A personal loan offers a complete solution to the requirement of cash during a financial crisis. It is a lump sum borrowed from a financial institution, which carries a fixed or a variable rate of interest. It is repaid in the form of equated monthly installments (EMIs) over a period of time. The loan will allow you to cover for something urgent right away. You may also use the loan to repay a high-interest debt. The monthly installments are fixed after considering the amount you may comfortably afford to pay each month.

These days, when it comes to personal loans, although there are many players in the market, you may apply for LendingClub personal loans as this online peer-to-peer lending portal has been fulfilling the loan requirements of borrowers for many years.

Eligibility criteria for a LendingClub personal loan
A LendingClub personal loan requires you to make an application, providing details about the type of loan you seek and your credit history. The loan is ideal for individuals with an excellent credit score. A minimum score of 600 is required to qualify for the loan. Anybody above a credit score of 700 may easily avail of a loan from LendingClub.

LendingClub personal loans are preferred by borrowers who have a high annual income with an average of $78,764. Additionally, borrowers with a low debt-to-income ratio, preferably below 30%, may also enjoy the loan. LendingClub accepts joint applications for a single loan. If you wish to file a joint application, your multiple incomes will be considered and you may be sanctioned a larger loan amount.

Terms of lending
Personal loans from LendingClub are sanctioned in the range of $1000 to $40,000. They carry a fixed amount of interest which is anywhere between 5.98% to 35.89%. Based on your profile and your application, you will receive a quote. They go through your credit history, loan amount, desired tenure, debt-to-income ratio, repayment terms, and the amount you owe to your creditors before deciding on the loan amount. You have the flexibility to choose 36 months or 60 months to make the repayment of the loan.

If you are in need of urgent cash and do not want to go through the long approval and application process, it is best to apply for a LendingClub personal loan. However, borrowers with a bad credit should not consider this loan option as there are high chances that your application gets rejected.

It is now possible to open an online bank account without having to physically visit the bank. With the online platform, you can open a bank account in an easy manner. However, your credit history will play a significant role in the same. It is a legal requirement for the opening of a bank account.

Documents required
In order to open an online bank account, you will be required to submit the necessary documents. This requirement could vary from state to state; hence, gather information about the same before you set out to fill the application form. You could speak to the customer representative before you open the account and get an idea about the information you need to ensure that your application is successful.

The basic documents required for the purpose of opening the account include your passport, driving license, or an identity card. Furthermore, you will need to provide proof of address and your social security number. Some banks may also require additional documents, but this varies from one institute to another. If you are a student, you can provide your address through the enrollment form and also provide details of your school.

Application process
The process of application is fairly quick and simple. Once you decide on the bank you wish to open an account with, you need to visit their website and click on the online bank account. You will then be asked to log in with your credentials and the account opening form will materialize. The form will have to be filled by you and it should carry your personal details.

Furthermore, unless it is a no deposit account, you will have to make a deposit through wire transfer. You will have to deposit the minimum amount as required by the bank. There are a number of banks that have a no deposit requirement as well for your benefit. In the next step, you will be required to submit your documents, which will complete the application process.

The most important decision is to choose the right bank and account type as per your needs. You will have to carry out market research and consider the banks that offer the best features. You can then make a choice between a checking account and a savings account. The application process for them will be quite similar and the documentation requirement will also remain the same. You no longer need to visit the bank for this process.

If you are looking to opt for a home warranty company, it is important to go through the fine print of a home warranty contract before you put your initials over it. There are small specifications that determine what will happen if something goes wrong. To prevent any unpleasant surprises in the long run, it is advisable to choose a reliable home warranty company. Below is a list of the four best home warranty companies that you may check out.

American Home Shield (AHS)
This is a top pick for multiple reasons. It offers a generous coverage and has a flexible plan. Further, it is known for its exemplary customer services. It has transparent policies and customizable plans that cater to different consumers. This means you may choose to avail of coverage only for those appliances which you think are more prone to breakdowns. AHS has online tools to simplify bill payment and claim filing processes, thereby making it one of the best home warranty companies.

Sears Home Warranty
With a 180-day workmanship guarantee, the Sears Home Warranty offers the most expensive coverage but is worth every dollar you spend. With the workmanship guarantee in place, you will not have to bear a single penny in terms of service fees for any follow-up work done for a period of 180 days. Moreover, there is a cover up to $10,000 per item, and you have an option to choose between an appliance plan, a systems plan, or a whole house plan.

TotalProtect Home Warranty
Known for generous liability caps, the TotalProtect Home Warranty has no caps on most of the appliances as well as systems. It has a workmanship guarantee that waives the service fees for the follow-up work for up to 180 days. But it does not offer customization of the plan. Some of the appliances covered under it are dishwashers, built-in microwaves, refrigerators, and garbage disposals.

First American Home Warranty
The home warranty provider has a flat rate service charge of $75, which is the lowest out of all the service providers. However, there are additional charges for an AC coverage. Some of the reasons why people prefer to go with this provider are its flexible payment options, a team of professionally-qualified technicians, and its 24/7 service.

Choose a home warranty company keeping your requirement and preferences in mind. However, do not decide simply based on the cost associated with it. It is important to consider the coverage offered by the service provider. If choosing an expensive plan gives you a comprehensive coverage and a high liability cap, it may be the best option for all the appliances in your home.

Opening a new bank account might seem overwhelming. However, if you have the documentation in place, the entire process is pretty quick and straightforward. You need to start by choosing between a savings account and a checking account. If you want to open an account for making payments and for direct deposit, a checking account is ideal for you. Consider the purpose of opening the account and approach the bank according to your needs.

Know the features of a checking account
Before you open a new checking account, you need to understand the features of the account and the services that are a part of it. Learn about the minimum deposit requirement or the fees. Choose an option that is ideal for your requirements. If you want to keep a low balance, you need to open an account that has no minimum balance requirements.

Open a checking account online
The advances in technology have made it possible for you to open a free online checking account from the comfort of your home. Once you have decided the bank in which you want to open a new checking account, you need to drill down to the product and click on “Open an account” and then click on “Checking account”. You will be required to fill in your personal details here.

To verify your identity, they will require you to provide details like your full name, date of birth, and identification numbers, like your Social Security Number. You will also have to provide a valid government ID, like a passport or a driver’s license. Additionally, you will need funding account information. If you are making an application for a joint account, you will have to provide the verification documents of both the applicants.

Open a checking account offline
If you prefer visiting the bank to open the account, you can have all your queries answered by the banker during business hours. You can then fill up the account opening form and hand over your verification IDs to the banker who will make photocopies of the same.

After this, the bank will open a new checking account within minutes and you can make an instant transfer of funds. Always keep a watch on the account and maintain a record of the account statements. If you have any additional accounts, you might want to transfer the funds from the respective accounts to your checking account. Moreover, the inter-bank transfer process is quick and convenient.

Home loans or mortgage loans are considered as commercial paper in the country. This leads to a situation where institutions bundle mortgage loans into securities and allow people to invest in the same. Most home loans have a fixed rate of interest. Read on to get an insight into the home loans.

Applying for a home loan
When you apply for a home loan in the country, you will have to deal with an underwriter for the same. You can either chose to work with a brokerage firm or a bank. A broker cannot directly provide you with a loan, but they have professional relationships with the lenders who help you with the same. In order to apply for a home loan, you will have to undergo a credit check, provide information about your income and employment, and provide the details of your bank account. You will also have to list the places of your residence and provide a copy of the sale or purchase agreement.

The documentation requirement varies from one financial institution to another. There are loans known as no-doc loans where you do not have to provide any statements. However, they are more expensive. Home loans require a significant down payment of about twenty percent of the value of the home. For no-doc loans, a larger amount might be required.

Making the most of competitive marketplace
For those who are keen on investing in real estate, you need to remember that the market is quite competitive and the interest rates vary due to the competition between the brokers and the banks. It is ideal to work with your existing bank for the loan. The process of application is straightforward and you might find the best deal possible.

Alternatively, you can choose to speak to the underwriters at different financial institutions and understand the mortgage rates as well as the origination fees and closing costs. Brokers have professional relations with multiple lenders. Therefore, they can help you find the best deal in the market. However, it can cost you less if you directly contact the bank for the loan. When you deal with an underwriter, you need to ask about the fees they charge for the services. This will be over and above the cost, you incur for the loan.

Study the market and consider alternative options before you make a decision to apply for the home loan. Remember that you should make the most of the varying interest rates in the market.

Foreign exchange or forex refers to the process of buying and selling of foreign currency. It is traded across different markets in the world and is a simple and convenient process. Before you take the next step in foreign currency trading, here is all you need to know.

Currencies are always traded in pairs. With currency pairs, you may see the cost of one currency relative to another. For instance, you may exchange the US Dollars (USD) for Indian Rupees (INR) or choose any two other currencies for an exchange.

Every currency is denoted by its symbol. In foreign currency trading, one symbol represents one currency and its pair is represented by another symbol. You need to identify the symbol for the currency you want to trade in. For example, the symbol for the Japanese Yen is JPY and that for the Canadian Dollar is CAD.

Each currency has a market price associated with it. Every single pair in the market will carry a market price. The market prices show the amount of second currency it will take to buy one unit of the first currency. For example, the USD/INR price will tell you the sum of INR that you will need to spend to buy one USD.

For the purpose of trading, the first currency which is listed in the pair is the directional currency. Therefore, when you see a chart and the price is moving upwards, it shows that the first currency is moving higher relative to the second. If it is falling, then the first currency is declining in value with regard to the other currency in the pair.

The currency pairs move about 50 to 100 pips in a day where a pip is the fourth decimal place in a currency pair. The trick to making money on the sale is that you buy currency at a lower rate and sell it when the pip has moved upwards.

Your profit in foreign currency trading will depend on the amount of currency you purchased. You need to multiply the profit earned on one unit with the total amount of currency you hold.

It is advisable to only venture into foreign currency trading when you have gained thorough knowledge about how it works and what the movement means. You need to keep in mind that you are investing in something dynamic and if you make a wrong decision, you could end up losing money.

Stocks of a company represent equity ownership in the firm. It gives voting rights and residual claims to the shareholders on earnings in the form of dividends or capital gains. To help you invest better, here are the five best top stocks to buy in 2021. 

Mastercard
It is one of the best performing global payments companies that also provide financial solutions. It processes $3.6 trillion in financial transactions annually. This corporate giant has digitized transactions and payments by employing innovative technology. Mastercard is a global payments giant that has a market capitalization of 365 billion dollars and dividend-yielding of 0.48% in every quarter.

Microsoft
It is one of the biggest companies in the world, with a great market share. It is the Number 1 company on Forbes’ top 100 companies with a market cap of 2 trillion. Microsoft is the number 1 stock in the list of best stocks in the country. It pays quarterly dividends to its shareholders. Microsoft company stocks have robust fundamentals. Its potential long-term growth gives you recurring profits and a global target mark, making it the top stock to invest in.

Tesla Inc.
Tesla is one of the largest automakers in the world with a market cap of not less than 655 billion dollars. It is the leading manufacturer of electric vehicles in the world. With a large market cap, it is the fastest-growing stock, with estimated revenue growth of 73.6%. Tesla Inc generates solar energy and is also a clean energy corporation.

Apple
Apple is one of the best and the most iconic tech brands in the world. This market giant invented iPhone, Macintosh, Apple Watch, Apple TV, Mac, and iPad. Apple is ranked among the top stocks to invest in. Despite the pandemic, Apple has maintained its rising trend and continued to grow. 

Visa
Visa is one of the top payment processor market giants. It is a notable payment brand that provides digitized currency in over 200 countries. The Visa stock is listed in the Dow Jones Industrial Average Index and S&P 500. This payment giant also rewards its stakeholders four times annually. 

You can choose to invest in any of these stocks and grow your portfolio exponentially in the coming years. With a boom in technology, these companies will only grow and make you profits.

If you are looking for availing of a loan, you need to keep in mind that your credit score plays a crucial role in your ability to get a loan. When you apply for a loan, the lender will take a look at the credit score before making a decision, and your credit score will reflect whether you are capable of making the repayment on time.

A lot of loan applications are rejected because of a poor credit score and a bad credit history. However, even with a bad credit history, it is possible to qualify for a loan. In the case a loan application is approved against a low score, it will carry a high annual percentage rate (APR), which may make it difficult for you to repay the loan amount. So, it is important that you compare the different poor credit loan options and go for the one that best fits your requirements.

Here is a list of the top four financing companies that offer loans to individuals with a poor credit history.

LendingPoint
This online lender, based out of Georgia, offers poor credit loans to borrowers whose credit score ranges between 600 and 680. Moreover, it has favorable options for repayment of the loan.

Avant
This online credit lender is a reliable name in the industry and it meets the needs of the borrowers who have a credit score as low as 580. However, for borrowers, it has a minimum salary requirement of $40,000 per annum.

OppLoans
Borrowers who are suffering from a subprime financial condition where they have extremely poor credit histories should opt for OppLoans as they are the only lender in the industry who may process a loan for an individual with deficient credit scores. However, to cover for their risk, they charge a relatively higher rate of interest as compared to the other lenders.

Stilt Inc.
Based in San Francisco, Stilt Inc., is perfect for those people who are yet to build a credit score. This FinTech company looks at various factors beyond the credit score to decide whether they want to sanction loans to individuals.

If you are in need of a loan and have a poor credit score, you may submit a loan application online to one of the lenders mentioned above. However, it is best to understand their terms of lending before you file your application and avail of a loan.