Receiving financial support in the form of cash loans can be a significant alleviation for the home budget. Here’s all you need to know about them if you live in Norway.

Cash loan in Norway – when is it useful?

Have you just moved to Norway with a plan to develop a start-up or a personal brand? Or maybe you’re planning to set up your own cozy place first? The cash loan can be a great support, regardless of which kind of plans you have as an expat. For the business owners and people who recently invested in a new house or flat, cash loans are often crucial. Even the most farsighted person can misjudge the approximate cost of an investment. In this case, receiving such financial support can save the company or ongoing construction. Its advantages are numerous – it usually doesn’t require proven savings and passing through the ton of formalities.

Cash loan in Norway – what are the criteria?

 

Many people believe that cash loans can be obtained only by the citizens of a country, However, that’s only a myth. If you are a foreigner living in Norway, you also can receive this kind of support. There are two conditions – firstly, you need to register as a resident, and secondly, you should have at least a three-year history of employment in the country. If you fulfill these criteria, you may even qualify for a mortgage. It’s also important to mention, that you should be at least 20 years old – not 18, as in many countries.

What is the maximum loan period?

The cash loan in Norway is called forbrukslån. It doesn’t require paper securities and can be taken towards the account of any purpose. The maximum amount of such support is 500 000 Norwegian crowns. How long the loan period can be? It can depend on a few factors. Usually, the cash loan is given for a period of a maximum of 5 years but in certain cases, the banks may prolong it up to 15 years. However, there’s a catch. The debtor has to pay off his other financial obligations before signing such an agreement.

To receive any type of loan in Norway, you’ll need an identification number that every permanent resident obtains – in Norwegian, it’s called personnummer. When filling a loan application, you will probably be asked to present proof of residency as well as the documented list of income. Remember, that the temporary D-nummer, received before registration as a long-term resident, won’t entitle you to any type of loan.

In special cases, the bank may give financial support to residents who have been working in Norway for less than three years. It’s worth trying by filling the application, even if you’re not 100 % sure of your chances.

Article prepared in cooperation with LOCALMARKET.

 

 

If you are looking to buy a new car you are also looking to save money on the final bill. Any type of automobile purchase is always accompanied by a consumer’s attempt to shave off cost. This is because there are legitimate ways to reduce the overall price of a vehicle.

We are not just talking about the sale of the auto but the operating cost of driving that vehicle around as well. A car is a long-term investment you never really stop paying for. So if you want to save some money on your next purchase, here are the best ways to do it.

1. Pay in Cash

Cash is by far the cheapest and easiest way to buy a car. You get to avoid that painful task of financing and simply grab your keys and go. If you avoid getting a loan to pay for your car you also avoid interest payments. Interest always adds a few thousand dollars to the overall cost of the vehicle.

So buying it straight automatically saves you thousands. Dealerships are also a lot more willing to dish out incentives if you are paying upfront. It is the upfront part that is the problem, however, as you will need the entire amount right away. If you can buy the car outright do not hesitate to do it.

2. Research and Compare

Homework is another great way to save money on auto. Instead of walking onto a dealership cold turkey, take some time to plan ahead. First, figure out what vehicle you want.

Some vehicles automatically cost more because of the gas they consume, the parts they use, and the type of vehicle they are. You can avoid this cost by simply not buying those vehicles. So looking into gas mileage, cost of repairs and general operating costs is a great place to start. It does not matter what purpose you will ultimately use the auto for. Whether it is a minivan, SUV, truck, sedan, or sports car you can save money simply by researching these factors.

Once you have found your vehicle shop around online and compare dealership prices. You can pinpoint the lot that has your preferred auto at the best price. You can also see who has current specials and ongoing warranties. Do not forget to look at the shop either, because it will be the place your warranty requires you to go. If you take time to look ahead you can hit the lot prepared and be in control of your purchase.

3. Ignore the Whiz-Bangs

Part of an auto’s expense comes from the features it’s loaded with. You might be surprised how much money you can save by simply dropping some of those features. Every make of car has a base-version. Some autos even forgo automatic features and make everything manual including the windows. This dials down on luxury but it also dials down price. If saving money is more important going with a base version of your preferred car may be a way to go.

4. Go Used

Another factor that automatically saves money is buying used over new. A used vehicle will always be cheaper than a new car. Sure, there is a bit more risk but if you are smart you can buy a dependable car and save thousands in the process.

5. Use a Trade-in

You can also instantly save thousands by trading your old car in for your new one. This is a process countless consumers do. The dealership will buy the car and take the amount off your final bill. Make sure you research ahead and know the value of your trade-in beforehand.

6. Check the Insurance

Many people do not factor insurance into their purchase. Insurance is necessary to operate a vehicle and different autos carry different premiums. Many consumers actually suit their car purchase to the cost of insurance. If the car insurance for qld is cheap you will end up saving money in the long run. Remember, an auto is a long-term investment.

7. Negotiate

Haggling is a part of every car purchase. Never buy an auto without at least some negotiation. If you do it right you will save money and find more avenues to hoard value. All you have to do is complete some homework beforehand.

If you know the blue-book value of your trade-in you can negotiate how much the dealership will buy it for. If you research other lots you can also negotiate a price match. Remember, the only way you can haggle is to know the information beforehand. Also, inspect the car for any cosmetic flaws. You can use these as well. The dealer ultimately wants to sell you. So they will give at least a little bit to complete the sale.

If you are an individual new to the investing world, chances are you have skipped considering tax and its consequences while zeroing out on your investment securities. For instance, an individual might feel content with a gain of 8-9% interest on a fixed deposit scheme. However, if the capital gains are fully taxable, which usually is, then the effective post-tax-returns even for the highest tax bracket is just 5.6-6.3%. This income might not be adequate for a middle class or upper-middle-class urban Indian investor who is trying to keep up with the inflation rate and grow their wealth simultaneously.

This is when mutual funds come into the picture. Mutual funds are one of the best tax-saving investment options available to investors. One such tax saver mutual fund is Equity-Linked Savings Scheme or commonly known as ELSS. Before going into detail of ELSS mutual funds, let’s understand the tax benefits of investing in mutual funds

Tax on equity mutual funds – These types of mutual funds have at least 65% of their corpus dedicated to equity and equity-linked securities. The minimum holding period for long-term capital gains or LTCG gains in equity funds is 12 months. Those units sold before one year are termed as short-term capital gains (STCG) in equity funds are taxed at 15% plus 4% cess. LTCG gains above Rs1 lakh is taxed at 10% + 4% cess. LTCG gains up to Rs1 Lakh are exempted from tax.

Tax on debt mutual funds – These types of mutual funds have at least 65% of their corpus dedicated to debt instruments such as corporate and government bonds, treasury bills, et. The minimum holding period for long-term capital gains or LTCG gains in equity funds is 36 months. Those units sold before 3 years are termed as short-term capital gains (STCG) in debt funds and are taxed as per the income slab of investors. LTCG gains are taxed at 20% with the benefit of indexation. Indexation helps to reduce the tax obligation on investors to maintain the purchasing power of the investor after inflation.

Tax benefits under Section 80C – Individuals invest in ELSS to qualify for a tax deduction of up to Rs1.5 Lakhs under s/c 80C of the Income Tax Act, 1961. ELSS funds are eligible for a 3-year lock-in period. Under ELSS mutual funds, the majority of the corpus is invested in equity and equity-linked instruments. An individual can save up to Rs46,800by investing in ELSS, provided he/she belongs to the highest tax bracket of 30%. However, an individual should note that Rs1.5 Lakh is an overall limit of all Section 80C instruments including Public Provident Fund or PPF, Employee Provident Fund or EPF, ELSS mutual funds, life insurance premiums, and National Savings Certificate or NSC.

Considering your personal financial goals, investment horizon, risk profile, you can select the perfect mix of debt and equity mutual funds for your portfolio. Also, you should not consider investing in mutual funds for the sole purpose of tax saving on your investments. Happy investing!

Covid-19 is not like the common flu. It is way more contagious and has a much higher death count to its name. With no vaccine in the picture the only option people are left with is to take precaution, use hand sanitiser in bulk, wear face masks and practice social distancing. The question on everyone’s minds then is for how long?

The economy cannot sustain this inactivity for long. With factories shut down and the entire globe experiencing some form of a lockdown, nobody knows how bad it will get. Last week, a record 6.65 million new unemployment claims were lodged, double the number of new claims lodged the week prior. This number will only increase in the coming weeks. We might even face a worldwide recession like never before. In times like these, it is essential that you cut any corners and save all you can for when you can. For all you know you could be next to lose your job. So, how do you go about it? Here are ways you can cuts costs and save money.

Put Retirement Savings on Hold

We’re talking about savings and at the same time asking you to put your retirement savings on hold. That’s sounds counter-intuitive, doesn’t it? It’s not, not really.

First off, stocks are crashing right now so you don’t know if investing in risky ventures is a good idea. Add to this, once you put your money towards savings it gets harder to liquidate easily and in these times when you can’t be sure if you’ll get the next paycheck you want money in your hands. After all, if you can’t get a meal to eat and survive how will savings help you?

Instead, we’d recommend that you create an emergency fund with the money you were putting towards retirement.

Establishing an Emergency Fund

If you’re money smart then you we bet you already have an emergency fund. Ideally, that’s how it should be, but worry not. It’s never too late to begin one.

To start, you must divert all your retirement money towards this fund. Next, track all your expenditures and see where you’re spending your money. Is it going towards necessities or towards extravagances? Once you know you’ll be better equipped to make a budget. With the shutdown in place, going out for dinners and drinks is out of question so you’re already on track. Now just make sure you know the numbers.

Put Money in High-Yield Savings Account

If you must invest, invest in a place which allows you to liquidate easily and high-yield savings accounts are a great option.

Traditional bank savings account usually offer low interest rates compared to a high-yield savings account, going as high as 2%. The best part about these accounts is you can take out your money with ease from these accounts whenever you want and your money is protected against things like inflation.

Change the Way to Pay Student Loans

Student loans are still breathing down are necks years after graduation. They plague most of us and if you too are stuck in their vicious cycle you might want to change the way you pay these loans to ensure they don’t burden you excessively in these times.

There are two ways by which you can suspend payment towards these loans namely, deferment and forbearance. In the case of deferment you can avoid interest accrual which is great. On the other hand, forbearance doesn’t give you that option which means you debt will grow further. If you must choose the latter, make sure that you keep paying the interest portion so you debt doesn’t grow.

So, How Much Money You Need to Cushion You?

This all sounds good. The more you save the better, but how much should you have to cushion any fall you have in this economy. Well, to put it simply you need to have between three to six months’ worth of living expenses. Given that the coronavirus crisis isn’t going anywhere for the next year or two, getting ahead by at least 6 months is a good idea.

We’d suggest you keep one month’s expenses in your current account and divert the rest to a high-yields account. We are sure to see a drop in interest rates on savings accounts following the Federal Reserve’s emergency rate cut, so you might want to get all these things in order fast.

Final Words

People are losing jobs and all the non-essential staff are vulnerable. In the time of crisis it is in the best interest of all to spend wisely. Given that the economy will take a long time to get back on track, you might be out of work for a long time. So, it is better to be cautious. Stay indoors and take this time to reflect and learn. If you need to learn more about how to save you can always surf the internet for answers. All you need is a high-speed internet connection so call Spectrum service number for one. No need to get out of your homes. So, take care, save and self-isolate!

International remittances have reached an all-time high, with the World Bank reporting a jump of 10% from the preceding year to $529 billion of international money transfers in 2018. A wide range of financial services is being provided by global companies like Western Union, MoneyGram, World Remit, and TransferWise to facilitate this process. But, as more companies are viewing this as a lucrative investment opportunity, the marketplace is facing stiff competition, with some companies charging excessive and sometimes hidden transfer fees while some are going out of their way to facilitate customers. Among them, TransferWise is currently the cheapest and most reliable option available in the market. The Motley Fool has reviewed them to be the best option for sending money internationally because of their transparent fee structure with no hidden fees, their fast transfers, and the excellent customer service provided by them 24/7. Keeping this in mind, one should take care of the following aspects when sending money through these institutions:

Watch the Fine Print for Hidden Fees

The fees on an international money transfer can be broadly categorized into four parts:

§ Sending Fees

§ Transfer Fees

§ Exchange rate Margins

§ Receiving Fees

These are the areas where some companies keep huge hidden margins for themselves. You only find out about these charges once the money has been sent and received. Usually, one sees the transfer fee marked out by the company, but the rest are hidden. Exchange rate margins are especially notorious when sending large amounts of money. When sending small amounts, one hardly sees the difference, but as the amount increases, these fees can multiply and cause a significant dent in your budget.

Keep an eye on the exchange rate

When sending money internationally, one must be vigilant of the relevant exchange rate. Keep one eye on the currency markets and time your transfers when the exchange rate is in your favor. Geopolitical events or natural disasters can have positive or negative impacts on currency markets, and the right timing will save you loads of money.

Use bulk transfers

The most common fee that every money transfer company charges, is the transfer fee. There is usually a cap for a certain amount of transfer fee. The brackets range is under $500, $500 – $7000, and $7000 and above. Although different companies have different brackets, the concept is the same. Try to keep your amount near the upper limit of the bracket, as sending $600 or $7000 would be charged at the same rate.

Branch Networks on both ends

A well-established money transfer institution will have abundant branch networks at both ends. This saves time as well as money. TransferWise, e.g., has branches in 70+ countries, this eliminates bank sending and receiving fees on both ends, and the money transfer is virtually processed within minutes. Extensive branch networks also ensure reliability. The worst thing is when your transfers get stuck in-between banks and tracking that money is a complete nightmare. The banks themselves have no idea what is happening when there is a mix-up like this. So, it is imperative to ensure that the transfer service you are using has sufficient branches at the receiving end.

The need to move across the world and settle in a particular location sometimes comes up during different phases of our lives. In some cases, it might be a different town or city within the same country. In other cases, it might be a different country. If you are not from the United Kingdom and you have plans to visit and settle down in the country, then you might want to open a UK account and start saving money towards your relocation to the country. If this is the case, you would need a reliable way of opening the UK account that you can use to save money in British currency, so that when you finally relocate, you can access the money and use. However, opening a UK account in most financial institutions will require you to be a British citizen or at the very least be resident in the UK. If you do not have this luxury at the moment, then here is how you can open a UK account without being a British citizen.

Choose a company that allows you to remotely open a UK account
Some companies claim to allow their customers to open the UK account remotely. With these platforms, it doesn’t matter if you are a British citizen or you are resident in the UK. You can easily create the account based on your current location, address and nationality, but you can choose that you want the account to be in GBP. With this, you would have an account similar to a UK account and you would be able to use it to save money in British account. Before choosing a platform, it would be important to research on the platform and read reviews. You won’t want to open an account with a platform that would suddenly block you out of your account when you want to make a withdrawal and start asking for British related verifications that you won’t be able to provide or suddenly just disappear. For instance, you can consider using Transferwise after reading Transferwise UK reviews to ascertain about the reputation and reliability with opening GBP account from other countries.

Install their app
The next thing to do after settling for a particular account is to install their app. You should be careful to check that the app you are installing is the real app for the platform and not a fake. The installation process should normally be just as easy as installing any other app on your phone. For most of them, you might also be able to access their services through their website.

Register
The next thing you should do once the app has been installed is to register. Registration would normally require you to fill in your details. Properly and correctly fill in your details. From reading reviews and the terms and conditions of the platform, you should already have an idea of what would be expected from you during your registration. The details you would have to fill in and the documents that they would need. Be sure to have the documents and upload them accordingly.

Start using your account
Once you have registered and your registration has been certified successful, you can subsequently start saving money in the account. In most cases, there would be different option to send money to the account including direct transfers, payments, and other means. You could also go through their other services and start using all of their services that interest you.

When you go on a trip or a vacation there are 2 big spends that you are looking at making, the first is on the flight or the mode of transport which you are going to be using and the second is on the hotel. We have already spoken on the blog about ways in which you can save money on your flights and today we are going to look into how you can save money on your hotel. It doesn’t matter if you are looking for a budget stay or a touch of luxury with someone like Auro hotels there are many ways in which you can ensure that you are able to bag yourself a room without paying top dollar, and here are some tips on doing just that.

Credit and Loyalty Cards

Many of he big hotel chains have partnership deals with credit card companies and you can use your credit card and put your money to work for you. Often they will allow you to earn points every time that you spend and you can then use these points to take dollars off the cost of a room at your favorite hotel. Something else which many hotels have done is to join together and offer a loyalty program which means that when you stay in any one of their hotels you will get bonuses and points or money off coupons which you can use with other hotels in the group.

Booking Late

There is a common misconception when it comes to flying that if you book late then you can get cheaper seats, this is not true and when flying you should look to book as early as possible. When it comes to hotels however, things are a little different. Now if you leave it right until the last minute then you may very well be able to get yourself a huge saving on your hotel room, as the hotel doesn’t want empty rooms. There is a snag here however and if you do decide to leave it until the last minute, you may very well find limited availability.

Coupon Codes

The internet is awash with opportunities to save money on hotel rooms and one of the best ways to do so in to do a quick search for coupon codes online. These coupon codes are free to obtain and they can give you some huge percentage savings on the overall cost of your stay. Simply type ‘coupon codes for X hotel’ and you’ll see a number of results, all of which will offer some great savings on the hotel that you want to stay in. Although these coupons are widely available they aren’t taken advantage of anywhere near as much as they should be, and you can really save big when you use them.

There you have it, 3 quick tips on how you can bag some great savings on your next hotel room.

 

Do you have a few different debt accounts open? Are you having a tough time managing them all? Or maybe you know you can get a lower interest rate on a new, larger loan. Whatever your specific reasoning behind wanting to consolidate your debt, it is likely a great idea! Here are five important tips to help you successfully consolidate your debt.

Know The Amount

Before you look into debt consolidation options, figure out exactly how much debt you have. Add up all your credit card balances, car loan balances, student loan debt and even the money you may own to your family or friends. Once you have this total number, you will know how much you need to apply for in order to fully consolidate your debt. Do not take out more than this or you will just have excess debt to pay off for no reason! Also, be sure to take out enough so that you truly can consolidate all of your debt into one easier payment.

Decide When to Consolidate

Maybe you have a while before you need to consolidate your debt or maybe you want to pay off some debt immediately in order to avoid fines and fees. Consider your time frame and this can help determine the kind of loan you apply for to help with your debt. If you need instant money, look for fast cash loans or same day loan to help you get immediate cash. If instant money is not necessary, take your time and shop around for loans.

Know Your Score

Take a look at your credit report and learn what your current credit score is. The better your score, the more likely you are to get a loan to help you consolidate your debt. If your credit score is low, thoroughly look over your credit report and see what is bringing that number down. Dispute any mistakes that you find on your credit report and also start working to bring your score up. A higher score will help you get a better loan to consolidate your debt.

Direct Payment vs Cash Loans

When applying for a loan to consolidate your debt, some lenders may pay the other debt collectors directly. You will still apply for the loan but the money will go right toward your existing debt and never pass through your hands. This can be a great option and much easier since the lender is paying for you. However, you may feel better if you get a cash loan and then divvy up the cash yourself.

Know The New Rates and Monthly Payment

When you consolidate your debt using a loan, you will have a new monthly payment in addition to new interest rates to learn. Figure out what your new monthly payment will be, how long you will be paying of your new debt and what the specifics of the loan term are. Before you sign on to get instant money and consolidate your debt, be sure that doing so will save you money!

As a homeowner, you’ve probably heard people talking about refinancing your mortgage often. A lot of people may not be sure if it’s the right route for them, and as a result, they’re uncertain about whether to go forward with it. In some cases, you may not understand exactly what refinancing your mortgage involves.

In a nutshell, refinancing your loan is something people do with the intention of keeping more money in your bank account. Here are some of the most important reasons why you should consider refinancing too.

Lower Your Mortgage Rate

One of the most obvious perks to refinancing is to lower your current mortgage rate. It’s logical that if you’re paying more than what’s being offered by lenders, that you should consider refinancing. By paying a lower mortgage each month, you’ll have more money to put aside in savings, or even just enjoy living a more comfortable lifestyle.

Cash-out

If you are in need of money urgently, then refinancing is a great option for you. A cash-out refinance provides the chance to take your equity as cash to use for whatever you need it for. This can be a better option financially since mortgage rates are much lower than traditional personal loans. Rather than multiple debts, you’ll have one single payment to make each month.

Shorten Your Loan

A lot of people don’t think about the actual number of years attached to how long it will take them to pay off their mortgage. However, a simple equation on a calculator can quickly demonstrate just how long you’re really looking at.

Do you really want to be paying your mortgage for the next 50 years when you could cut that time down significantly? It’s in your best interest to find a loan with a lower interest rate so that you can pay it off even faster!

Pay Off Credit Card Debt

Credit card debt has a much higher interest rate than mortgages do. If you have a significant amount of credit card debt, then lowering your monthly mortgage payments can help you pay off your credit cards faster. The result? More money in your pocket to pay your mortgage off faster! What better goal than to be entirely debt-free?

Buy-Out Your Ex

If you own your home with an ex, then it’s in your best interest to get them off of the loan. You can do this by refinancing. Usually, when people get divorced, the person who keeps the home should refinance. This doesn’t only apply to divorced couples, either. You may need to refinance if you bought the property with anyone else from a relative to a friend.

 

If you have enough savings and you can find a new car within your budget range, you can pay for it in cash. However, if you don’t think you can afford to do so, car financing is always an option. In fact, in many instances, it’s better than a cash payment.

You can divide the expense 

With financing, you can divide the expense over several months or years instead of spending everything in a year. When you don’t have enough savings, it would be a flexible payment method for you.

There’s no need to suspend your plans

When you wait until the time that you can afford to purchase a new car in cash, it might be too late. You might already have moved on to other priorities in life. Worse, the amount you have been saving will get spent on other things. As time goes by, you move further away from your goal. Eventually, you won’t be able to afford to buy a car anymore.

Receive a good interest rate

Just because you opted for car financing doesn’t mean your monthly payments are too high. It still depends on your chosen creditor and the specific car. You need to ask for the computation of the monthly fees. If you think you can afford the cost, you can pursue the transaction.

You don’t need to get additional loans

Picture this scenario. You have enough savings, and you decide to use all of them to pay for the car in cash. As a result, you don’t have any money left for a rainy day. You can barely pay for basic needs. Since you have no other choice, you get additional loans. You will even accept whatever loan is available because you’re desperate for money. Worse, you will end up selling the car you paid for in cash because you have no other source of income. With car financing, you will keep paying over time, but you will always have enough money for other expenses.

There’s payment flexibility

Depending on your chosen creditor, it’s possible for you to make advance payments. If there are instances when you can afford to pay beyond the required monthly fee, you can do it. If you keep making advance payments, you will soon finish off the loan. If you can’t afford to pay the loan at some point in the future, it’s okay since you already made advance payments.

Given these reasons, it’s in your best interest to get a car financing loan. You can even find a no deposit car loan like the ones offered by www.carfinancegiant.co.uk so that you pay nothing upfront. You will have higher monthly fees, but you won’t worry about where to begin. You can immediately drive your car.

Compare the choices and decide what’s best for you. Make sure that your decision to buy a car won’t compromise other expenses or bury you in debt. Prepare yourself before embarking on this new financial risk. Don’t forget to select a car that matches your personal needs.