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How to Save Money on Credit Cards

Many people have a great deal of credit card debt. Credit cards and their fees are one of the biggest drains on an average American’s budget. Fortunately, there is a way to save money on high interest rates AND save money on credit card payments. Below are 4 tips to do so! 1. Negotiate Don’t [...]

Money Market Accounts vs Traditional Savings Accounts – What’s the Difference?

You work hard for your money. It’s only understandable that you want to make your money work hard for you, too. When you’ve put the hard work into saving your money, then you owe it to yourself to take your savings to the next step by investigating savings options that offer a return for all [...]

Should I Buy Credit Insurance?

If you’ve never tried getting a personal loan or a mortgage, you may never have heard of credit insurance. Credit insurance is a type of insurance that pays out in the unfortunate event that you can no longer make payments. Banks and other lenders will often try to sell credit insurance to you when you [...]

Essential Information Gathered by Banks

When a company has short-term loans from a bank or similar financial institution, the bank should always determine the following important factors. This information should be supported where possible by a formal opinion (generally called a “banker’s opinion”) by the lender of the general credit worthiness of the customer. Is the loan unsecured? It is [...]

Element of Security Bank Credit Managers Need to Consider

If the bank credit manager decides to extend credit to the customer, the choices available are to: Extend a line of unsecured credit. Extend a line of unsecured credit with endorsement or guarantee. Offer a loan secured by one or more assets. The Credit Manager can properly decide to grant unsecured credit only when a [...]

Types of Bank Lending Facilities

Today we look at the types of lending facilities that exist in most common banks. Overdraft (OD) An OD is a permanent line of credit (renewal at least annually) with a dollar limit to accommodate the ebbs and flows of a trading concern’s daily cash flow. Like all lines of credit, it is required to [...]

The Role of the Bank Loan Officer

The Credit Manager must know the customer and be familiar with their business. The role is two fold: To monitor the performance of existing credit facilities by ensuring that (a) arrangements entered into are complied with (i.e. repayments on loans are being met on schedule, overdraft limits are not being exceeded and operations within the [...]

What is the Function of the Bank Credit Department?

This Department promulgates bank’s credit policy to Credit Managers in the field. The credit policy of a bank embraces the collective wisdom of that particular bank’s credit experience over the years, and also incorporates the trends of sound lending recognised by lending bankers the world over. The Department keeps Credit Managers apprised of market trends [...]

Do Your Research Before Applying for a Mortgage

It is in your best interest to do lots of research before you complete an application for a mortgage. By doing so, you can get a good grasp on the flow of the process. You will also be able to find out about programs you are eligible for. For example if you are a first [...]

Comparison of Merchandise and Bank Credit

Merchandise and bank credit are similar in many respects. Their objective is the same, namely to foster production and trade. The customer of the merchandise house is also generally the client of the bank. Both bank and trade supplier grant credit on a short-term basis. Credit granting by the merchandise creditor and banker is governed [...]

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