Having a home of your own is but a big dream for most of us.  Due to economic recession and various crisis that beset our society, we have the tendency not to move on financially.  Hence, many of us simply could not afford to have a house of their own, thus there is but a need to have an equity or home loan.  But what then are the necessary things to know and understand about making or entering into a home loan? Getting a loan on your home is one of the most important decisions you can make. Here we share our top ten tips for selecting the right mortgage or home equity loan. Indeed, it must be noted that finding the best home loan is not a job to be taken lightly. Here are 10 very important tips to consider before, during, and after the loan.

Looking For The Right Home Loan For You

1. Home loans or mortgages are not commodities. If you think “it’s all about the rate”, you are going to be disappointed from the start. It’s really about finding a trusted partner help you navigate a complex transaction by offering honest advice and responsive support throughout the entire loan process.

2. It must be noted here that online is not the place to transact your biggest liability. Buy a music player, bid on sports equipment, order some books, but don’t do a mortgage over the internet. There are too many variables that arise throughout the process. This is not to say you should exclude the internet in your rate search, as there are reputable sites on the net which will help you find rates, calculate your potential loan, and provide other helpful information. I’m suggesting you shouldn’t work with an internet-only firm for your mortgage.

3. Basically, there are two types of mortgage lenders who advertise on the web and on the newspaper rate table: Ones you’ve heard of and ones you haven’t. Why do the major, well-known lenders generally quote higher rates? It could be they have higher cost structures. It could also be they are more reputable and provide a lot more service.

4. The next step is, avoid interest-only loans. Unless you plan to move in a short period of time, or the loan is a short-term “bridge” or construction loan, avoid the “interest-only” loan. If you are only paying interest, you do not build up any ownership or equity in your home.

5. You might ask, are the fees reasonable?. Find out exactly what the loan will cost you. While some fees might not be avoidable, know that many fees are unnecessary “junk fees” or negotiable. Be sure to get a good faith estimate statement which shows your total expected fees. Some companies will include all the fees in the interest rate they quote you. Here are some fees to ask about:

• Application fee
• Points (if you pay points, make sure your interest rate is reduced. A rule-of-thumb is to generally avoid paying any points if you plan to live in your home less than ten years)
• Credit Evaluation
• Loan Processing (these fees can be pretty arbitrary)
• Appraisal Fee (cost to estimate the value of your home)
• Title Search
• Title Insurance (you have to pay to protect the lender. Always make sure the Title Insurance specifically protects you as well. It’s normal to pay more to protect your interests)
• Documentation (these fees can be pretty arbitrary)
• Underwriting (these fees can be pretty arbitrary)
• Escrow Fee
• Prepayment Penalty (the fee paid if you pay off your loan early)
• The following fees are almost always “junk fees”: amortization schedule fee, trustee fee, financing statement fee, appraisal review fee, credit report review fee, document preparation fee, inspection fee, photo inspection fee, underwriting fee, warehousing fee, administrative fee, computer fee, courier fee, and overly high notary fees

When you ask about your interest rate, also ask about the APY (or Annual Percentage Rate) which is usually higher and a more accurate reflection of your true interest rate.

6. The next thing to consider is, avoid adjustable rate loans. Adjustable rates can be attractive because the advertised rate is lower than a fixed rate. They generally allow you four payment options:

• Minimum payment (NEVER make only a minimum payment. It won’t even cover the interest on your loan and can quickly lead to a situation where your home is worth less than your loan)
• “interest only” payment (also not recommended. No money is going to pay down the loan or create home equity)
• A fully amortized 15-year loan
• A fully amortized 30-year loan

The later two are similar to traditional loans, except that your interest rate is adjustable.

Here are three reasons to consider an adjustable rate:

• IF you know for certain interest rates can’t go up from current levels.
• the loan ceiling on the adjustable rate is below the current fixed rates.
• you plan to sell your home prior to the first rate adjustment.

Here are five questions to ask about your potential ARM rate: Adjustable rate loans often start with a “teaser rate”. This is an artificially low rate which will get adjusted higher at the first adjustment opportunity. If you do consider an adjustable rate, be sure to ask:

• What is the rate based upon (often a current T-bill or LIBOR rate plus an additional amount). Get complete details
• What would be the rate today if you already had the loan and it adjusted to current levels
• What is the floor (how low can the rate go from here)
• What is the ceiling (what is the highest rate you would have to pay)
• How often can the rate adjust.

Be sure you fully understand each of these parameters, and get them in writing. Note: if you can’t afford the loan ceiling and the fully amortized payment at that level, don’t accept the loan.

7. Generally speaking, the mortgage industry is unregulated. Mortgage brokers are not banks and don’t play by the same rules. There are countless stories of “bait and switch” with people being promised one thing and ending up with another at the closing table. You do not have to accept any last minute changes. While inconvenient, just walk away. (They are betting you won’t). Lets say you have found the rate and lender with which you wish to work. Here are twelve warning signs telling you to walk away from the loan. Any one is enough for you to terminate the loan right then and there.

• If the loan rep encourages you to borrow more than you need — walk away!
• If the loan rep prods you to overstate your income or understate your outstanding loans or expenses — walk away!
• If the loan rep tries to get you to agree to payments that you can’t afford — walk away!
• If the loan rep asks you to sign blank forms — walk away!
• If the loan rep won’t give you copies of every document you signed — walk away!
• If the loan rep fails to give you mandated disclosure documents — walk away!
• If the rep appears to pressure you — walk away!
• If the rep is unresponsive to your calls, is disorganized, repeatedly asks for the same documents, or is constantly blaming others for delays — walk away!
• If they try to sell you credit insurance or extra products you don’t want — walk away. (If you actually want the credit insurance, shop around to get the best rate)!
• If they try to make you do something that is against your better judgment — walk away!
• If they require you to deed your property to anyone — walk away!
• If the loan rep changes any of the terms of the loan at closing — run, don’t walk! Be aware that the further in the process you get — the more momentum builds — the tougher it is to back out. Dishonest lenders know this and are counting on it.

8. Moreover, see if you can avoid paying for mortgage insurance. Some loans require mortgage insurance. Others will waive the insurance if you have a low enough debt-to-home equity ratio when you take out your loan. Most mortgage insurance protects the lender, not you.

Don’t Lose Your Home

9. Now, make the just the minimum loan payment. In less than two years you could find yourself owing more than your home is worth. Always pay at least the full interest payment, and it’s best to make a regular payment which includes both principal and interest.

10. Finally, always make your full payment each month, pay on time, and pay more towards principal if you can.

Best Reading:

• What is a Loan?
• What are the types of loans?

In conclusion, it is essential therefore to understand a lot of pointers before actually engaging into an equity or home loan, because of the fact that if you won’t study this type of loan there will be a greater risk of losing your most cherished home.  It is interesting to note that getting a home loan is now easy thanks to online loan quotes that will help you in getting the best loan in the market.  It must be a good idea to get a housing loan these days for as long as you will really work so hard for your dream house or else it will just be lost and gone with the wind.  Happy home loan surfing!

Are you in need of a car for your own convenience?  Or just for luxury after closing a huge business deal?  Or a reward and gift for someone you love most like a gift to your wife/husband or son or parents?  Well, the search ends here at SBI Car Loan. You have an Option to go through SBI Car Loans Scheme which offers:  Lowest interest rate, Low processing fee, processed through speedy delivery channels with total transparency.

SBI – Financing for car or automobile which include vehicle registration charges, insurance, one-time road tax and accessories.

SBI Car Loan scheme offers to purchase:
A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)

Benefits of SBI Advantage Car Loan Scheme:
Obviously, it’s the outstanding service and lower costs. A quick survey of similar schemes available elsewhere and you will find that SBI Car Loans for new and old vehicles offer you:

• Lowest interest rates
• Longer repayment period of upto 84 months or 7 years.
• No hidden costs or administrative charges.
• Finance for one-time road tax, registration fee, insurance premium and accessories
• No advance EMIs

Complete clearness: Interest on daily reducing balance method. When you pay one installment, the interest is automatically calculated on the reduced balance thereafter.

Always compare the Equated Monthly Installments (EMIs) and the total payments you would be required to make and not the rates of interest.

• The SBI Advantage Car Loan Scheme
• Purpose

Term Loans & Overdraft will be sanctioned by the Bank for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs with minimum loan component of Rs. 5.0 lakh and above.

Take over of existing loan from other Bank/Financial institution (Conditions apply)

Eligibility: To avail a Car Loan, you should be:
1. Individual between the age of 21-65 years of age.
2. A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
3. A Professionals or self-employed individual proprietary/partnership firms who is an income tax assessor.
4. Net Annual Income Rs. 2,50,000/- and above.

Salient Features
Loan Amount: Usually, there is no upper limit for the amount of a car loan. A maximum loan amount of 4 times the net annual income can be sanctioned. If married, your spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan. The loan amount includes finance for one-time road tax, registration and insurance!

There is also no ceiling on the loan amount for new cars.

Type of Loan:
1. Term Loan
2. Overdraft

• For New vehicles only
• Minimum loan amount: Rs. 5 lakhs
• Documents Required

You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:
1. Statement of Bank account of the borrower for last 12 months.
2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport /voters ID card/PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
8. Proof of official address for non-salaried individuals.

If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.

Margin: New / Used vehicles : 15% of the on the road price.

Repayment: You enjoy the longest repayment period in the industry with SBI.

Repayment period: For Salaried, For Self-employed &Professionals : Maximum of 84 months

Prepayment Penalty: Prepayment fee of 2% of the amount of the loan prepaid will be levied subject to certain conditions.

Processing Fee: 0.50% of Loan amount and to be paid upfront.
Minimum: Rs. 500/-
Maximum Rs. 10,000
25% of Processing fee will be retained if application is rejected after pre-sanction survey.

Please visit official website of SBI for more details.

Best Reading:

• What is a Loan?
• What are the types of loans?

In conclusion, SBI car loan is one affordable if not the best deal in view of car loan in the market these days.  If your budget can afford why not hesitate in getting something beneficial from a truly trusted and credible company and bank like SBI.  Get your documents ready now and get your first car loan via SBI auto loan.

I’m glad to get in touch with you again after the protest in our country due to oil price hike.  Well, we must tighten our belts these as we face a lot of crisis in our government and society.  We must be wise and practical in all our monetary spending, say for instance buying a new car…Read this article very carefully before thinking of buying your brand new car!

Having a car these days is not anymore mere impossibility.Thanks to the emergence of the various auto loans available in the business market. However, you must be very careful and street smart when it comes to choosing the most suitable auto loan for you to avoid regrets in the end.  As these auto loans mushroomed in the car and lending business you can never be sure which is realistically affordable from those which are simply too good to be true.

To have an auto loan is indeed a big decision that you have to really think so hard lest you’ll find your dream car gone as it will be taken back from you by the bank or any lender who helped you finance your auto loan.  Be warned not to bite any sweet offers from auto loan agents.  Sometimes, these loans have hidden charges that will cause you additional financial burden when you start paying the amortization.  Check and balance all the ins and outs of the loan that you wish to transact with.  Indeed, with the many options to choose from these auto loans, you will sometimes be confused in view of what auto loan to get.  To whom shall you go and consult then with this practical problem of choosing the best auto loan?

To have the great and best deal would be to consult some of your closest friends who happened to make an auto loan lately.  Ask them how they did the actual process, what things did they prepare in terms of documents, how much money did they spend for the entire process, how much is the usual monthly amortization and so on, so forth.  Since they are trusted people, their advice will surely matter in becoming more knowledgeable with the matter and in making your big decision to have a car through the help of an auto loan.  Ask the contact information of the auto loan agents from those trusted people whom you consulted regarding your problem of finding the best auto loan.

Now, if after consulting the agents, you still want to explore other ways of finding the best auto loan yourself, then, it’s up to you to continue with the search.  But, if you have decided to do the searching yourself and taking the concrete actions, it’s time for you then to consider the following tips.
1) Foremost take into account your work status that is, whether you are permanent or a contractual worker.
2) Check also your payslip, financial status, savings, ability to pay and the like.
After which, check the current bank rate’s regarding their loan rates if ever you wish to have a car loan with them.  These rates are usually the averages which will provide you the beginning and the basic ideas in determining what could be low or which is high in terms of the so-called yearly percentage rate.  However, you must always remember, that auto loans differ from one bank to the other and from one place or area to another.  After taking into account all that has been discussed a while ago, then it would be the right time now to do your first auto loan.  Good luck then!

Best Reading:

• What is a Loan?
• What are the types of loans?

In conclusion, finding the best auto loan that suits your budget and needs will actually be as easy as a pie for as long as you apply the practical principles and tips in this article.  Don’t be in a hurry of buying your new car, instead maximize and exhaust all possible means of consulting people whom you trust and who actually have had an experience of taking an auto loan as an alternative.  In this way, you will never regret in the end. Remember, it’s better to buy later yet satisfied and happy that buying swiftly yet regretful and unsatisfied with your decision.

Friend in this article we will discuss that is loan is necessary, To get ahead in the world, we need to stretch ourselves a little. While being an employee might have been great a few generations ago, being successful is difficult if you are depending on a monthly salary. As soon as the money comes in, it slips out of our hands to pay for the bills.

Why are loans useful? Not all of us are born with a silver spoon in our mouths, or enough luck to win the jackpot. In fact, more than 80% of the world’s population wish for more than what they have.

Without the extra income or funds, we will never be able to get a foot in the door of success. Loans help us get there. If we can put together a good plan with a well-thought out budget, we will find that getting a loan will get us ahead of the game.

If there was no thing as a student loan, we would have a very small population in the universities and colleges across the country. Schools would suffer from the lack of students, and companies would not have enough good people to help them manage their business.

Without a housing loan, we would have to pay cash on the spot for the dream house we always wanted. Can even a fourth of the population be able to write a check for the entire selling price of a house? Not on your life. The same goes for a car or any other high-priced item. The housing and auto loans allow us to buy these things on credit.

Thus, loans help the economic wheel turning, and keeping the economy alive. We need people to apply for loans because that is how banks make money. We need loans because without loans, very few could afford to pay for the things we need. Imagine what would happen to our economy if everyone had to wait until they accumulated enough cash to buy the things they need or want. Businesses would flounder, and close down from lack of demand.

The world would be ideal if we could all afford to pay cash for everything we need and want, but the world is not like that. Loans help us get by, especially when we need cash the most like medical emergencies and when we go over our budget.

However, if you have someone who can help you find the funds without having to get a loan, find out first if there’s a catch. At least with a loan agreement, you know exactly what you are in for since everything is in black and white.

Consider a loan if you need to, but make sure that you will use the money wisely, and not go crazy with the money. Be prudent, careful, and wise. It’s hard to make money, so paying for the loan will also be a strain.

Quote of the Day:
A secured loan will enable you to get your hands on money that would otherwise take a long time to save up, allowing you the freedom to spend it on whatever you want. – John Mussi

Best Reading:

• What are the types of loans?
• What is a Loan?
• 10 Tips You Must Know Before Taking Out a Loan
• 10 Tips To Avoid Having To Get A Loan

Conclusion:
If you need money, a loan is one of your options. Just don’t go overboard and get loan upon loan.

Friends in our loan series I am showing you some tips so you can avoid burden of loan or in other word you must read below 10 tips before taking loan.We all need to take a step back every time we start looking at a loan application. It does not matter whether it is a long term loan, or something that will only last a couple of months.

If you think you need money, read first about these 10 tips on how to avoid getting a loan you might not be able to maintain.

1. If you need money, get a second job. A part time job could be something you could do on your free time like tutoring or freelancing whatever your skill may be.

2. Have you ever considered a swap? You want something, and there are a million people out there who might just want what you have, and be willing to swap with you. What is one’s mans junk may just be another man’s treasure. Think about it. The best part about swapping? There is no cash outlay. You will need to be patient, and scrutinize the item for swapping very well. In most cases, the swap is based on as-is, where-is which means what you see is what you get.

3. Never swap electronics or gadgets. For one, there is no warranty, so the item could conk out on you the minute you plug it in.

4. Sleep on it. Sometimes what may seem urgent today, will not look the same way after a week.

5. Ask your close friends and family about the loan, and see what they may have to say. You might be surprised with what you hear, or you might get lucky and have a family member willing to lend you the money – interest free as long as you pay it back.

6. If you are have a great business idea, why not look for a partner who will put up the money, and you supply the technical know-how and business idea?

7. Think about it for at least a month before plunging in with a loan. During this time, canvass different banks and institutions for the best deals. In the process, you will get to know the pitfalls of each company and each kind of loan. Who know? You just might get turned off by the high interests and monthly payments, you will just forget about the loan idea.

8. Make a list of the possible scenarios that will happen to you if you default on the loan. Is it worth it? Will the loan make you bankrupt?

9. What does your religious beliefs say about getting out a loan? Most of the religions frown on borrowing money.

10. Stay home, and stop going to the commercial centers except if you need something important. The best way to avoid getting a loan is to stop reading the really great ads that convince us we need this and that.

Quote of the Day:
Don’t trust ads promising “No Credit? No Problem!”- Kenneth DeLashmutt

Best Reading:

• What are the types of loans?
• What is a Loan?
• 10 Tips You Must Know Before Taking Out a Loan

Conclusion: There are ways of avoiding a loan if we just stop ourselves from wanting too much. Many people fall prey to advertising gimmicks and suggestive peer pressure. When things are getting too much for you, take a break and stay away from socializing and malls. You will be surprised that if you keep busy with other things, you won’t even think about loans.

The first loan you will ever get is exciting and thrilling. It’s a valid sign that you can be trusted with money and the responsibility of managing it. There are risks involved though in getting and maintaining a loan which you must be aware of.

Here are 10 tips you might find useful to know before you apply for your loan.

1. How you handle your loan will be reflected in your credit standing, so you need to make sure you handle your loan properly. A bad credit standing will make it difficult for you to even open a bank account, and this status could stay in your credit history for as long as 10 years if not fixed right away.

2. Banks do not just base their approval of loans based on your credit standing. They also look at your character and how you manage you business and personal life. Some banks even require a psychological test to find out if you are ready for the responsibility. Definitely, they look for character references, and will go out of their way to check the people you listed down on the application form.

3. The most important matter to a finance company is being able to establish your paying capacity. If you can prove this, then you will have an easier time getting your loan.

4. Have you any collateral to offer? If you are planning to apply for a large amount, you will definitely need collateral. You cannot offer collateral that is not worth more than what you are applying for.

5. You need money to make money. Sad, but true, so your most important skill before applying for a loan is fund management. Have you any experience with money – handling it, and how you managed to budget what you have? If you have never even owned a savings account, you might have a difficult time getting approved.

6. If you are applying for a business loan, you need to present a feasibility study on the business. Without this, you have very little chance of getting approved.

7. Ask around for the best bank to approach. Your family members and friends will always be a good place to start. Surf the internet for feedback and blogs on online companies that offer loans. One word of caution though: online lending companies can a traumatic experience for a newbie since there are so many fly by night, unscrupulous stalkers on the internet, so watch your back and never plunge into any deal with someone you cannot verify.

8. Talk to more than one company. You have every right to canvass for the best deal. You can even let the other banks know you are talking to other banks. The general rule in dealing with banks is first impression. If you are happy with how they receive you, then that is a good sign. If from the get go, the bank frontliners are rude and abrupt with you, then this does not auger well for any kind of relationship with this bank.

9. Don’t try to be too ambitious with your loan. Keep it to the minimum, if possible so that you will not be pressured when keeping up with your payments.

10. Read every fine print, every line on the loan contract, and understand it all. If you don’t understand it, ask. Keep asking until you do.

Quote of the Day:
Go through the lender’s approval criteria very carefully. Apply only to one where you can qualify. If you apply to a company that has stringent criteria and get rejected, that can actually hurt your chances of getting approved by another company with more relaxed criteria. – Prakash Menon

Best Reading:

• What are the types of loans?
• What is a Loan?

Conclusion: The basic rule is to know what you are getting into, and never sign anything without looking at it properly.

If you can think about anything you might want to buy, there is a loan you can get to help you purchase that item. After all, we live in a consumerism world where everything, every object has a price tag. We live in a world where the name of the game is money, and what you can do with it. Unfortunately, advertising works.

As a young college student, you can start building your credit history by applying for a student loan. This is a loan that students can get to help them through college. Many college students apply for this only because college is very expensive, but the benefits from a college education is promising enough to justify the loan.

Once you start working and have been with a certain company for over six months minimum, you can apply for a payday loan. The basic requirements for this is proof of employment and length of employment. Many cases, the payment for these type of loans are done with the knowledge of the company, who may or may not recommend the loan. These are short term loans, and will only last 15 to 30 days.

If you get approved for a credit card, which can sometimes be a little difficult without any kind of finance history, you can also apply for a loan with the credit card company. The disadvantage with this kind of loan is that the interest rates are usually high, and if you do not pay for the advance when it gets reflected on your statement, the interest will start to accumulate.

Credit card loans are usually very easy to get since all you need to do is apply with your credit card company. The basis for the approval would be your history with them such as whether you pay your bills on time, and if you have a problem with payments.

Any time you use your credit card, you should think of it as a loan, not just when you apply for a cash advance. This way you will be more cautious about impulsive spending.

Everyone wants to have a car and a home. This is possible with a housing loan and an auto loan. Banks are very aggressive about these kinds of loan because it is secured with a car or a house. Thus, if you default, they win big time since they get to foreclose on the house or get the car from you. It does not matter whether you have been paying for a year or three years, if you stop payments for two or three months, the banks have the right to demand payment in full, or repossess the item.

Of course, there are also personal and business loans which are quite self-explanatory. Personal loans can be used to buy furniture, appliances, and the like while business loans must be used for the start or upkeep of a business.

Quote of the Day:
A secured loan is far easier to obtain than unsecured loans. The added security that this type of loan gives the lender means that even those with a less than perfect credit history can get hold of a secured loan with relative ease. – John Mussi

Best Reading:

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• Great Tips To Developing Money Saving Habits
• Panic Attack Explained

Conclusion: Before taking out any kind of loan, make sure that this is the loan for you. It takes a lot of maturity to be able to sustain and keep up with payments, and you need to be aware of the pitfalls of each kind of loan. Never enter a loan blindly. Make sure you know the intricacies of the loan you are applying for.

We live in a world where we will never be able to get everything we want. Why? Only because we keep wanting things, and about 99% of everyone in the world find that there is always something they need to buy.

Technically speaking, a loan is borrowing. It can be anything from money to items like books, cars, even houses. With borrowing, you need to return. In the case of loans, there is usually a charge called interest.

It is quite rare to get an interest-free loan unless it is a loan from a relative or close friend. If you can get this, consider yourself lucky, and make all efforts to pay back the loan as soon as possible.

The rate of interest you will get charged will vary. In the case of credit card loan, sometimes called cash advances, you usually get charged 3 to 3.5% annually. You can avoid this by always settling your bill completely upon receiving the statement. If not, then the balance will accrue interest, and this will be tagged on to your remaining balance due.

A loan is also temporary. There is no loan that is given with the expectation that payment will take forever. If you do not settle your bill, the balance will keep growing until it reaches an amount that would almost be astronomical.

All loans will come with a contract which should state the terms specifically. You should never just verbally agree to the terms of a loan because this could backfire on you, and you will end up the loser with a he said-she said scenario.

There are also secured and unsecured kinds of loans. The secured loans will have the additional feature of a collateral. This means that should the person with the loan default on his payments, the lender can get his money back in some form or another through the collateral given to him by the person who defaulted.

If you talk about amortized loan, this simply means that you will be required to make regular payments. This can be scheduled annually, bi-annually, although these are rare. Usually the payments are required to be made monthly, quarterly and they are computer based on the principal amount, the interest, taxes, and insurance.

Balloon payments means that the principal amount will be paid on a specific date in one lump sum. The regular payments will only be the interest payments. This used to be more common in the past, unlike today, when the amortized scheme is seen more often.

Loans are pretty easy to apply for, but unlike a few years ago, financial institutions are more conservative in approving for loans. In many cases, you need to have a good credit history prior to quick approval. Of course, if you are pursuing your first loan, approval may take a little longer. What you can do is start with a payday loan or a student loan, and build your credit standing from here.

Quote of the Day:
When you set out to borrow, you often come across terms like unsecured loans, revolving loans, adjustable rate loans, etc. While these terms are more or less self-explanatory, it is still useful to be clear on their exact meanings and what they imply before you finalize a loan contract.
- Prakash Menon

Best Reading:

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Conclusion:
If you think you are ready to start considering a loan, make sure to think twice about it, and get a mature opinion from someone you respect and knows you. Having a loan is a big responsibility, and it will take a lot of maturity to see it through properly.