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6 Types of Personal Loans You Can Get In Minutes

6 Types of Personal Loans You Can Get In Minutes

Loans are an excellent way of getting out of a tight financial situation. They can be your lifeline when you are unable to manage your finances. But you have to be careful while choosing the loan you want. It is not always easy to get a loan. There are certain requirements for getting different types of loans. If you want to get the best loan, then a personal loan is an excellent choice. You can get a personal loan for reasons such as a holiday, education fees, new car, new house, etc. Personal loans are a good option because they come with low rates and it is a suitable long-term solution.

If you need money to pay your fee or to pay for a holiday, then the best option for you is the unsecured loans. Before taking the loan, you need to evaluate your situation. Thoroughly analyzing the circumstances will allow you to make the right decision. You should take a look at different banks and choose the one who can suit your needs in the best way. Getting a personal loan is just a matter of minutes. You only require minutes to secure a personal loan.

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Here are some of the types of personal loan you can get. Knowing the basics about the various kinds will help in making the right decision.

1. Secured loan

If you are planning to buy something big and expensive such as a new car, house, furniture, etc., then you will need a secured loan. Before getting it, you should know how it works. In this loan, the asset that you are buying will be used as security by the bank. If you fail to pay the loan then, the object will go into the custody of the bank. The financial institution has the power to get your assets if you fail.  They can sell it to ensure the payment is made. These loans often come with low-interest rates because they are considered low risk.

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2. Unsecured loans

These are your best option when you are in need of some extra cash. In this loan, there is no need for any security. As there is no security these loans are considered high risk. They also come with a higher interest rate. If you are taking the first loan, then you will need to have a guarantor who can assure the lender that you will make the repayments.

3. Fixed

When you get the fixed rate loans, then you will get fixed rates of interest. They are an excellent option of loan for salaried person. You can make the same repayments unless the loan is repaid. It is easier to manage a loan that comes with fixed rates. There is also a downside to these loans. If the overall rate drops your interest rates will stay the same as they will not get affected by the overall rate. It May mean that you end up paying more than you need to but it also has its cons. So you need to be acutely aware of your financial situation before getting the loan.

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4. Variable

Variable loans are opposite to the fixed ones. The interest rate can fluctuate. The prices can change according to the discretion of the lender. The rates can come down, but they can also increase. If the rates decrease then, it is a good thing, but the increasing rates can make it difficult to make repayments as you will need to pay more.

5. Overdraft

It is a loan which will make sure that there is enough money in your account when you require. It is an excellent option for getting money when there is an emergency. Emergencies can happen when you least expect them so having money at hand is always a good idea. You only need to pay interest on the money that spends. It comes with a high-interest rate as compared to other personal loans.

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6. Line of credit

It is a type of loan which offers access to funds when you need them. You can withdraw some extra cash as needed. You do not have to pay interest on the amount that you borrow but only on the amount that you spend. There is a limit to the amount you can access. There is a lower and higher limit.

You can get the best-suited loan by doing a proper research of your financial situation. If you know how many loans you need, then it will help in making the decision about the type of loan you need.

Featured photo credit: BusinessWolf via businesswolf.org

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Adnan Manzoor

Data Analyst & Life Coach

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Published on September 17, 2018

17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

There is one thing standing in the way of you and the job of your dreams: a phone interview. The screening interview is an opportunity for companies to narrow the list of presumably qualified applicants and determine who merits a closer look.

So many candidates exclude themselves from the phone interview by being unprepared or by failing to take this screening session seriously. A phone interview should not block you from living the life you have always imagined.

Here are 17 tips to help you ace your next one:

1. Clear the deck.

If you are reading this blog, you are likely busier than you would prefer or even imagine. Even when you schedule or accept phone interviews, they are likely sandwiched between meetings.

To show up fully present, energized and engaged, I recommend you clear the deck and give yourself at least an hour of uninterrupted time before and 30 minutes following the interview.

You can use the time to mentally prepare, develop a list of questions, rehearse answers to likely questions and ensure you are comfortable and ready for the interview.

2. Look the part.

It is no secret that we perform better when we look and feel the part. If you have a phone interview, dress up for the interview, if dressing up is comfortable and allows you to put your best foot forward.

Even though you will likely do the interview from home or a private location, be sure you are dressed professionally. This will allow you to be fully engaged and present.

In the event, the interviewer asks to connect with you via Zoom, Google Hangout or Skype, you will be prepared.

3. Resend your resume and cover letter prior to the call.

As a courtesy, resend your resume and cover letter prior to your screening interview. You never know if the person interviewing you has had a busy day or if a schedule change forced him or her to work from home rather than the office where the individual has access to their files.

There have been many times in my career where a last-minute change or a mix-up with support staff has left me scrambling at the last minute to find a candidate’s resume. It is quite embarrassing to misplace a resume and ask the interviewee to resubmit it.

You can save the interviewer the trouble and earn extra points by resending both documents in advance of your call. A simple message will suffice, such as “I am looking forward to speaking with you in an hour, and I am resending my resume to ensure it is at the top of your inbox.”

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4. Research the interviewer.

Once your interview is scheduled, be sure to research the person facilitating it.

You will want to Google the person and check their social media accounts. When you research the interviewer, try to get a sense of the individual’s personal and professional interests.

Once you identify those interests, acknowledge them in the interview, but do not dwell on them, because you do not want to make the interviewer uncomfortable. Follow his or her lead. If the interviewer indulges your questions or comments, by all means, continue the conversation.

I am always impressed when someone I am meeting with takes the opportunity to learn something about me ahead of time. This projects interest, which is important in my line of work.

5. Research the company.

In addition to researching the interviewer, be sure to research the company.

Ask people in your network if they know anyone who works or has worked for the organization in question. Conduct a Google search on the company, and be mindful to look beyond the first page of the search query.

If there are yelp reviews on the company, be careful to review those and look for trends as well as how recent the reviews were posted. While more recent reviews are obviously cause for pause, older reviews – depending on their nature – could be problematic as well.

6. Check the staff listing or “About Us” section of the company’s website.

Part of your research into a company is assessing whether you know staff or board members who are connected with the company.

Most organizations list their staff or board members in the “About Us” or “Our Team” section of the website. Prior to a phone interview, check these sections to determine whether you know someone who works for the company. If you do, reach out to that person to request a phone interview to learn more about the company.

7. Remember interviewing is a two-way street.

As much as the company representative wants to learn about you as the interviewee, you will want to learn about the organization.

Try to ferret out information on the company, the job for which you are applying as well as the manager to whom you would report. You will also want to ask questions to assess the interview process.

Additionally, because culture is important and will permit or slow your ability to do your job, ask questions to assess company culture, such as “What do your employees say they like most about working for your organization?” “What do employees say they like least?” “What do you do to create and maintain a healthy workplace culture?”

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8. Develop questions prior to the interview.

Prior to your interview, develop a list of questions about the company, the position for which you are applying, growth opportunities in the company, the ideal candidate for the position, and so forth. This will save you the trouble of thinking of questions on the spot during the interview.

I have found that once I become nervous, it is a lot harder to come up with questions on the spot, and interviews can be anxiety-producing without preparation.

9. Stand during the interview.

I train leaders and, incidentally, graduate students to become spokespersons.

I recommend that they stand during media interviews. I find that it helps the person speaking to project better, and it reduces the urge to get too comfortable in an interview setting and say something that could be too informal.

Similarly, I recommend interviewees stand for at least a portion of their phone interview.

10. Allow the interviewer to talk.

While it is essential you ask questions during an interview, you should not dominate the conversation.

Most people love talking about themselves and the company they represent, and it is your job as the interviewee to walk a fine line between allowing the interviewer to talk and interspersing questions when and where appropriate.

I am not suggesting you remain silent – you want the interviewer to learn about you; but you should ensure that the interviewer has ample opportunity to do what most people do best: talk about themselves and their work.

11. Refrain from multitasking.

We all live hurried lives, and most of us have to-do lists that are impossible to complete.

When we have multiple due dates and obligations, it is typical to want to avail oneself of every seemingly free moment of time.

When conducting or participating in a phone interview, be as present as possible. This means refraining from multitasking, which could mean responding to emails, text messages or social media messages. It could mean researching the company during the interview.

Whatever multitasking means for you, simply do not do it, especially during a screening interview.

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12. Conduct the phone interview in a place where there is minimal noise.

A common thread throughout this post has been that most of us live busy lives. So, it is natural to be on the go.

If you have the luxury of conducting a phone interview from home or a private office where there is minimal noise, do so. You may also rent a co-working space or ask a friend if you can borrow his or her office.

Whatever you do, select a place where there is minimal noise and distraction. The person interviewing you should not have to strain to hear what you are saying or compete with ambient noises.

When I am interviewing a candidate and competing with background noise, I grow frustrated and my focus can shift from getting to know the person to silencing the noise. Do not force your interviewer to choose.

13. Be punctual.

Do not leave the interviewer waiting. This is both rude and unprofessional, and it may count against you.

If you are able to follow my earlier advice and not schedule meetings within an hour of your phone interview, you should have no time being prompt for your discussion.

If you foresee that you will be late, be sure to give the interviewer a heads-up at least 15-20 minutes prior to the start of the call.

14. Focus on how you can and will help.

Let’s face it: people are naturally self-interested.

When you walk into an interview focused on what you can bring and how you can solve a hiring manager’s problems, you will set yourself and your candidacy apart.

Think about the challenges you could potentially solve and then share how your joining the team will benefit the company, not just you.

15. Take the interview seriously.

Do not assume you will have an opportunity to meet face to face with company representatives. Do not discount the weight that may be placed on phone interviews.

I once applied for a position on the East Coast while living on the West Coast. While my first interview was face to face, my interview with one senior leader was over the phone. I walked into the interview thinking it would be less intense than it was.

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From the moment the leader got on the phone with me, I was on my toes. I had to quickly recalibrate to handle the intensity of the questions lobbed on me.

To this day, more than six years later, that phone interview remains one of the most difficult interviews I have ever had. Fortunately for me, I was offered the job, but the experience still stands out as a learning lesson.

16. Send a thank-you note.

Kindness is underrated. We live in a society where most people are overscheduled and overbooked.

When faced with intense pressure, it can be easy to underestimate the role of kindness. But when someone shares a portion of the day with you by granting you an interview, you owe it to that individual and to yourself to send a thank-you note following the interview.

The note can be via email, a standard letter or a card. So few people do this that those who do stand out.

Become an individual who remembers this gesture of kindness and professional courtesy.

17. Be positive.

Energy really is contagious. If you don’t believe me, consider locking yourself in a room for one hour with people are upset. By the time you leave the room, you will be upset right along with them. It is natural to mirror the other person even if you do not realize you are doing it.

During your next phone interview, mirror positivity, both about the position, the company and most importantly, your skill sets. The interviewer will pick up on your energy and positivity and that will reflect favorably.

I cannot tell you how many times I have interviewed candidates who communicated no excitement or enthusiasm. Getting through the interview was difficult, not to mention, I kept thinking about what it would be like to work with the person daily.

Being positive not only helps you feel better, it helps the person interviewing you as well.

If you have read this list and want to add other tips, please tweet the link to this article and include the point you believe I missed. Use the hashtag #AceIt when you reach out.

Featured photo credit: Unsplash via unsplash.com

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