In the traditional lending landscape, obtaining a loan often involved cumbersome paperwork, long waiting periods, and multiple visits to banks or financial institutions. However, with the advent of digital lending, Sri Lanka has experienced a paradigm shift in the borrowing process. Online loan platforms have emerged as a convenient alternative, enabling borrowers to access funds quickly and efficiently. This article explores the growth of digital lending in Sri Lanka, shedding light on its impact and the opportunities it presents.

The Evolution of Digital Lending in Sri Lanka

Digital lending in Sri Lanka has evolved significantly, driven by several factors. Technological advancements, increased internet penetration, and changing consumer preferences have all contributed to the growth of online lending platforms. These platforms leverage digital technologies to streamline loan applications, reduce processing times, and enhance the overall borrowing experience. The emergence of digital lenders has created a competitive landscape, providing borrowers with a wide range of loan options to choose from.

Advantages of Online Loans

Online loans offer numerous advantages over traditional borrowing methods:

• Convenience: Borrowers can apply for loans anytime, anywhere, using their computers or mobile devices.
• Speedy Approvals: Online lenders often provide quick loan approvals, allowing borrowers to access funds within a short period.
• Minimal Documentation: The online loan application process requires minimal paperwork, making it hassle-free and time-efficient.
• Competitive Interest Rates: Digital lenders often offer competitive interest rates, enabling borrowers to secure favorable loan terms.
• Flexible Repayment Options: Online loans provide borrowers with flexible repayment schedules, catering to their financial capabilities.
• Financial Inclusion: Digital lending platforms have extended access to credit to individuals who may have been underserved by traditional financial institutions.

Exploring the Online Loan Process

The online loan process typically involves the following steps:

1. Loan Application: Borrowers fill out an online application form, providing relevant personal and financial information. b. Document Submission: Supporting documents, such as identification proofs, income statements, and bank statements, are uploaded or submitted electronically. c. Evaluation and Approval: The lender assesses the borrower’s eligibility and creditworthiness based on the provided information and documents. d. Loan Agreement: If approved, the borrower receives a loan agreement detailing the loan amount, interest rate, repayment terms, and other pertinent information. e. Disbursement of Funds: Upon accepting the loan agreement, the funds are transferred to the borrower’s designated bank account.

Factors to Consider when Choosing an Online Lender

When selecting an online lender, it’s crucial to consider the following factors:

• Reputation and Trustworthiness: Research the lender’s reputation, read customer reviews, and ensure they are licensed and regulated by relevant authorities.
• Interest Rates and Fees: Compare the interest rates, processing fees, and other associated charges among different lenders to find the most favorable terms.
• Customer Support: Evaluate the lender’s customer support services, responsiveness, and availability to address any queries or concerns.

Embracing the Benefits of Digital Lending

By embracing digital lending, borrowers in Sri Lanka can experience a range of benefits. Online loans offer convenience, speed, and flexibility, allowing individuals and businesses to meet their financial needs efficiently. Moreover, the digital lending landscape fosters financial inclusion, providing access to credit for underserved segments of the population. Embracing digital lending empowers borrowers to take control of their financial well-being and seize opportunities for growth and development.

Challenges and Opportunities in the Online Loan Sector

While digital lending presents numerous advantages, it also poses certain challenges. Data security and privacy concerns, the need for robust regulations, and potential risks associated with online transactions are important considerations. However, these challenges can be addressed through the establishment of stringent security measures, regulatory frameworks, and consumer education initiatives. The online loan sector in Sri Lanka holds vast opportunities for innovation, collaboration, and sustainable growth.

The Future of Online Lending in Sri Lanka

The future of online lending in Sri Lanka looks promising. As technology continues to advance and digital literacy improves, online lending platforms are expected to further evolve. Enhanced user experiences, increased automation, and advanced data analytics will shape the future of digital lending. Moreover, collaborations between traditional financial institutions and digital lenders can create synergies, expanding access to credit and driving financial inclusion across the country.

The post Unveiling the Growth of Digital Lending: Investigating Sri Lanka’s Online Loan Scenario appeared first on Blog Planet.

Introduction: The Power of Online Loans

In today’s digital age, traditional lending processes can be time-consuming and cumbersome. Online loans have emerged as a popular alternative, providing individuals and businesses with quick access to funds when they need it the most. Whether you require financial assistance for medical expenses, education, home improvements, or business expansion, online loans offer a hassle-free solution.

Understanding Online Loans

How do Online Loans Work?

Online loans are financial products that allow borrowers to apply for funds through digital platforms provided by lenders. These loans typically have a straightforward application process and require minimal documentation. By leveraging technology, online lenders can process loan applications efficiently and provide faster approvals compared to traditional banks.

Types of Online Loans

Online loans come in various forms to cater to different financial needs. Some common types of online loans available in Sri Lanka include:

• Personal Loans: Unsecured loans that can be used for various personal expenses, such as medical bills, education costs, or wedding expenses.
• Business Loans: Loans specifically designed to meet the financial requirements of small and medium-sized enterprises (SMEs) for business expansion, inventory management, or working capital.
• Payday Loans: Short-term loans intended to cover unexpected expenses until the borrower’s next paycheck.
• Student Loans: Loans tailored to finance higher education expenses, including tuition fees, accommodation, and study materials.

The Advantages of Online Loans

Convenience and Accessibility

One of the significant advantages of online loans is the convenience they offer. Borrowers can apply for loans from the comfort of their homes or offices, eliminating the need for multiple visits to banks. The online application process is available 24/7, allowing individuals to apply at their convenience, even during weekends or public holidays.

Quick Approval and Disbursement

Unlike traditional loans, online loans have a streamlined approval process. Lenders leverage advanced algorithms and automated systems to assess loan applications promptly. Once approved, funds are disbursed quickly, sometimes within 24 hours. This speed of approval and disbursement makes online loans ideal for urgent financial needs.

Flexible Repayment Options

Online loans provide borrowers with flexible repayment options to suit their financial circumstances. Lenders offer various repayment periods, allowing borrowers to choose a tenure that aligns with their income and repayment capacity. Additionally, many lenders offer online account management tools, making it easier for borrowers to track their repayment progress.

4. Applying for an Online Loan

4.1 Eligibility Criteria

The eligibility criteria for online loans may vary depending on the lender and the type of loan. However, some common requirements include:

• Minimum age of 18 years
• Sri Lankan citizenship or residency
• Stable income source
• Good credit history (in some cases)

4.2 Documentation Requirements

Online loans generally require minimal documentation. Common documents requested by lenders include:

• National Identity Card (NIC) or passport
• Proof of income (salary slips, bank statements)
• Address proof (utility bills, rental agreements)

4.3 Step-by-Step Application Process

Applying for an online loan is a simple and straightforward process. Here’s a step-by-step guide:

1. Research and compare lenders: Explore different online lenders and compare their interest rates, loan terms, and customer reviews.
2. Choose the right loan: Select the loan type that best suits your financial needs and repayment capacity.
3. Fill out the online application: Provide accurate personal, financial, and employment details as requested in the application form.
4. Upload required documents: Submit the necessary documents securely through the lender’s online portal.
5. Review and submit: Carefully review the application before submitting it for processing.
6. Await approval: Once submitted, the lender will assess your application and inform you of the decision.
7. Disbursement of funds: If approved, the loan amount will be disbursed to your designated bank account.

5. Responsible Borrowing Practices

While online loans offer convenience and quick access to funds, it’s essential to practice responsible borrowing. Here are some tips to help you make informed borrowing decisions:

5.1 Assess Your Financial Needs

Before applying for an online loan, evaluate your financial needs and determine the exact amount required. Avoid borrowing more than necessary to prevent overburdening yourself with debt.

5.2 Compare Lenders and Interest Rates

Research multiple lenders and compare their interest rates, processing fees, and other charges. Choose a lender that offers competitive terms and conditions, ensuring you get the best deal possible.

5.3 Read and Understand the Terms and Conditions

Thoroughly read the loan agreement and understand the terms and conditions before signing. Pay attention to interest rates, repayment schedules, late payment penalties, and any additional charges.

5.4 Borrow Only What You Can Repay

Borrow an amount that you can comfortably repay within the specified tenure. Assess your monthly income and expenses to determine your repayment capacity.

5.5 Timely Repayment and Credit Score Impact

Make timely repayments to maintain a good credit score. Timely payments not only help you avoid late payment penalties but also improve your creditworthiness for future borrowing needs

The post Online Loans Sri Lanka: Convenient and Quick Financial Solutions appeared first on Blog Planet.

In this blog, we will explore the range of services we offer, with a particular focus on corporate finance consulting firms.

Business Consulting

In an ever-evolving business landscape, change is crucial for sustainable success. Our business consulting firm believes in the power of transformation. We work closely with your organization to identify areas for improvement, streamline processes, and develop innovative strategies. Our goal is to help your business adapt and thrive in the face of changing market dynamics.

Leadership Development

Nurturing the next generation of leaders is vital for the long-term success of any company. Our leadership development programs focus on broadening perspectives, fostering a culture of continuous learning, and empowering individuals to reach their maximum potential. Through customized training and coaching, we help your leaders develop the necessary skills and qualities to guide your organization toward a prosperous future.

Executive Coaching

Our consulting services extend to executive coaching, where we support leaders in enhancing their confidence and expanding their perspective. We work closely with executives to uncover their strengths, unlock their full potential, and align their leadership skills with the organization’s vision. By leveraging our expertise, you can effectively steer your company in a new and exciting direction.

Software Consulting

The rapid advancement of technology presents both challenges and opportunities for businesses. Our solutions-oriented IT consulting services can assist your organization in preparing for a digital transformation. Whether you require software development, system integration, or IT infrastructure optimization, our team of experts will provide tailored solutions to meet your specific needs.

Small Business Consulting Services With Big Impact

While some consulting firms focus solely on large enterprises, we specialize in helping small and mid-sized companies address their most critical concerns and unlock growth opportunities. Our small business consultants possess extensive expertise in various industries, geographies, and functional areas, including strategy, marketing, operations, finance, and technology. We will assess your unique needs and develop a comprehensive plan to accelerate your business’s success.

Change Your Perspective, Change Your Business For the Better

As leaders, it is easy to develop blind spots when we are too close to the action. By inviting Consulting Pros into your business, we can identify the gaps hindering your progress. Our experienced consultants will guide you in identifying, addressing, and accelerating your business in the right direction. Together, we can transform your perspective and drive positive change within your organization.

To Summarize:

At Consulting Pros, we are committed to helping companies improve and achieve their goals. Whether you require assistance with business consulting, leadership development, executive coaching, software consulting, or small business services, our team is here to provide expert guidance and support. We begin every engagement with a one-hour discovery consultation to understand your specific needs and tailor our services accordingly. Let us help you unlock your business’s true potential. Contact us today for a consultation with corporate finance consulting firms and take the first step toward a brighter future.

The post Transform Your Business with Corporate Finance Consulting Firms appeared first on Blog Planet.

Switzerland, known for its exceptional quality of life, breathtaking outdoor experiences, safety, attractive salaries, and abundant career prospects, remains a highly sought-after destination for foreigners, despite its relatively high cost of living. If you’re among those considering a move to Switzerland, this comprehensive guide will provide you with all the necessary information and legal procedures to ensure a smooth transition.

Applying for health insurance

While there may be a few exceptions, People planning to stay in Switzerland for more than 90 days are generally required to obtain health insurance. However, it’s important to note that you can only sign up for health insurance once you have applied for a residence permit. Even if you still need to obtain the permit, you can still apply for insurance by providing proof of your pending application.

Conduct thorough research on various insurance providers and choose a plan that aligns with your specific requirements. Once you arrive, make sure to register with a local healthcare provider to guarantee access to essential medical services.

Switzerland’s healthcare system is highly regarded and ranks among the top 10 systems worldwide. However, unlike healthcare systems in other European countries, the Swiss healthcare system is not funded through government taxes. Instead, individuals are responsible for paying for their healthcare individually.

Finding accommodation

Finding suitable accommodation can be one of the most challenging aspects for foreigners settling in Switzerland. To begin this process, conducting online research and seeking assistance from professional real estate agencies are recommended. Switzerland offers various housing options, including apartments, houses, and shared accommodations. Begin your search in advance, considering factors like location, budget, and proximity to schools or workplaces.

Renting is a prevalent practice among Swiss citizens, with nearly 60% of the population opting for it, including foreigners and residents. Homeowners, on the other hand, are typically found in rural areas. If renting is your preferred option, it’s important to act swiftly due to the high demand, particularly in major cities like Zurich, Geneva, Basel, and Lausanne, where rental prices are typically higher.

If you’re considering purchasing a house, it’s worth noting that only Swiss citizens and individuals holding a Swiss permanent residency or Permit C are allowed to buy residential properties in the main cities of Switzerland. Others can only purchase properties in tourist areas and ski resorts.

Open a bank account

One of the most financially prudent decisions you can make when relocating to Switzerland is to open a bank account as soon as possible. Although it’s feasible to open an account before your arrival, doing so requires sending the necessary documents through the mail, which can be inconvenient. A simpler approach would be to visit a Swiss bank in person and open the account on the spot. The majority of banks in Switzerland have English-speaking staff, so language barriers shouldn’t be a concern.

Opening a Swiss bank account will simplify your financial transactions and provide access to local banking services. Compare different banks, their account features, and fees. Prepare the required documents, such as identification and proof of address, to complete the account opening process.

Learn the local language

Immersing yourself in the local language is a valuable endeavor when living in Switzerland. With multiple official languages—German, French, Italian, and Romansh—spoken across different regions, acquiring proficiency in the local language of your chosen area can greatly enrich your experience. Enrolling in language courses offered in your region or taking advantage of language-learning apps and online resources can be an excellent way to enhance your communication skills and connect with the local community on a deeper level.

By investing time and effort into learning the local language, you’ll be able to engage more comfortably with locals, make new friends, and navigate everyday situations with ease. Additionally, mastering the local language can also facilitate professional opportunities. Being able to communicate effectively with colleagues, clients, and potential employers in their native language showcases your commitment to integration and can enhance your career prospects.

Working in Switzerland

Moving to Switzerland offers numerous advantages, including attractive job opportunities and high salaries. However, securing employment in Switzerland requires obtaining a work permit. For citizens of EU-27/EFTA countries, a work permit is not necessary if the stay is limited to three months. However, if you plan to stay longer, a work permit becomes mandatory.

While the process of finding employment in Switzerland may seem daunting, social media platforms and online job portals can greatly simplify your job search. These platforms provide a convenient way to explore job listings and connect with potential employers. Job requirements vary depending on the specific position, but language proficiency is often a common requirement. Depending on the canton in which you intend to work, fluency in German, French, Italian, or even English may be expected.

By leveraging online resources and networking platforms, you can streamline your job-hunting process and increase your chances of finding suitable employment in Switzerland. Keep an eye on job listings, research the language requirements of your desired location, and showcase your skills and qualifications to secure a rewarding professional opportunity in the Swiss job market.

Understand the local customs and culture while also connecting with expat communities

Understanding the local customs and culture is key to integrating smoothly into the Swiss community and creating lasting connections. Swiss culture is known for its richness and diversity, encompassing unique customs and etiquette. By familiarizing yourself with local customs, social norms, and traditions, you will navigate social interactions with ease and demonstrate respect for the local way of life. This understanding will help you build strong relationships and foster a sense of belonging within the Swiss community.

In addition to understanding the local culture, connecting with expat communities is highly beneficial. Joining expat communities and social networks provides a valuable platform for networking, making friends, and seeking guidance from fellow expatriates who have already established themselves in Switzerland. By attending local events, meetups, and social gatherings organized by these communities, you will expand your social circle, embrace the multicultural environment, and find support from individuals who share similar experiences and challenges.

The post Things to do when moving to Switzerland – Get health insurance appeared first on Blog Planet.

Chances are that you’re wondering if you can offer cash discounts to your customers to boost sales. After all, what’s not to love about getting paid in cash?

The answer is: it depends.

While there are some legal considerations to keep in mind, offering cash discounts could be a great way to entice customers to do business with you.

In this article, we’ll discuss everything you need to know about offering cash discounts, from the legalities to the best practices.

Let’s get started!

What Are Cash Discounts?

A cash discount is a deduction that a seller offers to a buyer for paying with cash instead of credit.

For example, let’s say you run a coffee shop and offer a 5% cash discount to customers who pay with cash. If a customer buys a $5 cup of coffee, they would only have to pay $4.75 if they used cash.

While credit card companies typically charge merchants a fee for processing payments (usually around 1.5%-3.5%), there are no such fees for cash payments. As a result, many businesses offer cash discounts to save on credit card processing fees.

The Pros and Cons of Offering Cash Discounts

Offering cash discounts has benefits and drawbacks.  Let’s look at some of the key considerations:

The Pros

#1. Cash discounts are a great way to attract customers.

Today, people are used to getting discounts and coupons for everything from groceries to clothes. Because of this, offering a cash discount can be a great way to entice customers to do business with you.

#2. Cash discounts are easy to implement

Offering cash discounts is a relatively easy way to save on credit card processing fees. All you need to do is create a sign or announcement letting your customers know about the discount and how they can take advantage of it.

#3. Cash discounts help you save money

Credit card processing fees can consume a big chunk of your profits, especially if you’re a small business. Fortunately, offering cash discounts allows you to significantly reduce these fees.

The Cons

#1. Cash is riskier

There’s always a risk that someone will steal cash from your register or that you’ll lose track of the money. So if you’re offering cash discounts, you need to have a good system in place for tracking the money.

#2. Cash discounts can be costly for businesses

While cash discounts can help businesses save money on credit card processing fees, they can also be costly in other ways. For example, companies may end up losing sales because customers don’t want to hassle with counting out cash or dealing with change.

#3. Credit cards are more convenient

For many customers, credit cards are simply more convenient than cash. They don’t have to worry about carrying large amounts of cash or keeping track of change. So if you’re considering offering cash discounts, consider carefully weighing the pros and cons before making a decision.

Best Practices For Providing Cash Discounts

Are you interested in offering cash discounts? Keep these best practices in mind:

#1. Be clear and consistent

When offering a cash discount, it’s essential to be clear and consistent in your advertising. Make sure you clearly state the terms of the discount (e.g., “5% off for cash payments”), and that you offer the discount to all customers who pay with cash.

Try not to change the terms of the discount too often, as this can confuse customers and make them less likely to take advantage of the discount.

#2. Use signage

Use signage to advertise  your cash discount. This will ensure customers know the discount and how to take advantage of it.

Place signage in a prominent location, such as near the register or at the entrance to your store.

#3. Train your employees

Train your employees on the terms of the cash discount, and make sure they’re aware of any restrictions. It will help ensure that your employees can properly explain the discount to customers and avoid misunderstandings.

#4. Keep track of your cash

If you’re offering a significant discount for cash payments, consider keeping track of the cash that comes in. This can help you prevent theft and ensure your revenue is correctly accounted for.

#5. Offer other discounts

In addition to offering a cash discount, consider offering other discounts, such as discounts for customers who pay with credit cards or for customers who make large purchases. This can help you attract more customers and encourage them to do business with you.

Cash Discounts, Made Simple

Offering cash discounts can be a great way to attract customers and save on credit card processing fees. If you’re going to offer cash discounts, though, keep in mind that it is essential to follow best practices so you don’t lose out on sales or risk non-compliance.

The post How to Legally Offer Cash Discounts as a Merchant appeared first on Blog Planet.

Looking at Your Business Spending

To begin the whole process, you need to start by looking at your business spending. Just what are you spending, and in what areas. Quite often within your business, you can fall into bad habits quickly, and this could mean that you end up spending more money than you need to. It could also mean that you end up spending money when you don’t have to. When you are looking at your business spending, you need to look at an overview of your business, and this means leaving no stone untouched, from how much you pay your staff or employees to what stationery and office supplies you buy.

Negotiating Better Prices and Better Deals

You will have to spend money to make your business work, and it is important that any money that has to be spent is done so in an efficient and effective manner. To ensure effectiveness and efficiency is maintained at all times when spending, you need to keep your eyes out for better deals, and you have to be prepared to negotiate or even haggle to get better prices. Every area of your business must experience the same levels of scrutiny to achieve success. From your vehicle insurance with Root Insurance to the internet and data packages you pay for on a monthly or annual basis, seek out the best solutions to lower these costs.

Loans and Other Borrowing

Whether you are borrowing on a credit card or you have a business loan you are repaying, what you borrow and how much you repay is an important area of your business finances that you must not overlook. Establishing if your borrowing is affordable and making sure that you are not paying expensive interest rates will ensure that your business finances are kept tight and under control. If you do not feel that you are getting good value for money on your borrowing or loans, then you need to be prepared to shop around. You do not have to put up with costly borrowing, so take action as soon as you can.

Consider Using an Accountant

Running and managing a business can be stressful enough; however, when you add maintenance of accounts on top, it can all feel a bit too much. Easing the pressure on yourself and getting an accountant on board can help you get on top of your finances and then subsequently keep them in order. When it comes to finding an accountant, take your time, read reviews and recommendations, and ensure that they are working in a way that compliments your business.

The post Getting Your Business Finances Straight and In Order appeared first on Blog Planet.

The running costs associated with owning a vehicle can really eat into your monthly budget if you aren’t prepared for them. Everything from the cost of gas to the routine maintenance that your car is going to need every so often should be taken into consideration.

Even though there is no way to completely rid yourself of the running costs of owning a car, there are some practical ways in which you can minimize these costs. With a bit of self-discipline and preparation, you can keep your car’s running costs low so that you don’t have to cut corners in other areas of your monthly budget.

With that in mind, here are a few ways in which you can effectively minimize the running costs of your car.

Compare Insurance Before You Buy

One of the heftiest costs associated with owning a car is that of insurance. Depending on your driving record and how long you have been driving, your insurance can take quite a chunk out of your monthly budget.

Nevertheless, if you hope to have your car on the road legally, car insurance is a necessity. Before you purchase a policy, the best thing you can do is compare the cost of the available options. By shopping around before you purchase a car insurance policy, you can avoid paying more than you should for this aspect of running your car.

There are also some more proactive things that you can do in order to reduce the cost of insurance altogether. For instance, by taking a defensive driving course, you might be able to negotiate a lower monthly cost. Just ask your insurance provider for a list of classes that can be applied to your policy. You might even be able to complete the classes online for maximum convenience.

Don’t Ignore Routine Maintenance

The routine maintenance that is necessary to keep a car running properly might seem like a bit of a ripoff. After all, your car might be running just fine, in your opinion, when the mechanic running the diagnostic on your vehicle tells you that you will need to pay for hundreds of dollars’ worth of maintenance.

Even though these costs can be hard to take in the moment, they pale in comparison to how much it would cost you to fund major repairs should your maintenance fall by the wayside. Moreover, keeping your car running properly can reduce other running costs such as fuel. Make sure to stay on top of your car’s maintenance to avoid having to pay more in the long run and lose more money.

The post How to Minimize the Running Costs of Your Car appeared first on Blog Planet.

The importance of Credit Building as an International Student

Back home in India, you can seamlessly apply for a credit card. But in the US, it’s a different ball game altogether. Banks and lenders look up the credit score that you’ve built in the US, and your Indian credit history is of no significance. So, the priority is to establish a good credit score, and you can do this by applying for a secured credit card. And that’s fairly simple — you have to submit a security deposit to get one, and most student-friendly banks refund the deposit if you maintain a reliable credit score for around 6-8 months. 

Do I Need a Social Security Number to Apply for a Credit Card? 

While it is possible to get a credit card without an SSN, it’s always recommended to get one as it strengthens your legitimacy. Most student visas, including the F-1, are eligible for an SSN and its benefits. After securing the authorization, you can apply for a part-time job, on or off-campus. The Department of Homeland Security sanctions you an SSN after completing a Form SS-5 submission and submitting your work permit, immigration status, and proof of identity.

Apply For a Secured Credit Card

A secured credit card functions a lot like your regular credit card. In fact, it’s great for international students as you can build a credit score with a secured credit card before applying for a credit card with a higher credit line. To get this card, all you’ve got to do is pick a card with low or no annual fee, low APR, submit a security deposit and get it. You should also consider perks like rewards, cash backs, payment policies, and universal acceptability. As a student, factors like low foreign transaction or exchange fees, travel rewards, fraud protection, etc., are worth counting as you can also save up quite a bit. Zolve is one such banking platform that provides financial support to international students.

Most secured credit cards report your credit score to all the three major credit bureaus (Equifax, Experian, and TransUnion), and just so you know, most banks and lenders check your credit score on these bureaus. A credit card is usually approved after they evaluate your credit history.

Now, Establish a Credit History 

You have a secured credit card now, and you have to plan your expenses wisely. Whether you’re shopping for groceries or hitting a mall — use your credit card to pay the bills. Even if you’re spending as low as $50, make use of the card and be extremely punctual with your repayments. To ensure you don’t miss a single payment, go ahead and set up auto payments, alerts, and timely reminders. The only way you can solidify a solid credit score is by paying your dues on time. 

Another way to establish a credit history is by getting a co-signer or an authorized user on your card. If your friend, roommate, or relative has been in the US for a long time, consider opening a joint account with them. This way, you can get your hands on an add-on card or build a credit history by being a verified user on their credit card. Just ensure that your co-signer has a good credit history too. 

If you’re unable to get a co-signer, you can always explore the option of speaking to your home bank in person. For instance, if you’ve been banking with an international bank in India, have a conversation with them to understand your creditworthiness. If you can go for a preapproved request with them without affecting your credit score, there’s nothing like it. For this, you can contact your branch manager directly.

Don’t Forget to Monitor Your Credit Score Before Applying for a Credit Card

So, you’ve been building a credit history with a secured credit card, you’re paying your dues on time, and it’s been nearly 6-8 months. The natural next step is to apply for an unsecured credit card or a regular credit card with a higher credit limit. 

Remember that your credit score or FICO score matters for that. Banks and lenders extend credit cards to those with a FICO score between 670 to 739, and you should try and maintain that score. Since they check your credit score on the three major credit bureaus, you can also keep an eye on your score on these sites. If you think there’s a possibility to enhance your credit score, focus on that before applying for a credit card.

All Said and Done, Apply for a Credit Card

You’ve sorted everything — pat yourself. Now, make that final decision and choose a credit card that best fits your requirement. A wise thing to do is to choose a secured credit card that lets you upgrade to an unsecured credit card after usage. In that case, you’re sorted! But if you’re looking to apply for a different card altogether — pick a student-friendly bank. Be sure to maintain enough money in your savings account and have proof of steady income to qualify for a credit card.  

While submitting your request for a credit card, don’t apply at more than two places. Because if your request is rejected, your credit score falls. 

Now, go ahead and apply with all the relevant documents, address proofs, identity proofs, etc. When you finally receive a credit card, be responsible and pay your dues on time. We recommend planning your budget wisely and sticking to it to avoid any extravagance that leads to poor credit history. 

The post Simple Steps to Get a Credit Card for International Students appeared first on Blog Planet.

Financial companies use a variety of machine learning applications that fall into many subcategories. Let’s focus on the current top 10 machine learning applications in the financial industry.

The role of machine learning technology in finance

Today, machine learning has come to play an integral role in many parts of the financial ecosystem, from loan approval to credit ratings, asset management and risk assessment. Machine learning is well known for its predictions and obtaining accurate results.

Machine learning algorithms are developed to study data, processes and methods to find new insights.

Here are some key reasons why machine learning should be used in the financial industry:

* Improve productivity and usability.

* Increases income

* Reduce operational costs due to process automation

* Ensures the security of transactions

Moreover, a machine learning solution can help financial companies and businesses see the future more clearly, helping to reduce the number of forecasting errors.

Machine learning applications in finance

1.   Process Automation

Machine learning technologies enable financial companies to eliminate manual labor and automate routine tasks. Chatbots, for example, help companies to improve the quality of their customer service. Additionally, document management automation allows them to reduce costs and expand the scope of their services. Machine learning examines data, interprets behavior, and identifies patterns that improve the customer support system’s operations.

2.   Improved Customer Service

Financial companies are increasingly using virtual assistants or chatbots that answer customer questions, effectively process claims and complaints. Machine learning-based chatbots can quickly answer customer requests due to reliable natural language processing mechanisms and the ability to learn from previous interactions. These chatbots can adapt to each customer and change their behavior.

Moreover, virtual assistants can monitor customer accounts, help them save or increase their money, and provide personalized offers for them.

3.   Fraud Detection

Trying to manually detect fraud cases with hundreds of millions of bank accounts and credit cards is simply impossible. Financial companies can only expect to fight fraud by using machine learning algorithms to identify unusual transactions. In addition to detecting fraud with high accuracy, machine learning-based technology can also detect suspicious account behavior and prevent fraud in real-time.

4.   Algorithmic Trading (AT) and High-frequency trading (HFT)

Algorithmic trading (AT) is a key area of application of machine learning in the global financial market. By constantly monitoring trading results and news in real time, machine learning-based solutions and models help trading companies to make more accurate trading decisions.

Furthermore, machine learning plays a significant role in high-frequency trading (HFT). High-frequency trading is a complicated algorithmic trading strategy in which a high number of orders are completed in a couple of seconds. Large players can benefit from a small pricing differential that exists for a fraction of a second thanks to machine algorithms.

5.   Risk Management

Machine learning methods minimize risks and increase the security of banks, thanks to the analysis of a huge amount of data. After that, the various data collected by machine learning are a source of useful information for better decision-making.  In addition, machine learning algorithms can easily predict customers who are at risk of defaulting on their loans, allowing companies to change the terms and conditions for each client.

6.   Credit Ranking

Machine learning programs and algorithms analyze all available information about a potential borrower, including credit history, to determine the client’s reliability. As a result, banks may provide loans with more confidence and safety.  Chinese banks, for example, use not only machine learning algorithms but also advanced facial microexpression recognition technology. This approach enables them to determine whether clients are lying about their financial situation when applying for loans. As a result of identifying potential fraudsters, banks have already reduced their losses on unpaid loans by 60%.

7.   Financial Consulting

Surely there is an application for budget management on your phone. Today, there are a large number of such applications and they are all based on machine learning. Machine learning algorithms not only allow customers to track their expenses on a daily basis with these apps but also help them analyze this data to identify the structure of their costs. Moreover, machine learning algorithms determine areas in which customers can save money.

8.   Predictive Market Insights

Machine learning algorithms are also multifunctional tools for predicting and analyzing future financial trends. Due to machine learning, financial institutions can respond to market changes in advance and more flexibly than using traditional methods. It is also worth adding that machine learning used for predictive market information allows financial institutions to predict financial anomalies and portfolio changes.
To improve the accuracy of forecasts, some companies use a combination of several machine learning algorithms, which often leads to increased efficiency and productivity.

9.   Marketing Strategy

Machine learning in finance is used to improve marketing campaigns. Machine learning algorithms allow companies to develop a more effective advertising strategy for the clients by studying the activity in social networks, reviews, and recommendations, mobile applications usage. Therefore, using this technology, financial institutions and banks have the opportunity to prepare a successful and promising marketing strategy that will increase profits.

10.  Customer Churn Prediction

Machine learning solutions for customer churn prediction are used in many industries, such as e-commerce, mobile games, telecommunications, including finance and many others. Customer churn prediction allows not only to maintain the activity and loyalty of customers, but also provides an additional opportunity for cross-sales of retained customers.

How to implement machine learning solutions: in-house or outsourcing?

You can implement machine learning solutions with your team of ML specialists or ask another company to build them for you. It’s not an easy task! So, what is the most effective way for companies to effectively begin ML projects? Both have advantages and disadvantages.

In-house ML development

In-house development involves having your team with the necessary IT skills and abilities. Having your team means better customization, ownership of intellectual property, independence, and many other advantages. However, in some situations, this can have serious drawbacks. For example, there is a lack of experience, since some ML solutions may require hiring new specialists. Another disadvantage is the higher cost of hiring your developers than hiring developers from a machine learning consulting company.

ML outsourcing development

On the other hand, outsourcing is a growing trend which is used by many companies. Buying ML solutions, you have an opportunity to work with real experts. Moreover, machine learning consulting companies usually have access to demand-driven data. This data can be highly beneficial to your project, but it is very hard to collect it yourself. Also, as mentioned earlier, outsourcing helps to save money.

Key takeaways

To sum up, machine learning today affects various aspects of the financial ecosystem, from risk management, fraud detection in the financial sector, credit ranking, improved customer service, and much more.

Every company and bank that uses machine learning algorithms has the opportunity to predict and analyze future trends in the financial industry in advance. Thus, it directly improves business processes, affects the efficiency of the company and employees, and also increases profitability.

An author bio:

Edwin Lisowski is an experienced information management consultant with a demonstrated history of working in the information technology and services industry. CTO in Addepto consulting company. Skilled in Data Warehousing, AI Consulting, Business Intelligence, Big Data Integration, and Advanced Analytics.

Reference:

Marutitech.com. 12 use cases of AI and Machine Learning in Finance. URL: https://marutitech.com/ai-and-ml-in-finance/.

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Inspecting the car

Whether you do the inspection yourself or take someone with a little more knowledgeable about cars with you, there are several things you should check. Alternatively, you can hire a car inspector to do a thorough check for you.

1.    Warning lights

After the car has initially switched on, do any of the warning signs stay lit up? This could be a quick sign that something is wrong. Make sure there are no oil, engine, or other issues lit up on the dash.

2.    Tires

It would be rubbish to buy a car, only to find out the tires deflate as you make your way home. Make sure to do a tire tread test with a tire gauge if you have one to hand. Alternatively, there are other ways to test the tread,like with a penny.

3.    Fluids

Ask the seller or dealer about when the transmission and brake fluids were last changed.

Under the bonnet, you’ll be able to check the oil and coolant, too. The reservoir for coolant should be between the minimum and maximum marked levels. The oil dipstick should be in good condition with slick oil rather than grainy or gritty.

4.    Lights

Be sure to try all the lights on the car. That includes the indicators and registration plate lights.

5.    Check the logbook

One way to find out when belts, pads, and other hardware were changed is in the logbook. This will also help you see if there are any recurring issues with the car if there’s been any damage internally, and any new parts that have had to be installed.

6.    Test driving

If someone is trying to sell a fully functioning vehicle, they should have no problem with you requesting a test drive. During the drive, try to test out a variety of road types like busy roads, quiet streets, and different road materials.

You should aim to drive at different speeds to check the gears and brakes. When coming to a complete stop, it’s also worth checking the handbrake and how easy it is to put on.

Along the drive, also check the interior functions like heating, radio, wipers, and horn. Watch out for any odd noises like squeaks or grinds and pay attention to any strange smells.

7.  Inspecting the paperwork

If you’re buying the car from a dealership, they may offer a warranty or guarantee with certain conditions. Make sure to check over any paperwork before you hand over the money.

Those buying a newer model may be offered finance. If not, Auto Finance Online can arrange it for you. Head to the site and get a quote in minutes. Then, they’ll sort out the paperwork for any car from any dealership.

After all of the inspections, you’re ready for your new adventure.

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