Monthly Archive: September 2019

Do you need cash to pay an invoice?

This month you are full of expenses, the card came exploited, and you have to pay for that service that is about to expire in a few days.

Do you need cash to pay a bill that is about to expire? Here I am to solve your problem?

money

You remember that you have a second expiration, but you don’t want to get to that and you just see a post of mine! You will wonder how I can help you, right?… I can lend you cash to pay a bill that is about to expire.

I tell you, I am New Lender and I will be whenever you need me! I can help you pay a bill, purchase or request a personal loan . You do everything online and in 5 minutes. You have to enter my website or download my app and follow the steps I tell you here.

How to pay a bill?

money

You have to download my app or enter New Lender, you register and in 15 minutes you can know if you apply and what is the amount you have available to request a loan online and / or pay your bill or purchase.

There is no paperwork

There are no paperwork

  1. You will need to have the bill handy since you have to upload it or scan the code.
  2. After scanning the code, you have to confirm the data of the service to be paid.
  3. You can choose if you want to pay at the time or the following month
  4. Confirm your CBU and go!

As your friend, I recommend that you do not let that bill expire, I pay it and then you give me back the money. Stop getting bad blood! I can help you simplify your problems.

What You Need to Know About Supported CSOK Loans

In addition to the $ 10 million gift CSOK grant, you can apply for an additional $ 10 million of backed-up loans if you are looking to buy new builds or build one yourself.

But on what terms do we get credit from the bank? Is the $ 10 million grant sufficient for self-employment? At what price will the banks report the new apartment? How much credit can we borrow on the basis of family income?

Which bank will accept pre-committed children?

Why does it matter which bank we borrow from when we have the same interest everywhere because of state aid?

Since most banks have come out with their own CSOK-backed loan structure, I asked the blog’s loan expert to write a summary of what to look out for and how much credit you will get.

(A good tip: Before you even start looking for a home or thinking about a construction site, talk to a credit counselor about your chances. What credit do you get if you need to take out more than the $ 10 million loan, on what terms, etc. Do not find that after two months of feverish planning you will not get enough credit.)

So, here’s his writing:

It is not enough to fulfill the conditions laid down in the government decree to draw up a maximum of HUF 10 million of state-supported loans, but also to meet the expectations of the lending financial institution.

These expectations are the same as for market-free loans without government support. For example, if a financial institution expects a 30% equity requirement for a mortgage loan without additional collateral, the same requirement applies to an interest-subsidized loan. In addition, if 40% of the total household income is allowed to be charged, this is the case even when applying for interest-subsidized loans.

Credit evaluation uses exactly the same algorithms as any market loan

bank

However, due to CSOKs and interest rates that are more favorable than market prices, these standard expectations, in practice, set the limits of creditworthiness quite differently, so it is definitely worth reviewing banks’ expectations in the light of these.

Let’s start with 3 simple prerequisites :

No one on the KHR’s bad debtors list can get credit, no matter when or why it was added to the list. Not only the borrower, but also the borrower and the debtor involved in improving the creditworthiness of the borrower, can not be guarantors of a “bar list”. (Negative KHR status is not an excuse for applying for CSOK)

Only those who apply for and qualify for the 10 million Chok can apply for the discounted $ 10 million loan.

It is clear from the above, but it is worth pointing out that the 3% Home Improvement Loan can only be applied for to buy or build a new home and meet the same conditions as the $ 10 million CSOK.

Anyone who has had a Home Improvement Loan before (at 6% interest) cannot claim the 3% OTK

How much self-sufficiency will be needed?

There is a significant difference between individual financial institutions as to whether CSOK is considered to be self-sufficient.

There’s no where. In this case, at least 20% of your own funds will be required (unless we provide additional cover).

There is where only the CSOK required for pre-existing children is considered to be self-sufficiency, and there is also where the advance support is considered. (There is a high risk that an adopted child will not be born and that $ 15-20 million will have to be paid out suddenly. Therefore, many banks are reluctant to accept CSOK applicants with adopted children.)

There are cases where the financial institution expects a certain amount of own funds depending on the transaction / client rating.
If CSOK is considered to be self-sufficient, you can buy real estate for as little as $ 50 million without contributing to the purchase price of up to HUF 1.

HOW TO CALCULATE MY INTEREST RATE FOR A LOAN

When you apply for a loan, thousands of doubts may arise, but one question you should always keep in mind is: how much will they charge me interest? The answer you usually get is always full of numbers and percentages that only confuse you more. At Good Finance we want to give you a guide to clarify any questions you have about our interest and the charges of our loans.

Why is it important to know how to calculate an interest rate for a loan?

Why is it important to know how to calculate an interest rate for a loan?

In many cases the interest rate charged on a loan is not the same as described, this usually happens because: the period is shorter than the one being calculated in the rate, it is applied in different periods of the month or it is necessary to value it according to the value of money in the time; Given this, different formulas have been created that allow us to make changes in rates to adapt to the requirements of periods and terms.

How do I calculate the Good Finance interest rate?

cash

At Good Finance we handle an interest rate of 25% EA, but if Good Finance loans are 30 days, why is the annual rate? How do I apply that interest to my loan? To solve these doubts we must first clarify that interest rates can be expressed in different ways, the important thing is to know how to convert them and express them properly.

To perform effective rate conversions to other periods of time we use the following equality:

(1 + IE1) (n1 / 12) = (1 + IE2) (n2 / 12)

IE1 = Effective interest we want to convert
n1 = the number of periods in a year of the IE that we want to convert.
IE2 = The effective interest at which we want to pass our rate.
n2 = The number of periods in a year of the IE that we want to obtain.

This equality allows us to compare the effective rate we have with another periodicity, so we can transform the interest rate from years to months, days, etc.

Making the transformation of the operation we have that the 25% EA that we handle in Good Finance is equal to a monthly Effective rate (MS) of 1.87%. To make this conversion between rates, it is only necessary to apply this variation of the formula to convert an EA into MS:

Monthly Cash (MS) = (1 + EA) (n / 12) – 1

n = number of periods that fit in 12 months, being EA, is 1, because 12 months is 1 year.

To be clearer, let’s look at an example: If you apply for a loan in Good Finance of $ 250,000, what interest will you pay after 30 days? For this we will first convert the interest and then calculate it.

MS = (1 + EA) (n / 12) -1

MS = (1 + 0.25) (1/12) -1

MS = (1.25) (0.08333) -1

MS = 1.01876 -1

MS = 0.01876 = 1.1876% MS

To calculate the value at 30 days we apply the future value formula (VF) which calculates the value of an interest at the end of a set time:

VF = (Vp * (1 + MS) n ) -VP

Vp = the value of the loan you requested

We replace

VF = (250000 * (1 + 1.1876) 1 ) -250000

With the EM interest rate of 1,187%, we calculate it over $ 250,000 at 30 days would give us a value of:

4,692 pesos.

How is interest in Good Finance if I pay before 30 days?

How is interest in Good Finance if I pay before 30 days?

If we want to calculate the interest rate to cancel in advance, we must first pass the Annual Cash to Daily Cash interest rate, so we convert the formula to daily values:

Daily Cash (ED) = (1 + EA) (n / 360) -1

Let’s use it in an example: If you have a $ 250,000 loan with Good Finance and want to pay 20 days, how much would your interest be?

ED = (1 + EA) (n / 360) -1

ED = (1 + 0.25) (1/360) -1

ED = (1.25) (0.000277) -1

ED = 1.00062 – 1

ED = 0.00062 = 0.062% ED

To calculate the value at 20 days we apply the future value formula (VF)

VF = (250000 * (1 + 0.062) 20 ) -250000

With the interest rate ED of 0.062%, which over $ 250,000 at 20 days would give us a value of:

3,119 pesos.

In addition to interest, what other charges do I charge at Good Finance?

In addition to interest, what other charges do I charge at Good Finance?

In addition to the interest rate, at Good Finance we handle charges associated with your credit.

  • Insurance: Insurance is a charge that covers you in case you cannot make the payment for disability or death.

    The insurance value is 0.3827% of the value you request . In our example of $ 250,000 the value of the insurance would be equal to $ 621 pesos.

  • Administration: The administration is a fixed charge on all Good Finance loans, which ensures the correct handling of your data and the availability of your quota for a period of 30 days. For all loans an administration charge of $ 16,000 pesos is made.

  • Technology: The technology charge is a charge that is made for the use of our technology platform and gives you the possibility to: review your account, make new credits, check the status of your credits and more. This charge is equivalent to 960 pesos per day. For our loan to be paid in 20 days, the technology charge is equal to: $ 19,200 pesos.

  • VAT: Being an entity that issues an invoice, Good Finance must charge VAT for the products. The VAT we handle is linked to the Colombian legislation of 19% and is calculated on the costs of insurance, administration and technology. In our example of 250,000 pesos at 20 days, the VAT charge is $ 6870 pesos.

How much would you pay in total for credit in Good Finance?

How much would you pay in total for a credit in Good Finance?

Entering Good Finance, you will find our credit calculator, in which you can try different amounts and terms to take your credit. It will show you each of the values ​​explained above, as well as the breakdown of each one.