PayDay Loans

The Savviness of a Payday Loan

Published

8 months ago

August 16, 2019

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We live in a world of instant gratification and we live in a world that is powered by our money. How much we earn controls how much we spend, and things just seem to cost more and more. Days seem to get shorter, weekends never last and we run out of things far too quickly. We all want more money, very often it is not to buy or pay for things we don’t need it is money just to survive or at least have some sort of life. The world has become faster, more expensive and everything except the air we breathe ends up costing us money.

Stretch Money

We all want to stretch our money and all of us really want to earn more. It is a catch 22 where we earn just a little bit more and think we will make and prices of everything goes up by just a little more than our pay went up. Murphy’s law some say but it is the way of the world and we need to get savvy about how we manage our money. This is where understanding how tools such as payday loans from companies like HittaSMSLan come in. Yes, payday loans. And no, they are not as scary and bad for you as some may make you think.

Clever Money Management

Clever, smart and savvy very short-term loans for often small amounts are not “get out of debt” mechanisms nor are they borrowing traps. Once understood they become clever tools that help you manage your personal cash flow. When people start looking closely at their personal finances cashflow becomes an important thing to look at. Payday loans don’t give you more money, they have fees and interest with them and do cost you money. However, how the payday loan is used is where they become very useful tools that help you gain control of your money and your spending.

Emergency Cash

Many people use a payday loan as a cash advance loan in emergency situations. Again, this is about managing cashflow not income. Very often the car breaks down or the water pipes burst in the middle of the month, long before your salary is due to be paid. You might know you that you will have more than enough money to pay for the emergency once your salary is in your bank and the SMS loan, even with its fees and interest is merely a buffer to allow life to carry on. This is the use of payday loans that many people are aware of.

Cashflow Management

Many people end up with too much month left at the end of their money. Payday loans, as part of a review of your finances, can pay a clever role in cashflow and even starting to save. Sure, there are fees and interests to consider with a very short loan but very often the small loan, when used strategically is the catalyst for changing the way you think about money. A payday loan will make you stand up and look and your finances, you will soon see where you are wasting your money each month. With a payday loan, you can begin to get very savvy with your money as long as you are willing to change.

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PayDay Loans

6 easy steps for Millennials to make use of a Personal Loan Calculator

Published

4 months ago

December 7, 2019

Mahesh CK

The current generation youth can be considered as Millennials because they are the people reaching their adulthood during the early 21st century. Technological advancement has largely taken place and the majority of the business sector as moved into a digital platform. As a result, different commodities and services are now available in different websites. The Millennials are prominently exposed to the internet and they can easily access the commodities and services.

While purchasing personal loans, most Millennials can tilt towards the online dealers. It can be time-saving and instantly accessible. The personal loan calculator can easily serve the Millennial personal loan borrowers to check for a principal amount that they can take and repay easily within the deadline.

Steps to follow while using the personal loan calculator

A personal loan calculator can help a borrower to get all information related to the EMI and tenure of the personal loan. Generally, the websites of some leading organizations dealing with different types of loans provide an EMI calculator. It can be used to determine the EMI of any kind of loan. There are some easy steps that one can follow while calculating EMI on personal loan while using a personal, loan calculator. The details are mentioned below:

Search for a reputed lender organization

The primary job a Millennial borrower should do is to find a reputed organization that provides personal loans. In India, personal loan plans are delivered by the NBFCs and commercial banks. You can find the digital calculators on the websites in different designs. Shortlist some banks and NBFCs to check EMI while you input the principal amount of the personal loan.

Always set the calculator at personal loan measurement

Mainly, banking and finance-related websites have one digital calculator that can calculate the EMI for a personal loan, home loan, and a car loan. Before providing any input to the EMI calculator, make sure it is set to the personal loan tag. Otherwise, the total calculation can go wrong. You should be aware that many people wrongly calculate either the car loan or home loan EMI while seeking or a personal loan EMI calculation due to the lack of information.

Select the principal amount

Selecting the principal amount is a vital thing when it comes to personal loan EMI calculation. You must be aware of the fact that the amount of EMI will directly depend on the principal amount of the personal loan. Some EMI calculators will give you a chance to directly enter the amount that you want to take as the loan. The calculation helps you to understand if you are truly eligible to take the personal loan and whether you have the potential to repay the loan on time.

You can provide the prepayments

While using the personal loan calculator, you can provide the prepayment value in it if you are sure of paying it on a monthly basis. Many Millennials look for quicker settlement of the personal loans and the prepayments can be an excellent way to execute that. The prepayment frequency is also to be mentioned in the calculator.

Check for any errors

After you have entered all the data mentioned above, try checking it once again. It is very important for you to know about the right monthly EMI. Approach for a personal loan only when you are sure about repaying it totally. Remember that any default can lead you to experience harsh legal proceedings.

Final Calculation

After a final check-up of all data, you can click to ‘Calculate’. The websites can provide you with instant results letting you know the exact amount of EMI that you need to pay.

There are different advantages that you can expect getting while using the personal EMI calculator. Firstly, as a borrower, you can get a chance to exactly select a principal amount that you can repay on time. Moreover, by using a calculator, you can have a clear idea about the principal amount a personal loan lender can provide you.

There are different advantages you can enjoy while taking a personal loan. However, the rate of interest is comparatively high for it. You must concentrate on the repayment strategy once you get the loan capital. This loan can be used for multiple purposes. Apart from using the EMI calculator, you should check the other eligibility that the lender demands from the borrower. As a millennial, you must always remember to maintain proper money management. Defaulting a personal loan can be dangerous as it can lead you to legal proceedings. You can take the suggestions from a legal and a financial advisor while you desire to take a personal loan.

It is always advisable to take the personal loans to meet the emergency financial crisis. Always avoid taking a loan in a reluctant manner as it can drain your credit score and worsen your financial condition.