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When you apply for a loan, you do so hoping that the money will be deposited in your account soonest possible. Maybe the loan was meant to give your business a boost, maybe it was for personal use or you needed to offset medical bills. Whatever the case, loans are generally meant to get us out of a financial hiccup. The first question that goes through your mind is how long it will take for the money to be deposited into your account.
The loan application process determines how long it takes for money to get into your account. To hasten the loan application process, here are some tips. Find out all the necessary documents that your lender requires and keep them at hand during the application process, Gather all the required information and statements needed. If you have any doubts or are unsure of something, don’t hesitate to ask.
One thing that can delay your loan is submitting an incomplete application. Since different lenders have different requirements, be sure to comply with all of them. If the lender requires your statements verifying your source of income, ensure you have them on hand. The loan application process can take anywhere between two days and a week depending on your preparedness and the required documents.
Before the loan is deposited into your account, it has to be approved first. The faster your loan is approved, the faster it gets into your account. One of the most crucial factors that affect loan approval is your credit score. All financial institutions have to check your credit score to determine how eligible you are for the loans you apply for.
Your credit score is determined by factors such as;
Outstanding balance- financial institutions use your outstanding balance to find out how well you manage your credit by determining your credit utilization ratio. Loan history- your loan history helps banks know how well or poor you are at managing loans. Most financial institutions require a minimum loan history of 6 months.
Repayment history- do you always pay your loans on time? Are you a defaulter? Through your repayment history, financial institutions can answer some of this crucial questions. A poor credit score can adversely affect your loan application while a good credit score reflects well on your applications.
The approval process is also dependent on how prepared you were when applying for the loan i.e. if you were able to avail all the required documents. It is also dependent on your lender, with banks taking anywhere between 7 days. Once your loan is approved, you can expect the money to reflect in your account after2 or 3 days.
It is important to note that lenders like banks can take longer as they mostly rely on manpower for verification of documents and assessments. The whole process of having loans approved typically takes one or two weeks. Once you have submitted your application and it is approved, you can wait for the funds to reflect in about a week.
With 2017 taking off with a bang, cryptocurrency has been recognised as potentially, the best investment of your life. Getting closer to 2018 however, it has been recognised as one of the most unstable markets in the world.
That is because cryptocurrency went from constantly increasing its value in the market where many were able to generate profits, to all of its coins drop in the lowest value seen in years. Two such coins, also recognised as the two biggest coins, Bitcoin and Ethereum, reached a low that left all investors thinking it would not be able to rise again. While this makes the most sense for the future of these coins, cryptocurrency and its algorithms never made any sense, to begin with. This has left many to believe that the unstable market will recover once again and when it does, allow for profits re far bigger than ever before.
Ups and Downs are part of the trade and are, normal?
It’s safe to say that in 2018, Bitcoin on the map as an asset class of its own. As a digital currency, many have questioned how a currency in the digital space can be without any value. Bitcoin, in fact, has a transferable value. It is an exchangeable currency for currencies all around the world and can even be used to pay for certain services and to buy selected products. It is a quick, safe and untraceable transactional method that in some cases, might even save you money when it comes to tax.
Enter the Blockchain
To reap the most benefits from cryptocurrency, there is an underlying technology referred to as Blockchain. This is a space that is crucial for optimal trade with crypto. Blockchain allows for data to be shared in a unique way. It allows a transaction to occur from person to person without having to rely on a bank to support a transfer. This reduces the risk of having data stolen. These transactions are immutable, which means it cannot be changed unless the network agrees with it.
Although there are a lot of ruffled feathers and beliefs regarding the current and future state of Bitcoin, the blockchain is a platform for people all around the world that revolutionizes technology and the ability to perform transactions more safely and quickly. It is a far more reliable source and is one that is being considered as a new system in banks globally.
Although there will always be positives and negatives in the cryptocurrency space, there is a lot of potential for profits and growth when done right. There are various factors that influence the market and the current state of crypto due to investors retracted from buying crypto. Once the market picks up, cryptocurrency’s value and ever-growing opportunity once again, will too.
If you are looking for ways to get out of debt, then it is pretty clear that you have suffered and you are sick of being in debt. Being in debt is overwhelming and stressful. But there is always a way out, and you can get out of debt if you focus hard on managing your finances properly. You will first need a plan, and then you need to figure out ways to execute and practise the plan. The following are some of the ways which will help you to come out of your debts:
Stop borrowing money:
Once you start borrowing money, you will tend to develop a habit to keep on borrowing more money to pay your debts. You need to tell yourself that you don’t want to live a life this and stop borrowing money. The more you borrow, the more you will be stuck. Borrowing money is like falling into a huge pit, and it can be very hard to get out of that pit if you do not make wise decisions.
Figure out how much debt you have to pay:
You will never be able to pay off your debts if you do not have any proper plans. Calculate the amount you have borrowed along with the interest you have to pay. Once you are done figuring out this amount, you need to make a plan. Focus on paying a particular amount every month by cutting down other expenses and make an effort to pay off all your debt within a period. Try to pay more than the minimum amount so that you can finish up paying the debt faster and your interest amount will also reduce.
Cut down your expenses:
You need to remember that you have a lot of money to pay to someone else and thus you cannot be spending on unnecessary things. Try to cut down on as many things possible and only buy something if you need it Avoid using your credit cards at this time as you will end up paying from your credit cards, but you will later have to pay your credit card bills on top of your debt payments.
Try to work extra jobs:
At this point, even after cutting expenses if you think you are not able to pay back your debts, try to focus on increasing your income rate. Work extra jobs or do some chores which will give you extra cash with which you can pay off your debts. There are many ways to increase your income and depending on your ability you can figure out a way to get a second job to fix your current situation. You can also consider asking a raise from your boss or a bonus for the work you have done.