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Lendstart Is Helping Customers Choose the Best Personal Loans
Tel Aviv, Israel–(Newsfile Corp. – December 7, 2021) – Personal loans can be complex and confusing, but Lendstart is changing the process and helping their clients bypass the tedious process. There are several factors that go into creating a personal loan, and you need to make sure that you are selecting one that is just right for you. Here are some of the factors that you need to consider when selecting a loan.
The Amount You Get
“Obviously, you need to think about how much you want to get from the loan. Each loan will offer a different amount of money. You might be able to find ones for £1000, but there might also be offers for £1500 and even more,” explains a representative from Lendstart.
Though it is not the same as a personal loan, a mortgage offers marginally higher loans with lower interests to compete with rising house prices. However, mortgage advisors are often assigned to clients to help them pick out the best loans but the same luxury is not afforded to those opting for a personal loan.
Extensive research is required for those who are looking at personal loans. Two personal loans may offer the same amount of money, but the terms and conditions of the two could not be more different.
“It’s easy to know how much money you’re getting but close attention should be given to its terms and conditions,” a Lendstart representative said.
APR
One of the most important factors lenders need to pay attention to when choosing a personal loan is the APR, or annual percentage rate. It is one of the most important factors when one is comparing the best personal loans. This is a yearly sum of interest that applies to the loan, and the lender will have to pay it on top of what the repayment is set at.
When asked to elaborate, the rep from Lendstart explains, “As an example, you might take out a loan of £500 with an APR of 10%. This means that interest worth 10% of the loan (in other words, £50) will be charged each year. There are certain levels of APR that are good, and others that are bad. For a personal loan, you should try to find as low an APR as possible.”
The APR rate has to be disclosed by the lender before the deal is closed. They will also then announce the total amount that the lender is expected to pay back on top of the loan. Some loans will come with a fixed APR rate, so they won’t change over a certain length of time, such as eighteen months, while others will have flexible APRs that you need to monitor as you make your repayments. Some loans might have changing APRs, but they will also offer a maximum APR rate that it could rise to.
Repayment Terms
According to the personal loan advisors at Lendstart, “Never accept a personal loan if you do not know what the repayment terms are. You will always be given them when you apply for the loan, and you need to stick to them. There are two important subfactors to pay attention to here. The first is how much you are expected to pay back as repayments. Most loans will come with a fixed minimum payment that you have to make. You can sometimes negotiate with the lender to pay the loan back at a higher rate if you would prefer, but you will always have a fixed minimum payment level.”
The other factor is the length of the repayment period. Every loan will have a maximum length of time in which the lender will need to pay the loan back in, and failure to do so may incur additional charges, as detailed below. For personal loans, this can be up to seven years, but every loan is different.
You need to make sure that you stick to the repayment terms closely. If you fail to make a repayment, you run the risk of defaulting on the loan. This is something that you need to pay attention to closely, so you should make sure you talk through the repayment terms with your lender.
There are several factors that you need to watch for with a personal loan. Though you need to pay close attention to what you are getting and the repayment terms, one of the most important parts by far is your APR rate. Never accept a loan unless you understand the terms behind it and Lendstart is helping clients understand and pick the right loan for their needs.
Media Contacts –
Name: Lendstart
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106962
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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