacy underwear, try getting her some real nice cosmetics and hair treatment with a l’oreal hair color coupon.

“What!” you say in shock. “Hair color or cosmetics as a gift on a romantic occasion like Valentine’s Day? Are you crazy or do you want me to get the cold shoulder for the rest of the winter?” But settle down, dude and just think about it for a second. How many times over the past year have you heard your dearest complain about not finding the right shade, or the lipstick she likes, or the best rinse, conditioner or coloring for her hair? And I know you’ve felt that gnawing impatience when waiting while she is freshening up.

So, you know there’s some item she wants that’s most appropriate for her. You may not know how to pick out colorings or foundations, but you do know how you like her to look. What could be more appropriate than to give her a Groupon coupon that goes towards the purchase of the L’Oreal products that make her look her best. She will feel confident that you approve because you gave it to her. And you will have given her something that’ll last well beyond just that day, since you can enjoy its appearance every time you see her. It will be a present for her that you can enjoy too. Not such a bad idea, after all, right?

In Giveaways

How to Boost Sales for Your Ecommerce Shop

Justin W — January 18, 2018

When it comes to making money from an ecommerce shop, setting up the shop is only half the battle. To maximize your sales, you must take consistent action. Let’s take a look at some things that you can do to boost sales for your ecommerce shop.

1. Build trust during each stage of the buying process.

When potential customers visit your site, you must show them that your business is trustworthy. If you are requesting an exchange of their hard-earned money for your goods, it is the least you can do.

One thing you can do to foster trust is provide actual customer reviews of your products on your site. This action shows your visitors that your products are worth buying.

Another thing you can do is install a live chat feature on your site. This provides each visitor with a low-risk way to interact with your site. When visitors see the chat feature, they know that you are serious about providing responsive customer service.

2. Simplify the checkout process.

Have you ever tried to purchase something and the process was so complicated that you left the store without buying the item? Unfortunately, this happens a lot on ecommerce sites. Visitors become confused and abandon their shopping carts.

An easy way to reduce the number of abandoned shopping carts is by making the checkout process as simple as possible. Here are a few things you can do.

Allow visitors to make purchases as guests instead of signing up as members of your site.
Eliminate unnecessary form fields on the checkout page.
Install a checkout progress bar that enables visitors to see the steps in the transaction.

3. Implement email marketing tools.

If you have a customer list, you can use it to send marketing materials to their email addresses. Email is an inexpensive way for you to share company news, information about sales, or upcoming events.

The best part about email marketing is it has a ROI of 4300%. Although creating an email marketing campaign takes careful planning, the results will be worth it.

4. Show the benefits of your products.

Your ecommerce site should show your customers ways in which your products will be beneficial to them. Instead of focusing on product features, your product descriptions should contain information about the benefits of owning your products.

Will the products help your clients lose weight? Or will the products help your customers save money? Don’t be shy about telling your customers how your products can revolutionize their lives.

5. Upload quality pictures of the products.

The importance of having good pictures on your sight can’t be overstated. An attractive picture can convert a site visitor into a customer. Conversely, a photograph that shows your product in a bad light can ruin a sale.

Do you need a few tips on how to take better pictures? Here are a few things you can do to improve the quality of your photos.

Use natural lighting.
Hire a photographer.
Get an attractive backdrop.

Boosting your ecommerce sales is as easy as getting qualified for vehicle title loans in Miami. By applying these tips, you can increase your ecommerce sales.

In Business

What to Know When Borrowing Money

Justin W — October 31, 2017

Getting a loan can be a difficult process to understand, if you aren’t sure what banks and lenders are looking at. Before you try to get a loan, make sure you are aware of a few things, so you are not caught off guard when you go to apply for funding. Although applying for a loan can feel as difficult as trying to install a car seat for the first time, it should really be viewed as a series of questions that need to be answered, in order to give the loan office a better understanding of who you are, and your ability to repay.

Income Is One Of The Most Important Questions

Your income is one of the questions that will be asked when you fill out a form. You will be asked how long you have spent at your job, the amount of money you make (either per hour or for the total year), and how much you get paid. If you are self-employed, you will be expected to file tax returns, and provide that information when you come in to apply for a loan. Although this may seem invasive, it can go a long way in helping the company who is lending to you understand more about your abilities to repay.

What the Loan Is For

Everyone needs a loan for different reasons. From car loans, to a mortgage to get your house, and even personal loans to help you make a small purchase, there are many different instances where individuals would need a loan. Be ready to specify what type of loan you are applying for, and what exactly it is needed for. Although many lending institutions are happy to help, they will want a clear picture before they offer you any money for your loan.

How Long You Are Willing To Repay It Back

This may vary based on the loan offered, and what it is for. Although the bank or lender may set the rates of how much you will pay back, it is helpful to know that the sooner you pay it back, the better off you will be. Paying items off with interest can leave you paying more in the long run, than if you had paid everything off right away. Keep in mind that anytime you take out a loan, you should make it your goal to pay if off as quickly as possible.

Getting a loan for the first time (or anytime) can be a scary process. If you know what to expect and what you will need to do, that is half the battle. Make a point to find out what questions are asked for you particular type of loan, and go in armed knowing you will need to provide information on your income and what the loan is for. Although how much you pay every month is not entirely in your hands, try to pay everything back as soon as you can to make life easier in the long run.