Personal loans can be availed for any purpose and so it helps at any point you do not have cash. The rate of interest for personal loan is very low, so it is advisable to take a personal loan for most purposes, even for buying consumer durables. You should know the advantages and disadvantages of personal loans before going for it. Continue reading ‘Personal Loans - Advantages & Disadvantages’

Niraj who had room mates who had taken loans from different banks was consistently pestered with visits from a recovery agent. In spite of telling him that they had long since relocated, the recovery agent refused to take his word for it and claimed he was one of the defaulters and was pretending that he was not. You can imagine the exasperation Niraj felt. Well, this is a very simple form of harassment compared to the more horrific stories heard from some other customers. Recovery agents ring doorbells embarrass the bank customers who have defaulted payments before family members, colleagues and friends and sometimes are threatened with violence. Continue reading ‘How to tackle harassment from recovery agents?’

Sub-prime mortgage has recently been doing the rounds at smoke breaks and tea time conversations. Each individual seems to have their own perception of what subprime mortgage is. Let us come to terms with it through this article.

What exactly is sub-prime mortgage?
It is basically money lent by a lender or bank to an individual who needs to pay up loan instalments he has defaulted to another bank. Such a person with a bad credit history known as a sub-prime borrower gets a reprieve through the services of these banks or lenders who see a huge market for sub-prime mortgage. Continue reading ‘The US Sub-prime mortgage crisis and impact on India’

All of us go through financial crises some time. And during such periods we may have delayed certain loan payments or credit card bills. Well, if this has happened to you, there is a lot of bad news in store. Continue reading ‘Do you have a bad credit history? Watch out!’