Apply for a Personal Loan in a Medical Emergency

Although we try not to think about it, medical emergencies can and do happen from time to time.

It’s very rare that we’ll be prepared for these situations, and if the emergency is particularly serious, you’ll need to have a sizable amount of money on hand to treat yourself or your family members. That’s where an emergency personal loan comes in.

But how do you apply for an emergency loan? What are the conditions you’ll need to satisfy? 

What are Medical Loans?

When emergency conditions arise, you can ask your bank for an emergency medical loan, which is offered when treatments such as surgery, therapy, and other procedures are needed to get you or a family member back on your feet after a debilitating illness.

These loans are what we usually know to be personal loans, meaning that they are unsecured loans. The amount that you can qualify for depends on a number of factors, including your profession, your current salary, among others. 

If your medical emergency qualifies to be valid, then a bank and NBFcs will be ready to help you out with a personal loan for emergency. 

What are the Interest Rates that I can Get for these Loans?

Since you are essentially applying for a personal loan, the rate of interest that you will get is generally the same as any other personal loan.

If you want to see if you are eligible for a personal loan, go online and find a personal loan eligibility calculator, usually available on the website, such as Bajaj Finserv’s calculator, where you can enter all the necessary details and find out if you are eligible for a personal loan.

If you find that you are eligible, you can go ahead and apply for a personal loan at their office. 

What can I do to Get a Lower Rate of Interest on my Personal Loan?

If you’re looking up on what is personal loan interest rate for your medical emergency, there a few things that you should be aware of. As is the process with all loans, you will be subject to a financial check, to ensure that you can pay for your loan.

If the bank finds that you have a good credit history and proper time for payback of your bills and previous loans, they will usually charge a lower rate of interest.

Another thing that you can do is find a financial institution that is trustworthy and offers a lower rate of interest than others. This will help you avoid paying too much in the way of interest on the loan, since it can rack up to tremendous amounts over time.

One thing to be aware of is that your emergency has to be recognized by the bank as a valid medical emergency, so check up with your bank to ensure that you have a condition that can be valid. Otherwise, your application may be rejected.

Medical emergencies can be distressing to experience. The emotional aspect of the same can be compounded when you know you don’t have the money necessary to properly treat it.

That doesn’t have to be the case with emergency personal loans. With financial institutions such as Bajaj Finserv, you can rest assured that there is always a way to get yourself or your family members back on the path to recovery without too much worry.

Teaching Teens Financial Responsibility

Raising a child in today’s tumultuous world can be the biggest challenge of your life. 

It becomes especially apparent in the teen years, when the contrast between what you try to teach your child and the influence of peers and the media seem to be in direct opposition.

There’s one area in which many pop-culture trends go in direct opposition to actual good practices and principles that we want to instill in our children: finances. 

Maybe many of us avoid the topic because we are still trying to become financially literate ourselves. But whatever your current state, financial responsibility is an important lesson to teach your children NOW. 

It might not seem as important or damaging as drug use, but just like illegal substances, it can have a permanent effect on your child’s habits, brain, and happiness. 

While financial happiness may seem like something that’s only important on the surface, it’s important to note that financial woes are among the greatest causes of long-term depression, divorce, and stress that contributes to life-threatening illness. 

So, how can you raise fiscally responsible children in a world that just wants them to charge credit cards right and left? Here are some ideas: 

First of all, make sure that your child understands what a credit card is. 

Many parents give their child a credit card as they hit the teen years or enter college so that they have some emergency money just in case. 

Additionally, as your child hits the age of majority, credit card companies will start to pounce, advertising low interest rates and attractive fringe benefits. It’s important that before they have any access to credit cards, they understand that credit cards are not free money. 

Rather, they’re a very temporary loan that can snowball into crippling debt if not handled properly. Teach your child smart credit card habits, like those found here, and consider starting them on a debit card instead of a credit card until they gain some more experience with money management. 

Encourage them to set a long-term savings goal

This could be one of the most powerful habits that you instill in your child. After all, as you grow and your financial responsibilities become more complicated, there’s always something that you’re saving for (usually several things). 

Teach your teen to prioritize for things that aren’t coming for a long time yet. Let them have practice weighing the benefits of instant gratification against their goal to save enough money for a new car, or an epic summer vacation. 

Help them learn a habit of always setting aside some money for savings.

Let them get a part-time job. 

There’s nothing that teaches us the value of a dollar like having to work for it ourselves. Help your child understand that the cost of a pizza could equate an hour of hard work. 

They’ll start to look at price tags completely differently when they do the math. (“This shirt is three hours of work, that movie ticket is one hour, and this car repair is 10 hours.”) 

Give them a dinner night

One interesting way to teach your child responsibility is by putting them in charge of dinner every now and then. 

Give them a budget and challenge them to do both the shopping and the cooking themselves. Help them realize that, while ordering pizza is an easy solution, it can break the bank after a while. It can also teach them about incidental costs, like tips, transportation, and add-ons. 

This can teach your child about both money and nutrition. It can be a dramatic lesson to see the difference between the cost of eating out and making spaghetti at home. 

Set a fixed budget for a trip. 

Managing our money while we travel is hard for all of us. Unexpected costs can throw our budget off every day, forcing us to re-adjust. 

If your child is taking a trip, whether with your family or with their friends, give them a fixed budget and challenge them to stick to it. If they run out of money with three days left to go, they’ll learn that they need to start prioritizing better. 

This can also save you the stress of having to say no to their various costly requests throughout the trip. Instead, you’re putting the choices in their hands and letting them deal with the consequences in an immediate way. 

Teach them to make a budget

This can be difficult when your teen’s costs are so different from yours, but setting the habit now can help them be more wise when they manage all their own living costs. 

Remind your teen to factor in insurance, gas money, and savings first. This will help them realize how much is really available for their optional costs, like eating out or doing activities with friends.

Why Your Credit Score Matters When It's Time to Take Out a Loan

A credit score is a numerical representation of an individual's ability to handle debt. The number is calculated as new information comes in from creditors. 

If you miss a payment, your score is likely to drop. If you pay off a credit card debt, your score is likely to increase. What impact does your credit score have when it comes to taking out a loan?

Those with Higher Scores Tend to Get Better Rates

Individuals with a credit score of more than 700 generally get the best available rates on the market. Those who have a credit score of between 650 and 699 typically get affordable rates that are slightly higher while those with a score of 600 to 649 may pay rates of 15 percent or more. 

If your credit score is below 600, you may be considered a subprime borrower, which means that you may not qualify for a loan at all. If you do qualify for a loan, it may come at an interest rate of over 20 percent, and you may need to get a cosigner as well. 

Borrowers with Good Credit May Be Entitled to Higher Loan Amounts

Let's say that you asked a bank for a loan to buy a car. Those with good credit may be given a blank check to buy whatever they want because the bank knows it will get its money back. 

However, if you have a poor credit score, you could be limited to a loan of $10,000 or less because the bank wants to limit its risk.

While the small loan may provide you with an opportunity to rebuild your credit, it hinders your ability to buy the vehicle that you want. 

Instead of a new vehicle with top safety features, you may be forced to drive something with 100,000 miles on it because you can't afford anything else.

Good Credit May Shorten the Loan Approval Process

One of the benefits of a same day loan is the ability to get money quickly. Loans can be processed and proceeds disbursed in hours because there is no credit check required. 

If you have good credit, you may have your application approved quickly without the need for a lot of supplemental information. If credit is an issue for you, though, you should know that you can get payday loans in El Paso, TX, and some other cities throughout the US without having to get credit approval. 

Either way, this means that you can get the money necessary to buy a house before someone puts in a better offer or buy goods for your business that you need to fulfill a large order in a timely manner. 

Just make sure that you are careful and only take this type of loan out if you know you have money coming in pretty soon to pay it off with. Doing so will help improve your credit and make it easier for you to apply for other loans later on.

Having Good Credit Makes It Easier to Get Unsecured Loans

When a loan is unsecured, it means that a borrower didn't put up collateral as a condition of approval. This means that the bank has nothing other than your word that you will repay what you borrowed. 

Those who have a good track record of paying their debts generally have an easier time getting unsecured financing at low interest rates and other favorable terms.

However, it doesn't mean that you don't benefit from securing a loan with collateral even if you do have good credit. In some cases, you may be able to get a loan without interest or at a rate close to 0 percent by securing it with your home or some other property.

Before applying for a loan, take a minute to check your credit score and credit report. Doing so could make it easier to determine what type of loan you may be eligible for and how much you may be eligible to borrow. 

If your score is lower than you would like, it may be a good idea to take steps to increase it before applying for financing.

How to Save Money for Retirement

We all want to experience a comfortable, stress-free retirement, which simply allows us to make the most of the new-found freedom. 

If your retirement pot doesn’t look as full as you would like, there are ways you can increase your savings to ensure you are prepared for a work-free life.

Over 50s Retirement Insurance

An effective way to improve your retirement savings is by taking out an over 50s retirement insurance plan, which will provide you with a comfortable nest egg for you to enjoy once you reach retirement age. 

How much you will receive will depend on the plan you take out. So, whatever your budget, it is recommended you take out a policy, even if it is just £10 per week or month. You can trust it will all add up.

Source the Best Deals

Little savings can make a big difference to your savings, which can all help towards your retirement fund. Instead of paying full price for products or services, look for deals in stores, online and in newspapers and magazines to find a number of bargains, which could offer deals at a fraction of an RRP for an item.

Start a New Career

You haven’t retired yet, so nothing is stopping you from going after a new job that could result in a larger income. You might be in your fifties, but that doesn’t mean you are out of the game just yet. 

There are many more years to build up your retirement fund, so why not embrace a new challenge that will provide you with a new lease of life and a bigger balance?

Make an Informed Decision

How many times have you bought a product or item only to find it was cheaper elsewhere or a few days later? Too many times, we bet. You should therefore make an informed decision on a service whenever you can. 

For example, if you are looking to book a cab, wait for the best time to book it with an Uber ride fare estimator. Do your homework before you make any financial decision to ensure you are not wasting your money.

Cut Down Your Debt

You will not want to enter retirement filled with debt, because it will simply eat away at your finances. 

Whether you have a high-interest mortgage, credit card debt or many car loan repayments left to make, try to cut back as much debt as you possibly can. 

Make overpayments on your mortgage and consolidate various existing debts for one smaller repayment option.

Stop Spoiling the Kids

You might be tempted to spoil your children and grandchildren by paying for the university tuition, buying the family holiday or just to be generous with presents, but stop immediately. 

You must start taking care of your finances now so they can look after you during your retirement. While you might want to give your family the whole world, they would not want you to go into debt to do so. Be smart with your money.