Type of Loans

Safeguarded Loan

A safeguarded loan means a secured loan. It is one kind of loan in which the debtor initiates some asset as surety. Asset like a car or property. 

Among the common type of debt tool, a mortgage loan is a very common one. It is not only used by many individuals to purchase housing but also used to purchase the property. Moreover, the fiscal institute is given safety on the name to the house until the mortgage is paid off in its entirety. In case, the debtor fails to pay the loan then the bank would have the lawful right to reclaim the house and also would have the lawful right to sell it for recovering amounts due to it. 

In some cases, a loan taken out to acquisition a firsthand or used car may be secured by the car. In the same way as the second mortgage is secured by housing. The time of the loan dated is significantly shorter. Direct and indirect are two types of auto loans. A direct auto loan means where a bank gives the loan directly to a customer. An indirect auto loan means where a car dealership performances as an in-between among the bank or fiscal institute and the customer.

Bank Loans

A loan is a sort of obligation like all debt tools and it involves the redeployment of monetary possessions over time. It works between the moneylender and the debtor.

The debtor mainly obtains or borrows a sum of cash in a loan as the principal amount from moneylender. It is indebted to reimbursement or reimburse an equivalent sum of cash to the moneylender at a later time. Normally, this cash has to pay back in consistent installments or has to do those partial repayments in an annuity. Each installment has to keep as the same amount.

The loan is usually delivered as an interest on the balance providing an inducement for the moneylender to engross in the loan. Each of these compulsions and limits, in a permissible loan, is imposed by contract which one has to place the debtor under supplementary limits known as loan covenants. This article focuses on monetary loans practicing any material object might be lent.

For fiscal institutes, interim as a provider of loans is one of the foremost odd jobs and besides dealing out of debt agreements for instance bonds is an another distinctive basis of funding.

How to live cheaply in the 21st century?

The 21^st century is the contemporary century of the Anno Domini period. It is the Common Period consistent with the Gregorian calendar. It is also the first century of the 3^rd millennium.

Living cheaply in this century is not so easy word to say because the whole lot is so expensive around us. In these circumstances, I am trying to find out some way how we can live cheaply. 

Usually, living cheaply depends on How We Want to Lead our Daily Life Styles or depends on How We Want to Maintain our Daily Casual Life. We can assume it as the first step for living cheaply. As the second step, we can select the method of Money Management. Because every time, every where it keeps a vital role to changing our life or life style. That’s why, successful people believe “Money is hard to earn but easy to lose so, guard yours with care and never ever spend your money before you have it”.  Thirdly, most important things which we sometimes don’t use correctly, is Time.  As well at the money management, we must know about the method of Time Management. Because time is money, more time is more money and I believe wasting our money means we are only out of money; but wasting our time means we have lost a part of our life. We can change anything if we do thinking big. The secrets of our success are hiding in our positive thinking. So, Thinking Big here can be the last but not least step. Now, what we found… we got four steps: how we want to lead or maintain our life and life style, the method of money management, the method of time management and the last list thinking big. Let’s discuss all that four steps how to live cheaply in this 21^st century.

Someone any time can change his/her life styles if he/she can maintain his/her daily casual life appropriately. Because a person sooner or later can discover that he/she is the master-gardener of his/her soul, the main director of his/her life.  Even though, normally it depends on his/her own on earning source and then depends on how he/she will spend it. If we can use our money properly, we can change our life and life style for our bright future and this changing mode will be the main stairway for our success.  In fact, future is nothing. The best thing about the future is that it comes one day at a time. So, we have to use our present accurately and will take lesson from the past. We will see our future.

For doing nice our present and future life, we must use the method of money management. Therefore, we will lead our life and life style correctly and will maintain everything in our life. I am trying to draw a picture by using different type of earning sources to showing the money management from my prediction.

Suppose: 

 

In the chart above, first category is predicting for those people who earns 367.65 USD and has a tiny family along with 3 members. For the large family, it can be difficult to maintain this category. Every successful people always maintain a strong routine so that he doesn’t face any problem in future. I also hardly try to maintain this. By the way, at the first category has shown that how can all expenditures maintain by a strong money management. Also shown that how can save some money among them. For well-living or living cheaply and also for the bright future, I think it’s very necessary to maintain our money management correctly and proper way. Guess, according to this category, we can save 24.52 US Dollar in a month so, after one year saving can stand 294.24 USD, after five years saving can stand 1471.20 USD, after ten years saving can stand 2942.40. Actually, it depends how, when you can save. If you can save this amount in a week so the saving amount will be increased more than a month. You just have to multiply with how long you can save money. If we remember one thing that saving is our present future. No saving, no future. 

Second and third category are predicting for those people who earn 612. 75 USD and 1225.50 USD and both of them have large family. They can easily maintain all expenditures within the money management because their earning is well-established besides they can also save some good amount of money. We see in the chart that third category’s saving money is the best of all. These category’s people earn a lot and by using the proper money management, they can also save a lot of money. More saving money can bring more bright future. We also should to remember another thing that everything will have to do within our time by using the proper time management.  Because “waste our money and we are only out of money but waste our time, we have lost a part of our life, forever”.

Nothing will be happened if we don’t think big and if we don’t do any plan. So, we have changed our thinking first for changing everything. Success is a lousy teacher. It seduces smart people into thinking they can’t lose. That’s why; successful people said “I like thinking big. If you are going to be thinking anything, you might as well think big”. Whatever our earning, we should to keep some money for saving from it.