We started out a couple of years ago when we realised the fact that people need a platform to meet their financial needs and requirements. On the other hand, we also knew that it has to be a platform large enough to share thoughts, seek advice and at the same time borrow loans as well. That is when Guadalupe Custom Strings came into existence.
The world is getting way too digitalised and that is one of the predominant reasons why you need a platform that can take you to yet another level in this digital world. So, the role of our firm, Guadalupe Custom Strings, is that we are a part of the same digital world but a little on the higher end. Yes, here we are to act as a link between people and their financial requirements. Your requirements are endless and we are here to fulfil them.
Feel the need to borrow money? Perhaps you need to borrow money to pay off some bill, credit card or tuition fee. Maybe you even need to take out a loan to pay off your house or add to your car payments. Whatever the case might be, a lender is one person, or rather a middleman that comes in handy when applying for a loan. A lender will borrow your money against your word to pay it back. He might even ask you to use an asset as collateral to ensure the loan’s security. While you might not know it yet. This simple description is a distinction between secured and unsecured loans, one that you need to be aware of.
When applying for a loan, it is important to consider all your options, as well as what you should do in the event of something going wrong.
Secured loans explained
Secured loans are those that are backed by an asset such as a house or car, in case you cannot pay back the loan or your debt. The asset you present the lender with is thus a collateral piece, in exchange for a loan. If the loan is not paid according to the agreement set up between you and the lender, the collateral can be repossessed by the lender.
Even when lenders repossess the property, when it comes to defaulted secured loans, you could still be left owing money on the loan. This is a great option if you need your debt to be paid off hassle-free.
Unsecured loans explained
An unsecured loan is a complete opposite than secured loans. It is not tied to one’s assets. The lender also can’t take either your property or possessions. Two very good and popular examples of these loans are both student loans and tied loans. These are not necessarily tied to an asset for the lender to take if one has a default on any of their payments.
This type of loan is much easier to operate are more preferred as it doesn’t put your possessions at risk. If you have a good credit history and a steady income, you can qualify for such a loan.
The only negative factor regarding this type of loan is that the amount lent and owed is much smaller. This is because no collateral can be approved.
Credit reporting with secured and unsecured loans
With both loans, lenders can check whether the individual taking out the loan, can be notified and checked by the lender him/herself. If payments are not paid on the dates provided by the lender, repossession and foreclosure are sure to be implemented.
All you millennial workers out there, it is time to do some smart work on your retirement plan. And no you don’t have to wait till 40 to start thinking about retirement plant. Remember that the minute you start earning, your retirement plan should be an area that you focus on. Read this article to learn the four essential steps to make your retirement a walk in the park.
Step 1: The most important thing about financial planning is to have a budget in place. Having a thoroughly planned out budget can make all the difference. The biggest reason why you find it difficult to save at the end of each month is that you tend to spend more on non-essential things when compared to essential expenses. A budget can not only help you manage your expenses but will also help you plan for the future.
Step 2: Understand the benefits of your employer when it comes to retirement planning. Most employers will have a retirement management policy that you can tap into. These policies tend to place you on the right side of tax-free dollars that can propel your retirement plan to the next level. If you feel that you’re wasting your money by putting it in a plan that you won’t access for the next 30 years, you’re essentially saying no to free money.
Step 3: Savings should be the mantra that you work on. There are two funds that you need to focus on. Firstly, start building an emergency fund that can help you if you lose your job. Secondly, focus on how you can save for the future. Understand the type of IRA policies and which one is more applicable to you. There are essentially two forms of IRA policies that you can follow. First one is quite basic where you redirect some of your earnings into a retirement fund, for which you will only have to pay tax during the time of withdrawal while the other is a Roth IRA where you store after-tax dollars in your retirement plan. The Roth IRA is a long-term plan where you can enjoy the fruits of your conquest without having to worry about taxes at a later stage in life. While the basic IRA policy is more in accordance with enjoying the benefits at the time of building your retirement plan.
Step 4: Our final step is for you to start educating yourself when it comes to financial management. Read up on important policies and protocols to aid you in retirement planning. Remember that you don’t need a degree in finance to know the basics.
We work with a team of the best finance professionals in town and that is the reason why we boast about the quality of our services. However, on the other hand, the finance team members are grounded and they are very friendly. Our happy clients are the testimonials of what we brag about.
Contact us for a free consultation to receive an quote estimate.
Call us at:312-589-9620