Investment – Innovative Words http://innovativewords.com/ Mon, 21 Nov 2022 11:34:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://innovativewords.com/wp-content/uploads/2021/04/default.png Investment – Innovative Words http://innovativewords.com/ 32 32 Is it easy to get a credit card? https://innovativewords.com/is-it-easy-to-get-a-credit-card/ Mon, 21 Nov 2022 01:41:15 +0000 https://innovativewords.com/is-it-easy-to-get-a-credit-card/ For most Australians, there are no major hurdles to applying for and getting approved for a credit card. Comparing credit cards to learn more about their eligibility criteria might give you a better idea of ​​how easily your credit card application can be approved. What are the eligibility criteria for a credit card? Different credit […]]]>

For most Australians, there are no major hurdles to applying for and getting approved for a credit card. Comparing credit cards to learn more about their eligibility criteria might give you a better idea of ​​how easily your credit card application can be approved.

What are the eligibility criteria for a credit card?

Different credit card companies will have different requirements to qualify for their credit cards. Some of the points they may consider when assessing your application include:

Age and residence

You must be at least 18 years old to apply for a credit card in Australia, and most require you to be an Australian citizen or permanent resident. However, some credit cards are available for temporary residents.

Annual revenue

Most credit cards have minimum annual income requirements. Make sure you apply for a card where you meet the minimum.

Some premium credit cards that offer access to points and rewards programs are more likely to have higher annual income requirements than more basic credit cards.

Credit score

Your credit score is used by lenders to quickly assess the risk of lending you money or offering you credit products. If you have a habit of successfully borrowing and repaying loans and bills on time, you are more likely to have good credit. But if you have missed payments or defaulted on your credit history, you are more likely to have bad credit. You can check your credit score for free to get a better idea of ​​how lenders may view you.

A bad credit score isn’t the end of your credit card application, but it can prevent you from being approved for a higher credit limit. If your credit score isn’t perfect, consider applying for the credit limit you need, rather than the one you want. You may also consider taking time to improve your credit score before applying for a credit card.

How to apply for a credit card?

The exact process for applying for a credit card can vary depending on the type of card and the credit company issuing it, but it generally involves following these steps:

  1. Complete an application form (online, by phone or in person)
  2. If your application is conditionally approved, the credit grantor may request additional information to verify your application, such as identification documents, bank statements, payslips, etc.
  3. If approved, your card will be sent to your address
  4. Activate your card and start using it

Should you ask for more from a credit card?

Having more than one credit card available could add extra flexibility to your household finances. However, it could also jeopardize your credit score and your future credit prospects.

Depending on your household income, expenses, and other financial factors, having multiple credit cards or a higher credit limit could increase your risk of taking on more debt than you can comfortably afford. This could increase the risk of missing repayments, which in turn could affect your credit score.

When applying for credit products such as car loans or mortgages, lenders may want to know the total credit limit on your credit card(s). These lenders can assess your application assuming a “worst case” scenario, to see if you can still afford the repayments if you’ve exhausted your credit cards and are paying interest on their full balances. This could make it more difficult to approve future loans.

Plus, applying for more than one credit card at a time can risk torpedoing your credit score. Multiple credit card applications mean multiple lenders will check your credit history, all of which will be recorded on your credit file. It can make you look like you’re in desperate need of financing and have trouble managing your money, which could lead to rejected applications and a lower credit score.

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The breakdown of CarMax is a bad sign for the entire automotive industry https://innovativewords.com/the-breakdown-of-carmax-is-a-bad-sign-for-the-entire-automotive-industry/ Fri, 18 Nov 2022 16:21:34 +0000 https://innovativewords.com/the-breakdown-of-carmax-is-a-bad-sign-for-the-entire-automotive-industry/ NAPERVILLE, IL – JUNE 19: Cars sitting in parking lot reflected in windows (Photo by … [+] Yana Paskova/Getty Images) Getty Images Investors mostly looked beyond the challenges of the auto industry. That could change, with big implications for the shares of the biggest car dealers. frames to CarMax (KMX) said last month that demand […]]]>

Investors mostly looked beyond the challenges of the auto industry. That could change, with big implications for the shares of the biggest car dealers.

frames to CarMax (KMX) said last month that demand for used vehicles was slowing as consumers grapple with affordability issues. The shares quickly fell 25%. Then Moody’s downgraded the whole industry.

Aggressive investors should consider further bearish bets on CarMax. Let me explain.

The automotive industry is changing. Along with the transition to electrification and the move away from internal combustion engines, most of the world’s largest automakers are still crippled by supply chain shortages. Investors have been willing to look beyond these challenges. The gamble was pent-up demand and relatively greedy consumers would lead to big sales gains in the future.

Analysts at JD Power and LMC Automotive noted that retail sales in September are expected to reach 958,948 units, up 5.4% from a year ago, according to a Press release at business thread. The researchers found that sales promotions, a normal September event, were non-existent. And despite rising short-term interest rates, transaction prices continued to rise, suggesting pricing power.

Cox Automotive – the publisher of automotive industry staples like Autotrader, Kelly Blue Book and Manheim – wrote in September that overall vehicle sales in the third quarter are expected to reach 3.4 million units. Despite higher rates reducing demand, researchers still expect big gains at General Motors (GM), Ford (F)and Tesla (TSLA).

News from CarMax is a game changer.

The Richmond, Virginia-based company is the newest used-vehicle retailer in the United States, with 220 superstores and combined unit sales of 1.6 million in fiscal 2022.

CEO Bill Nash said last week that used car prices fell slightly in August month-on-month, but remained 7.8% higher than a year ago. Nash notes that the bigger issue is that unit sales are falling, driving profits down 50% from a year ago. He says buyers are now prioritizing spending as rates rise.

Following the CarMax results, Moody’s downgraded the entire global auto industry, according to a report on Auto.com. The company changed its outlook from negative to stable, noting higher production costs, lower consumer demand and, most importantly, higher interest rates that are making loans and lease rates less attractive for the buyers.

The latter will be a big deal for CarMax and its CarMax Auto Finance unit. CAF and its lending partners are used by around 80% of CarMax buyers. This astonishing figure is concerning because CAF does not have a minimum credit score or credit history requirement. The company says it makes vehicles accessible to customers across the credit spectrum, even buyers with FICO credit scores below 630. Those buyers may have trouble getting loans elsewhere.

There is a cost for borrowers with poor credit scores. Their loans will come with much higher annual interest rates. These borrowers are also the most vulnerable to a weakening macro economy, such as soaring inflation and rising unemployment. Unfortunately for loan originators like CAF, delinquency rates for auto loans are rising, especially among subprime borrowers.

Cox Researchers found in July, 60-day delinquency rates were up 3.9% from June and 32.1% from a year ago. In addition, in July, 1.56 of auto loans were seriously delinquent, the highest rate in five months.

Auto industry investors have been concerned about the transition to electric vehicles and the idea that car sales will rebound strongly once automakers address supply chain issues. Few investors are focused on destroying demand due to rising interest rates or the industry’s exposure to rising bad debts for vehicles. The news from CarMax is the first hint that both factors will be a concern in the future.

CarMax stock fell 25% on Thursday to its lowest level since April 2020. The trading outlook was much better then. The Federal Reserve cut interest rates to zero and pledged to keep them there for three years. The opposite is true now. The Fed wants to raise rates to 4.25% in early 2023, even as loan delinquencies rise.

At Friday’s closing price of $66.02, shares of CarMax are trading at 13.4 times forward earnings and 0.3 times sales. While these metrics may seem small, it’s important to note that the forward numbers don’t yet reflect the drop in sales. Nor do they explain the deterioration in profitability in 2023 as delinquency rates increase.

A share price of $48.20 is more appropriate given the short-term changes. A drop from this level would yield a profit of 27% for bearish bets.

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Credit Scores: The Meaning, Importance and Effects of Credit Scores on Loans and Jobs https://innovativewords.com/credit-scores-the-meaning-importance-and-effects-of-credit-scores-on-loans-and-jobs/ Tue, 15 Nov 2022 20:22:51 +0000 https://innovativewords.com/credit-scores-the-meaning-importance-and-effects-of-credit-scores-on-loans-and-jobs/ A credit score is essential for every individual to build a solid financial profile. You can get the loan products you need right away because of your good credit ratings. The possibility of obtaining credit increases due to your efforts to improve your credit score. Here, we’ll discuss everything you need to know about credit […]]]>


A credit score is essential for every individual to build a solid financial profile. You can get the loan products you need right away because of your good credit ratings. The possibility of obtaining credit increases due to your efforts to improve your credit score.

Here, we’ll discuss everything you need to know about credit scores and how they can affect your future, your ability to get loans, and job opportunities.

What are credit scores?

A credit score determines your credit risk, or the likelihood that you’ll repay your loans on time, and it’s a three-digit number ranging from 300 to 850.

Your credit score is determined by considering your payment history, the total amount of debt you owe, and the length of your credit history. Higher scores show that you have already demonstrated responsible credit behavior, which can inspire more confidence in potential creditors and lenders when evaluating a credit application.

Lenders, including banks and credit card companies, use credit scores to determine the risk of lending money to consumers and to reduce losses from bad debts. Lenders use credit scores to decide whether an applicant qualifies for a loan, interest rate and credit limits. Lenders also use credit scores to identify customers most likely to generate income.

Banks are not the only institutions to use credit scoring. Other businesses such as cell phone providers, insurers, landlords, and government agencies may use the same strategies. Alternative data sources are used by digital finance organizations, such as online lenders, to determine a borrower’s creditworthiness.

How are credit scores calculated?

Credit scores are calculated based on these five factors:

  1. About 35% of your credit score is based on your payment history. It represents your ability to pay your bills on time, the frequency of missed payments, the number of days you pay bills past the due date, and the frequency of late payments.
  2. The amount you owe is about 30% of your credit score. Factors such as the total amount owed, the type and number of accounts you have, and the ratio of your debt to available credit play a role in this. If you pay your bills on time and in small amounts, your credit score may rise, but larger balances and depleted credit cards will cause it to drop.
  3. The length of your credit history is about 15% of your credit score. The earlier you made your payments, the better your credit rating will be. When reviewing credit history, credit score models often consider the average age of your credit. For this reason, you might think about maintaining open and active accounts.
  4. Your account type accounts for about 10% of your credit score. Having various accounts, such as credit cards, installment loans, and other loans, can help boost your credit score.
  5. Recent activity on your account takes up the last 10% of your credit score. Recent account openings or requests for new accounts could indicate potential financial difficulties and lower your score.

If you have one below 690 credit score, you may need to consider increasing it to increase your chances of getting a loan. Also, if you don’t know your current score, you can calculate your credit score using any online tool available or visit your bank to find out more.

Building and maintaining good credit is the cornerstone of a successful financial life. Money Girl, Laura Adams and Rod Griffin of Experian discuss how you can manage your credit wisely and boost your scores instantly and for free in this episode of silver girl podcast.

Importance of a good credit score

A credit score above 650 is considered fair. Having a good credit rating has many benefits, and we will discuss them below.

Lower interest rate

One of the fees that comes with getting a loan is the interest rate, and you often receive a rate that directly correlates to your credit score. There is a good chance that you are eligible for the lower interest rates and pay less finance charges on credit card balances and loans if you have a high credit score.

Easier loan approval

Due to repeated denials, borrowers with bad credit often avoid applying for new credit cards or new loans. A high credit score does not guarantee acceptance, as lenders always consider your income and debts. However, having a high credit rating increases your chances of getting new credit. In other words, you can confidently apply for a loan or a credit card. Although getting a loan with bad credit is possible, we advise you to maintain your high credit score.

Easier approval for a higher limit

Your credit score and salary determine your ability to borrow money. Because you’ve shown you can repay what you borrow on time, banks are more willing to let you borrow extra money if you have good credit. With a low credit score, you might still be accepted for some loans, but the amount will be lower.

Easier approval for rental homes and purchases

Many landlords now use credit scores during the tenant screening process. Bad credit can seriously hurt your chances of renting an apartment, especially if it’s caused by a previous eviction or unpaid rent. A good credit score means avoiding the time and stress of finding a landlord who will approve tenants with bad credit.

Effects of having a bad credit score on loans and jobs

With a bad credit rating, you may miss out on some loans and even job opportunities. Here are some disadvantages of having bad credit;

Higher interest rates on loans and credit cards

Your credit score indicates your risk of defaulting on a credit card or loan commitment. You are a riskier borrower than someone with a higher credit score. By charging you a higher interest rate, creditors and lenders are making you pay for this risk.

If you are granted credit with a poor credit score, you will end up paying more interest than if your credit was better.

You might miss some career opportunities.

Employers can obtain consumer credit reports in most states when choosing who to hire, promote or reassign. This is especially true if the position has significant financial obligations.

Your employer won’t see your exact credit score, but they can access your credit report and see your account details with your signed authorization. If found, it could affect their decision to hire you.

For more on credit scores – and why yours may have dropped – check out episode 599 of the silver girl podcast below.

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Compare personal loans (2022 options) – Forbes Advisor https://innovativewords.com/compare-personal-loans-2022-options-forbes-advisor/ Wed, 09 Nov 2022 23:15:50 +0000 https://innovativewords.com/compare-personal-loans-2022-options-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Although personal loans are a convenient way to fund just about any legal personal expense, they come at a cost. However, finding the best personal loan can mean the difference between hundreds […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Although personal loans are a convenient way to fund just about any legal personal expense, they come at a cost. However, finding the best personal loan can mean the difference between hundreds or thousands of dollars in interest.

Use this personal loan finder to compare the best options and find a loan that meets your needs.

Average Personal Loan Rates

A good interest rate on a personal loan is one below the national average. Current personal loan rates range from around 4% to 36%, with the average hovering around 10% throughout 2022. That said, available APRs vary between lenders and only the most qualified borrowers can access rates. the lowest.

Types of personal loans

There are two main types of personal loans: secured and unsecured.

Secured Personal Loans

Secured personal loans require collateral, which is something of value that the lender can take back in the event of default. Lenders typically offer flexible qualification requirements and lower interest rates because collateral reduces the financial risk posed by potential borrowers.

Secured personal loans are most often offered by traditional banks and credit unions. However, a few select online lenders may offer them.

Unsecured Personal Loans

Unsecured personal loans do not require collateral, which means you do not have to pledge any personal property to secure the loan. However, this means that lenders generally charge higher interest rates and apply stricter qualification requirements.

You can find unsecured loans from banks, credit unions, and online lenders.

How to Compare Personal Loans

Consider these factors when comparing personal loans:

  • Permitted loan uses. Although you can generally use personal loans for any legal personal expense, some lenders impose restrictions. For example, you generally cannot use funds from a personal loan for business or higher education.
  • Qualification requirements. Lenders consider your credit score, income, debt-to-income ratio (DTI), and overall credit history to determine your eligibility. Be sure to confirm a lender’s minimum qualification requirements before applying to understand your chances of approval.
  • Loan amounts. Loan amounts vary by lender. When comparing lenders, make sure your preferred lender offers loan amounts that cover your needs.
  • Repayment Terms. Just like loan amounts, different lenders also offer different repayment periods. Shorter terms can help you pay off your debt faster and save money on interest. longer terms make monthly payments more affordable, but you’ll pay more interest over time.
  • Interest rate. The interest rate you receive determines the overall cost of your loan. Some lenders offer a prequalification process, which lets you see what rates and terms you may qualify for without affecting your credit score. The best personal loan rates are usually reserved for those with the highest credit ratings.
  • Loan fees. In addition to interest rates, check to see if your preferred lender charges any other fees, including origination fees, administrative fees, or prepayment penalties.
  • It’s time to finance. Some lenders offer fast personal loan with funding as fast as same day while others may take up to a few business days to disburse your funds. Consider how much money you need immediately when applying for a loan.
  • Customer support options. Review the lender’s customer service resources and read reviews from past and current borrowers to make sure this is right for you.

How to find a personal loan

Although you can get personal loans from traditional institutions like banks and credit unions, online lenders usually offer the best personal loans. Online lenders often offer more flexible qualification requirements than traditional banks and can disburse funds within 24-48 hours. You can expect to find loan amounts between $1,000 and $100,000 and terms between one and seven years.

Additionally, some online lenders tailor loans to applicants with scores below 670 and sometimes as low as 560. These are also called fair personal loans and personal loans for bad creditrespectively.

Your credit score, income, and desired loan amount can help you determine which lender and loan is right for you.

*Prequalified rates are based on the information you provide and a soft credit request. Receiving prequalified rates does not guarantee that the lender will provide you with an offer of credit. You are not yet approved for a specific loan or rate. Lenders will make a firm credit application when you submit your application. Hard credit draws will impact your credit score. The lowest advertised rate is not available for all loan sizes, types or purposes, and assumes a highly qualified borrower with an excellent credit profile.

Compare personal loan rates

Find the best rates from the best lenders

Frequently Asked Questions (FAQ)

What is the easiest loan to get?

The the easiest loan to get is usually that of a lender who caters to borrowers with bad credit. For example, some personal lenders allow credit scores as low as 560. However, borrowers with such low scores generally receive high interest rates.

Is there a limit for a personal loan?

Personal loans come in different amounts, usually ranging from $1,000 to $100,000. The loan amount you receive depends on your creditworthiness and the offers of your preferred lender.

Can I get a personal loan with bad credit?

Yes, you can get a personal loan with bad credit. However, this usually comes at the cost of higher interest rates and potentially lower loan amounts.

What is a personal loan origination fee?

Some lenders charge an initial personal loan origination fee between 1% and 8% of your loan amount, which covers the cost of processing your loan. This is usually deducted from your loan amount, so be sure to take this into account when applying for a loan.

For example, if you qualify for a $10,000 loan and your lender charges a 3% origination fee, $300 would be subtracted from your debt, leaving you with $9,700.

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As More Consumers and Investors Seek Alternative Financing, This Company’s Specialized Financing Could Provide Answers https://innovativewords.com/as-more-consumers-and-investors-seek-alternative-financing-this-companys-specialized-financing-could-provide-answers/ Wed, 02 Nov 2022 13:02:13 +0000 https://innovativewords.com/as-more-consumers-and-investors-seek-alternative-financing-this-companys-specialized-financing-could-provide-answers/ (via NewsDirect) Learn more about Mill City Ventures III, Ltd. by accessing the latest research report A wind of change is blowing through the financial sector as more and more people turn to non-bank institutions for their borrowing needs. In 1974, the banks controlled the credit industry, holding 62% of total loans. Almost five decades […]]]>

(via NewsDirect)

Learn more about Mill City Ventures III, Ltd. by accessing the latest research report

A wind of change is blowing through the financial sector as more and more people turn to non-bank institutions for their borrowing needs.

In 1974, the banks controlled the credit industry, holding 62% of total loans. Almost five decades later, non-banks have issued 68% of all WE mortgages.

A report from the Bank for International Settlements (BIS) indicates that syndicated loans to non-financial corporations increased significantly, from less than 300 billion dollars in 1990 at around $4.75 trillion in 2019. Non-bank loans fell $20 billion at $410 billion per year over the same period.

Specialized financing

The ability of these non-banks to meet the need for alternative or specialized financing may be behind their increase in lending.

Specialty finance companies make it easier for consumers and small and medium-sized businesses to obtain loans that they may find difficult to obtain from traditional banks.

They easily won the hearts of some customers who yearned to bypass lengthy bureaucratic processes in favor of simpler procedures like completing loan applications and payments digitally with no upfront fees and low interest rates.

Thanks to this financing option, people who are not eligible for a traditional bank loan due to a bad credit history are now turning to the alternative loan market for their capital needs.

In this context, companies like Oxford Square Capital Corp. (NASDAQ:OXSQ), Mill City Ventures III Ltd. (NASDAQ: MCVT), Manhattan Bridge Capital Inc. (NASDAQ: LOAN) and US Global Investors (NASDAQ: GROW) have flourished in recent years.

Respond to the request

As borrowers continue to seek alternative sources of financing, Mill City Ventures III Ltda non-bank short-term lending and specialized finance company could meet this demand with its specialized financing solutions

Founded in January 2006Mill City specializes in providing bespoke short-term lending solutions to public and private companies facing short-term liquidity issues.

Mill City typically provides non-bank loans and specialty finance to businesses and individuals with both collateral and a source of short-term cash that should be available when the loan matures. The main specialized financing solutions offered by the company are short-term, high-interest loan agreements.

Business loans generally have maturities of nine months or less and involve collateral or, in the case of business loans, personal guarantees by the principals of the borrower.

Since the start of short-term non-bank lending operations in January 2020the average loan size and the weighted interest rate increased year on year.

Financial datas

The company’s product offerings could have a positive effect on growth, as recent financial results of Mill City for the three and six month periods that ended June 30thwhich could be good news for investors.

Q2 2022 Highlights

  • Investment income from lending operations increased by 83% to reach $1.24 million within three months June 30thfrom $675,549 in the previous year.

For the six-month period, investment income from lending transactions was $2.24 millioncompared to $1.2 million at the same time a year ago, an increase of 83%.

  • Pre-tax profit from lending operations increased in the second quarter to $734,250 of $425,393 the previous year, an increase of 73%.

  • During the half-year, pre-tax income from credit operations reached $1.2 million compared to $438,377 in the period of the previous year, an increase of 171%.

  • Equity increased to $14.4 million on June 30, 2022of $13.4 million on December 31, 2021.

  • From June 30, 2022the company had $629,572 in cash, compared to $1,936,148 of the December 31, 2021.

Founded in 2007, Mill City is a non-bank short-term lending and specialty finance company. Additional information is available at www.sec.gov.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to constitute investment advice.

Contact information

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john@tradigitalir.com

Company Website

https://www.millcityventures3.com/

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Hold your crypto with a crypto loan – CryptoMode https://innovativewords.com/hold-your-crypto-with-a-crypto-loan-cryptomode/ Thu, 27 Oct 2022 12:10:47 +0000 https://innovativewords.com/hold-your-crypto-with-a-crypto-loan-cryptomode/ If you have crypto holdings and expect its growth, then a instant crypto loan may be the right choice for you. These loans have flexible repayment terms and are an excellent alternative to traditional loans. The only downside is that you will have to follow the interest rates. This type of loan can help you […]]]>

If you have crypto holdings and expect its growth, then a instant crypto loan may be the right choice for you. These loans have flexible repayment terms and are an excellent alternative to traditional loans. The only downside is that you will have to follow the interest rates. This type of loan can help you invest in cryptocurrencies, while keeping your assets intact, but you must understand that you are taking a risk.

For example, if you have bitcoins, you can BTC loan for your purposes while depositing your bitcoin as collateral.

HODL – Hold On For Life

The HODL – Hold on for dear Life – strategy is a way for investors to keep their crypto investments intact, even during volatile market fluctuations. The idea behind this strategy is that cryptocurrencies are going to last longer than traditional fiat currencies. To this end, the term HODL is popular among investors.

HODL is a speculative investment opportunity

If you are looking for a passive income stream, holding your crypto with a crypto loan might be the perfect option for you. With low interest rates and no credit checks, crypto loans offer a wide variety of benefits to investors. Not only will you be able to receive financing quickly, but you will also be able to benefit from the growth of your collateral.

Crypto loans are a great alternative to loans for bad credit

Crypto loans are a great alternative to bad credit loans because they don’t require a credit check and can be approved in 15 minutes. They are also more affordable than traditional financing options. Traditional bank loans and credit cards can be expensive for people with less than perfect credit, but crypto loans can be approved in minutes and are often funded to any crypto wallet.

Repayment terms are flexible

The repayment terms for crypto loans are usually very flexible. It is important to remember that you are not permitted to access your crypto assets during this time. This makes it impossible to use them for commercial or other purposes. Also, you are not allowed to sell them if their prices go down. But the repayment terms of crypto loans are very flexible.

KYC verification is an identity check

KYC is a process in which customers’ personal information is verified by verifying the information contained in their government-issued identification documents. This usually happens during the registration process with banks or after registration with cryptocurrency exchanges. The process also includes background checks on customers to protect them from money laundering.

CoinRabbit

Crypto loans are a great way to buy cryptocurrency without selling it. Crypto loans allow you to retain ownership of the funds you borrow, and they can be approved within minutes of application. In addition, these loans do not require a credit check, which makes them an attractive alternative to traditional bank loans.

A crypto loan is a great way to leverage your crypto holdings. Much like a cash pool, crypto loans work by allowing you to deposit cryptocurrencies into special cold wallets and keep them safe. It’s a simple and convenient way to leverage your holdings. As with any loan, it is important to find a reputable lending platform to get the most out of your cryptocurrency. Be sure to choose one that offers competitive rates and terms and is transparent about its business practices.

CryptoMode produces high quality content for cryptocurrency companies. To date, we’ve provided brand visibility for dozens of companies, and you can be one of them. All our customers appreciate our value for money ratio. Contact us if you have any questions: [email protected]

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses incurred while acting on the information provided on this website by its authors or customers. No advice should be taken at face value, always do your research before making financial commitments.

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Indian bank ICICI Bank’s net profit jumps 37% as provisions for bad debts fall https://innovativewords.com/indian-bank-icici-banks-net-profit-jumps-37-as-provisions-for-bad-debts-fall/ Sat, 22 Oct 2022 12:42:00 +0000 https://innovativewords.com/indian-bank-icici-banks-net-profit-jumps-37-as-provisions-for-bad-debts-fall/ MUMBAI, Oct 22 (Reuters) – ICICI Bank (ICBK.NS), India’s second-largest private sector lender, reported a 37% rise in quarterly net profit on Saturday as loan growth edged up and loan provisions doubtful decreasing. Net profit for the three months ending September 30 rose to 75.58 billion rupees ($916 million), broadly matching analysts’ estimate of 73.51 […]]]>

MUMBAI, Oct 22 (Reuters) – ICICI Bank (ICBK.NS), India’s second-largest private sector lender, reported a 37% rise in quarterly net profit on Saturday as loan growth edged up and loan provisions doubtful decreasing.

Net profit for the three months ending September 30 rose to 75.58 billion rupees ($916 million), broadly matching analysts’ estimate of 73.51 billion rupees, according to data from Refinitiv IBES.

Net interest income, which is the difference between interest earned and interest paid, amounted to 147.9 billion rupees, up 26 percent from the year-ago period, the agency said. bank in a statement.

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Advances rose 23% as the bank saw strong demand across all segments, including personal and business loans.

Loans rose across all segments, including large corporates, although the bank is focusing on higher-rated borrowers, he said.

Credit growth at Indian banks continues to expand at its fastest pace in several quarters, up 16.4% year-on-year as of September 23, according to central bank data, even as the Reserve Bank of India raised the repo rate by 190 basis points this financial year.

ICICI Bank’s deposits grew at a slower pace of 12%. The lender holds adequate liquidity and does not view deposit growth as a constraint to the bank’s overall growth, chief executive Sandeep Batra said.

The net interest margin, a key indicator of a bank’s profitability, stands at 4.31%.

Gross non-performing assets fell to 3.19% from 3.41% in the June quarter. Net non-performing assets fell to 0.61% from 0.70%.

The bank’s board has approved the reappointment of chief executive Sandeep Bakhshi for another three-year term starting in October 2023, it said in a statement. Reappointment is subject to the approval of the Reserve Bank of India.

($1 = 82.5290 Indian rupees)

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Reporting by Nupur Anand, Rajendra Jadhav and Ira Dugal; Editing by Kirsten Donovan and Mike Harrison

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5 Ways to Improve Your Credit Score for National Get Smart About Credit Day https://innovativewords.com/5-ways-to-improve-your-credit-score-for-national-get-smart-about-credit-day/ Thu, 20 Oct 2022 16:58:14 +0000 https://innovativewords.com/5-ways-to-improve-your-credit-score-for-national-get-smart-about-credit-day/ October is not just a month for summon ghouls and dress up like Harley Quinn or the kids from “Stranger Things”, it is also the best time of the year to improve your credit score. Why? Because October 20 is National Get Smart About Credit Day. See: 9 bills you should never put on automatic […]]]>

October is not just a month for summon ghouls and dress up like Harley Quinn or the kids from “Stranger Things”, it is also the best time of the year to improve your credit score. Why? Because October 20 is National Get Smart About Credit Day.

See: 9 bills you should never put on automatic payment
To find: This Credit Score Mistake Could Cost Americans Millions

Part of the Get Smart About Credit program, which was launched by the American Bankers Association Foundation in 2003, this “holiday” encourages consumers to promote healthy personal finance habits, including establishing and maintaining a strong credit rating.

Here are 5 ways to improve your credit score on this special day.

Check your credit score and report

Knowledge is power. Anyone’s first step in the process of improving their credit rating begins with knowing their credit rating. You can request a free copy of your credit report from each of the three major credit reporting agencies – Equifax, Experian and TransUnion – once a year. Once you have a copy of your credit report, you should review it to make sure all information and payment/loan history is accurate.

Automatic bill payment

It might not be payday, but it sure can be bill-paying day. By paying their bills on time, and even ahead of time, consumers can build a strong liability history, which can enhance their appeal to lenders and boost their credit score. Those who are not already registered for Autopay should register today.

Resist the urge to open a new credit card account

Credit card companies tend to flood consumers (regardless of their credit score) with enticing sign-up offers. Having an open and well-maintained credit card on file is a good idea, but too much activity here can take a toll on your score. Throw away the junk mail today and only open a new line of credit if you really need it.

Clear Bad Debts

Ideally, consumers should pay off their debts as quickly as possible, but this is especially important for high-interest debt. Borrowers should take some time today to review where they are in the red and prioritize cleaning up “bad debt” such as credit card debt and anything that is owed.

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Do not be discouraged

Building a good credit rating can take some time, and for those in debt (who may not already have the best rating), racking up a few points here and there can feel like moving through molasses. . But hey, everything counts. Let today be the day you pledge to never give up.

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Getting a home equity loan with bad credit https://innovativewords.com/getting-a-home-equity-loan-with-bad-credit/ Tue, 18 Oct 2022 19:44:04 +0000 https://innovativewords.com/getting-a-home-equity-loan-with-bad-credit/ How to get a home equity loan with bad credit If you have decided to apply for a home equity loan, you need to take certain steps to give yourself a better chance of getting loan approval. In fact, following these steps can even lead to better loan terms and interest rates, so let’s talk […]]]>

How to get a home equity loan with bad credit

If you have decided to apply for a home equity loan, you need to take certain steps to give yourself a better chance of getting loan approval. In fact, following these steps can even lead to better loan terms and interest rates, so let’s talk about that.

1. Check your financial health

The first step towards getting a loan is always to understand how your financial situation compares to the lender’s qualification requirements. With a home equity loan, that means meeting standards for credit score, debt-to-equity ratio, and home equity.

First, you’ll want to check your credit report to see if you meet the minimum credit score requirements. If your score needs to improve, check for errors and consider paying off outstanding debt if you can afford it. This will also help improve your debt ratio.

In addition to reviewing your credit report, you will also want to gather information about your mortgage. As mentioned earlier, you will need to have at least 15-20% home equity to be considered for a home equity loan. And as you review your mortgage information, consider how an additional loan payment would factor into your monthly budget on top of your current costs.

2. Establish your desired loan amount

Is your financial health good – or good enough? Great! Now is the time to figure out how much money you are looking to get with a home equity loan. Of course, this starts with calculating the amount of money you actually need to finance your planned projects, but this step will also involve checking the loan-to-value (LTV) limits for your preferred lender.

An LTV ratio represents the total amount of the loan compared to the value of the house. Generally, lenders will not allow the combined balance of your current mortgage and home equity loan to exceed the assessed value of the home. This is therefore an important consideration to take into account when calculating the amount you can get with this type of loan.

And remember that you should only withdraw what you need, because you will be making payments and paying interest on the full amount of the loan whether or not you use it for your projects.

3. Get a co-signer

If you’re still concerned about your chances of getting approved for a loan or looking to get a better interest rate, consider getting a trusted friend or family member to co-sign the loan. ‘mortgage. But keep in mind that this means you and your co-signer are financially responsible if you fail to repay the loan.

4. Compare lenders

Comparing lenders is always an important step in the process, as each mortgage lender will have their own requirements, loan terms, and interest rates. It is therefore crucial for borrowers to choose the best mortgage lender for their specific needs.

Be sure to consider each lender’s loan terms as well as their overall reputation when doing your research. After all, if you find a lender offering home equity loans to borrowers with poor credit scores, but you also discover a history of poor consumer reviews, the promise of loan approval may not be worth the risk of working with an untrustworthy lender.

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The mortgage rate is above 7% and it is becoming increasingly difficult to qualify for a loan https://innovativewords.com/the-mortgage-rate-is-above-7-and-it-is-becoming-increasingly-difficult-to-qualify-for-a-loan/ Tue, 11 Oct 2022 15:38:01 +0000 https://innovativewords.com/the-mortgage-rate-is-above-7-and-it-is-becoming-increasingly-difficult-to-qualify-for-a-loan/ J.B. Reed | Bloomberg | Getty Images It’s a double whammy for potential buyers. Not only are interest rates skyrocketing, but it is becoming increasingly difficult to qualify for a loan. The average rate on the popular 30-year fixed-rate mortgage climbed more than 7% late last week, according to Mortgage News Daily, and is expected […]]]>

J.B. Reed | Bloomberg | Getty Images

It’s a double whammy for potential buyers. Not only are interest rates skyrocketing, but it is becoming increasingly difficult to qualify for a loan.

The average rate on the popular 30-year fixed-rate mortgage climbed more than 7% late last week, according to Mortgage News Daily, and is expected to hit around 7.125% on Tuesday. It’s more than 7% for several days.

Meanwhile, the availability of mortgage credit is now at the lowest level since March 2013, when housing was slowly recovering from the financial crisis at the end of the previous decade. It fell for the seventh consecutive month in September, down 5.4% from August, according to a monthly index from the Mortgage Bankers Association.

While lenders may be desperate for business as mortgage demand plummets due to higher rates, they are also more concerned about a weaker economy, which could lead to higher delinquencies. Leaders and economists have warned that the United States could slide into recession in the coming months as the Federal Reserve raises rates to fight high inflation.

“There was less appetite for a lower credit score and a higher credit score [loan-to-value] loan programs,” Joel Kan, an economist with the Mortgage Bankers Association, said in a statement.

Mortgage defaults, at the moment, are near record highs. While new foreclosure stocks rose 15% from July to August, they were still 44% below pre-pandemic levels, according to Black Knight, a mortgage software and analytics firm.

Credit availability has fallen the most for jumbo loans, which more borrowers now need to use due to rising house prices, according to the Mortgage Bankers Association. Higher prices also encourage more borrowers to switch to variable rate mortgages because they offer lower interest rates. These loan rates can be fixed for up to 10 years, but they are considered riskier mortgages.

Borrowers are clearly worried that mortgage rates will rise even further. Although mortgage rates do not follow the fed funds rate exactly, they are heavily influenced by Fed policy.

“The Fed is determined to raise rates as high as possible and hold them for as long as possible, even if it means the economy suffers,” Matthew Graham, chief operating officer of Mortgage News Daily, wrote on its website.

Graham noted that the Fed is disregarding mortgage rates or the housing market because house prices are overheating and a correction is “good and necessary.”

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