What Does It Take to Obtain a Loan When You Need One

Loan qualifications

Lenders of all types set qualifications that applicants must meet in order to be considered for loans. The good news is that some lenders are willing to work with people who have experienced a few financial setbacks in the past. If you fall into that category, don’t assume there are no Alberta loans that you can receive. As you begin the search, remember that lenders who place less emphasis on credit scores will still need certain types of information. Have the following ready before you prepare an application.

Verifiable Sources of Income

No lender is likely to approve an application unless you can provide confirmation that you have one or more sources of steady income. While many people think that means money earned from a job or from being self-employed, those are not the only sources that lenders accept. Most provide lists of what sort of income sources they consider acceptable to those who apply for one of their loans in BC.

For example, did you know that funds from a Canadian Pension Plan are accepted as verifiable income? The same is true for maternity leave benefits, Old Age Security, private pension plans, and employment insurance. There may be other forms of income that the lender will accept. When it doubt, ask and listen closely to the answer. Assuming one or more of your income sources is considered sufficient to receive a loan, you’ve passed the first hurdle.

Proof of Identity

You will need to provide proof that you are the person you claim to be. This will often involve providing documentation that confirms your identity. Some sort of official identification like a vehicle operator’s licence is often a good start. Some lenders will accept any form of identification that includes a photograph, like a college student ID. Most lenders are happy to provide a list in advance of what sort of documentation they will need to confirm an applicant’s identity.

Verification of Age

You must be of legal age in order to obtain a loan. While some lenders may approve a loan for someone under the age of 18 if they have a co-signer, that is not always the case. Just as you will need to provide proof of your identify, be prepared to submit documentation that confirms your age.

Confirmation of a Permanent Address

Residents are eligible for many different types of loans. One of the ways that you confirm your residency is by providing a permanent address. This must be the physical address where you live. It can be a home, an apartment complex, or any type of living facility. The key is that there is a physical location where you live permanently. If you have any questions regarding residency requirements, lenders like Magical Credit are happy to answer them.

Proof That You Have a Bank Account in Good Standing

You will need an active bank account that’s currently in good standing. The means the bank has not placed any limitations on your ability to use the account. There are some lenders who will require that you have an active checking account. Others will accept a checking or savings account.

Confirmation that you have a bank account you can use freely is essential. Most lenders will deposit the funds from an approved loan directly into that account. You will also need a checking account that you can use to remit loan payments through an online interface or by mailing a cheque to the lender through the post.

Some lenders will accept checking accounts related to institutions that operate online only. Others may require an account with a more traditional institution. It never hurts to check with the lender to ensure your bank meets their qualifications.

How would a loan make a difference for you? If there’s something that you need to accomplish, the right loan can make things a lot easier. Visit Magical Credit today and learn more about the types of loans offered and how you can qualify for them. The right solution will mean that the money is in your hands quickly and you can repay the loan using terms that are easy to manage.

Which locations are the best investment ideas for your business

Are you a business looking to grow in your respective market and invest in new office space? While London is a notoriously expensive area to operate in, there do exist plenty of areas offering affordable prices – especially for serviced office space that you can cultivate to make a solid home for your brand. Take a look below to find out more about some of the hottest working locations within the capital.

Marylebone

There are tonnes of Serviced Offices in Marylebone perfect for established businesses as well as growing start-ups. Marylebone is a chic residential area with a village feel, filled with indie boutiques and a range of tasty restaurants if you’re looking for an after-work treat. The area benefits from its central location and large train station, making it the perfect area for locals and commuters to travel into work whenever they need to. Situated in the affluent West End of London you’ll find yourself among areas like Fulham, Hammersmith and Chelsea, which each provide amazing areas for investment and business meetings.

Clerkenwell

Clerkenwell is a vibrant area in the centre of London within the sub-district of Finsbury. Clerkenwell is fast becoming a favoured location for new brands looking to invest in their localities with serviced office spaces perfect for start-ups. While working from Clerkenwell you’ll find yourself among a whole host of cultural activity as this location features nearby access to the British Museum and British Library, as well as the architectural mega-structure that is the Barbican Centre. What all these locations have in common is great accessibility and commuter links, which is vital for a workforce who are most likely working out of the capital.

Shoreditch

Shoreditch is one of those London districts that perhaps gets a bad rap for being a centre of hipster activity. While that was certainly true for the east end location a couple of years ago, the area is quickly becoming a prime spot for business investment and brands looking to set themselves up in an area that possesses great transport links and events nearby. Shoreditch is also filled with quirky bars and restaurants, perfect for after work drinks or meetings in a vibrant and youthful district. Look into some serviced office-space today with a trip to Shoreditch.

Soho

While the glory days of Soho are now firmly in the past, the area still boasts some of the best office-space that London has to offer. Soho once had a reputation as being something of a seedy area but that couldn’t be more from the truth. These days, Soho is a hub of progressive activity, and business start-ups looking to establish their brands on the local patchwork. Soho is located within the City of Westminster and is a fashionable location for shopping, dining, and jazz nights. Why not invest in some shared office-space in Soho today – it could change the way your brand operates forever.

Hopefully this article has provided you with a little food for thought when it comes to planning some new office investment for your brand. While London provides endless opportunities for success, there are always new areas popping up that are quickly named the new, hottest area. It’s important to consider what you want for your business and what type of location will suit the goals of your brand.

Top Personal Financial Mistakes

Errors Personal Finances

Balancing personal finances isn’t as easy as it seems. A few mistakes can really hurt your pocketbook. Fortunately, a lot of these mistakes have easy fixes. Once you know the mistakes that you’re making, you can easily rectify them with a series of steps. When it comes to your financial health, it’s important that you take care of it. This could make a big difference on your quality of life.

Frivolous Spending

One of the biggest causes of financial trouble is simple frivolous spending. It’s important that you really consider what you’re paying for when you buy items. Financial services like Goldstone Financial Group can help you budget. Focus your budget around the things that you need and then take into account the other things that you buy. If you purchase coffee every day, you might want to see how the bill stacks up day after day. Even little frivolous charges might pile up and be worth more than you thought by the end of the month.

Frivolous spending can be helped through simple budgeting and paying attention to all of your purchases. You want to make sure that you don’t overspend or buy a lot of unnecessary items. When you save your money, you can use it for more later.

Dependence on Credit

In the United States, the average debt stands around $5,700. Nowadays, people rely more on credit than they used to. A number of different factors go into American credit usage. Credit cards can be a great way to build credit and to pay for emergency purchases. There is nothing inherently wrong with utilizing credit cards. The problem with credit cards is that people tend to overspend when using them. Often, people overspend because credit cards are harder to keep track of.

In the past, people balanced their checkbooks often. They had to pay closer attention to the amount of money that they spent. When you use credit cards, it is easy to swipe the card and forget about your purchases until later. Unfortunately, when you do this, you can wind up spending more than you meant to or that you thought you did. Do not depend on your credit cards. You can make yourself a budget to ensure that you do not overspend or gather too much debt.

Multiple Payment Obligations

How many subscriptions do you have? You may have subscription services for your cable, for streaming services, for internet, phone and even convenient services. Take a look at the type of payments you owe per month. While you should always keep the necessities, you should make sure that you are paying for what you use. For instance, if you are part of an entertainment or clothing subscription service but you barely reap the benefits, then it might be time to cancel. These monthly fees may seem small on their own, but they do stack up.

Financial problems do not always develop automatically. Often, when a person has poor financial health, it happens over time. If you’ve made any of these financial mistakes, don’t worry too much. With financial errors, there are fixes. Once you know the mistakes, you can start making smarter decisions with your money.