What Is A Personal Loan?
In order to understand the meaning of the term personal loans in its entirety it is also important to know in detail what is a loan. This is a term that is very frequently used when discussing economics at a personal national or even the international level. Loan is basically the money that is borrowed from an outside source that can be either a bank or any of the non banking financial institution. One very frequent term that is used while talking about the loan is the rate of interest.
This is nothing but the cost of loan that you are offered when you need it. Generally people take the loan for some of the obvious reasons when they need cash. It can be to get a new car or may be a new house. Generally all people will have not that much of cash in reserve and would go in for taking the loan. So the property that they are buying against that loan will itself be the security that will hypothecated to the bank till the time the amount is totally refunded. Personal loans is the case where the need to take the money is not specified and is generally are not secured with some property. So they are more expensive.
Borrowing a substantial sum of money for the purpose of education is becoming a common craze. Six-figure sum of 100 000 loan for adding to the zeal of higher education may sound as an effective source of investment. With the exclusive package of education received, it is generally anticipated that you will be make up for the borrowed amount with your forthcoming potential of earning. But at the end of the day, you need to be farsighted enough in avoiding the debt ridden trap.
Before going for such huge amounts, you need to put on your thinking cap. There are needs to be quick witted, calculative, and speculative, as well.
It can always be that your parents are willing to contribute, but at the end of it all, you would definitely like being your own man, with the built-up potentiality of repayment. Thus before opting for 100 000 loan, it is important foreseeing your yearly staring pay packet. If you are already into a job, and have borrowed the said amount for the purpose of further education or research based activities, you do have a basis on which to make your calculation. But students can easily anticipate their income level, with a bit of focus on their field of study. For instance, students specializing in computer software or that in medicine are more likely to plunge into a promising packet of pay than those of others.
The procedure for making ppi claim is quite simple and even free of charge wherein there is no requirement of a middlemen, though there are many companies who offer middlemen services at a nominal percentages which could be advisable only when you really don’t know how to go about things
Procedure of PPI claims
The first step in the making PPI claims is to check whether a PPI policy was mis-sold to you or not. The PPI can be mis-sold in many forms starting from giving now knowledge about the attachment of the PPI policy with any other loan applied for or not explaining the terms and conditions about the policy clearly to the consumer. After knowing that the PPI policy has been mis-sold to you then you need to make a PPI claim yourself though there are many middlemen’s who are also known as claim handlers it is quite advisable to apply the claim yourself as it is free of charge
Give the information to the lender
After making a claim it is very necessary to inform the lender about the PPI which was mis-sold to him after which the consumer should write a letter to the bank from which the PPI policy belongs to though it takes about eight weeks or so for the bank to respond bank it is worth the time taken as the bank should take appropriate form of investigating the real scene of action
Ombudsman- final step of action towards PPI claims
If there is no proper response from the bank towards the letter of complaint given by the consumer the consumer can avail the financial services of ombudsman