Think of your financial portfolio as a gun rack. Like Batman used that utility belt to the best of his advantage against the various criminals of Gotham City, you can use YOUR financial utility belt to match a number of situations. Your financial portfolio can encompass a wide range of aspects, including your salary, financial planning, insurance and investing. And if you want even more aspects, your regular budget, bank accounts and credit card accounts would also be included.
However, have you ever considered that loans may also be an integral part of your financial portfolio? Bet you haven’t. A loan can be a wise financial decision for many people. This article will deal with a small sampling of loans that you might want to make a part of your financial portfolio. But just like drinking, loans are something you would want to take out in moderation. You wouldn’t want to go whole hog and apply for any and every loan within your reach, but provided your financial portfolio isn’t jampacked with insurance, this event is quite unlikely.
Before anything else, let us discuss the two main classifications of available loans. Unsecured loans are loans that do not have any assets to guarantee them while secured loans are loans that are backed up by assets and assure the lending institution they will recoup their losses if you’re unable to pay back the loan. More often than not, you would want to go for a secured loan over one that is unsecured.
Now what are the types of secured loans, and what would be the best for you? It all depends. If you are currently faced with insurmountable debts, then your best options would either be a getting a debt consolidation loan or a bad credit loan – these two loan types would fuse together all your outstanding debts and convert them into one single, fixed monthly payment with significantly lower rate of interest. You’ll be surprised at the money you save by lowering your rate, lengthening the term to repay, and arranging for a fixed monthly payment rather than receiving many monthly payments in the mail.
Yet another type of secured loan that might suit your needs would be a home improvement loan. A home improvement loan is an important bargaining chip as you try to add value in your home should you resell it in the future. If you are qualified for a home improvement loan, all you need to do is fix up your home, refurbish, renovate, redecorate like so, and when you’re ready to sell your home, you can possibly get more than what you originally paid for. Now this might sound foolhardy – why borrow money when you’re only going to pay it back to add value to your home – but this equation has nothing to do with ciphers, or zeros in layman’s terms. It’s not rocket science, my friends – spend a little for home improvement, earn back a lot, bada bing, bada boom. In the words of Ashton Kutcher…Sweeeeeet!
As a sidebar to the topic at hand, there are a several other miscellaneous loan types worth consideration. All of us have a certain something that we want to buy but couldn’t quite afford, and these loans help pay for these things. It can be a six-month European cruise, a brand new F1 McLaren (the actual racing car driven by Lewis Hamilton et al., not the super-fast sports car with a similar name!) or a ticket to a spaceship headed to an Earth-like planet! What we’re trying to say is that secured loans would give you affordable interest rates and monthly terms of repayment, so these are indeed the best type of loan you could take out.
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