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What is a personal loan and are they all secured loan?

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People take loans for different reasons like paying off a house, car, school, medical bills, or personal use. Some loans usually have specific purposes, but people who want a loan for anything go for personal loans.

What Is A Personal Loan?

Personal loans also referred to as signature loans, are loans that people use for almost any purpose. People qualify for these loans based on their income and credit history.

They are easy to apply and qualify for compared to other loans like car and home loans. However, unlike other loans, borrowers do not need to present collateral to qualify for a personal loan. According to the experts at Lantern by SoFi, “An unsecured personal loan allows you to borrow money for just about any purpose without your having to put up any collateral. That means not your home, your car, your boat, or any other asset.“

How Do Personal Loans Work?

Personal loans work almost the same as other loans. First, borrowers must apply for the loan and present the required documents. The financial institution looks at the documents, credit, and income history then determines if the borrower qualifies.

Once they approve, they send the money to the borrower in a lump sum, which they pay in fixed monthly installments. Borrowers get the money from personal loans faster than any loans, especially if the financial institution has pre-approved personal loans.

The borrower can use the money to fund a holiday, buy a gadget, pay hospital bills, start a business, or any other purpose. The amount borrowers have to pay per month differs from lender to lender depending on interest rates, payment period, and additional charges.

Interest is the amount borrowers pay on top of what they borrowed. Interest rates differ from institution to institution and are based on the borrowers’ credit score and history. A good credit score and history reduce the rates.

Usually, personal loans have fixed interest rates, which means borrowers pay the same monthly amount for the loan repayment period. However, if borrowers get a lender with varying interest rates, they might pay less or more depending on whether the interest rate is increasing or decreasing.

If you have bad credit, you can reduce your interest rates by having a loan co-signer with a good credit score.

Repayment time is the time the lender expects you to pay the loan. The standard repayment time for personal loans is between one and five years, depending on how much money borrowers get.

Since there are no prepayment penalties, borrowers can pay off their loans early, which helps save on interest. Borrowers also need to ask lenders if additional fees like origination fees could increase their pay.

Secured Vs. Unsecured Loans

Secured loans usually require that the borrower presents collateral, like a mortgage, auto loan, or home equity line of credit. Secured loans are typically used when borrowers are borrowing large sums of money.

Collateral is an item like a house or car that the lender holds possession of until the borrower pays the loan in full. Failure to that, the lender sells the item to recover the money. With secured loans, borrowers get lower interest rates, longer repayment terms, and higher borrowing limits. They are, however, harder to qualify for.

On the other hand, unsecured loans are loans with no collateral like personal loans, credit cards, student loans, and personal lines of credit. Since these are loans with no collateral, their interest is higher.

Lenders evaluate borrowers’ credit reports, credit scores, and debt-to-income ratio to determine their ability to pay off the debt.

Before applying for a loan, whether a personal or business loan, borrowers should research to determine the requirements and whether they qualify and whether it is the best to meet their needs, Lantern by SoFi is one of the best online platforms to find all the information about loans to help borrows make the right decision.

 

 

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BUSINESS

Netflix’s Bridgerton Season 2 
Diamond Jewelry Extravaganza

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Much has been made of fashion in the highly anticipated second season of Bridgerton, which aired on March 25th, 2022. Ellen Mirojnick, the costume designer, has truly outdone herself with intricate and opulent gowns for early 19th century English aristocrats. 

Such are the costumes, in fact, that they are arguably on equal footing with fellow Netflix hits, Downton Abbey and Reign. But Mirojnick’s jewelry choices were arguably the aesthetic highlight of this show, with lavish gems and diamonds adorning and making social statements about the characters.

There was a stir surrounding authenticity of a jewel in Season 2, which today might be called “Rubygate.” Lord Jack Featherton’s mines were found to be empty, and a ruby necklace he gifted turned out to be a counterfeit. This embarrassing blunder permanently altered his wedding plans. It would be difficult to recover from a scandal like that even today.

This begs the question about how people in those days knew details about their gemstones. Would they have been able to differentiate between real diamonds and artificial costume jewelry or something like Moissanite? Assuming their stones were genuine, how would any family even know if their family jewels were of the highest quality?

In those days, jewelers would have their own personal methods for surmising what they viewed as quality. This was a time before the Gemological Institute of America (GIA) 4Cs, which is now a universal standard for grading. 

But despite having a standard today, the same problem with subjectivity actually persists. Just as with 19th century England, gemologists still evaluate gemstones by eye—something that’s quite undependable. 

Opinions often differ among various laboratories that issue certificates. Even GIA itself uses the same old-fashioned inspection method by which it issues certificates.

As of 2021, however, a new technology finally solved this problem. Sarine Technologies is an Israeli high-tech responsible for systems used by diamond producers around the world. 

Its engineers designed special scanners that use machine learning software. These devices operate 3D image sensors to precisely analyze gemstone qualities on a level impossible to achieve with the human eye. The result is high precision 4Cs grading and certification, and this scientific advance is great news for modern diamond shoppers. 

It’s always a smart idea to get a second opinion on any grading advertised in a store. According to Keith Ericsson, owner of Shimmers, a Houston jewelry boutique, there are all sorts of reasons to question certificates on stones. 

“All of our pieces are certified, but the associations and authorities that issue these have in all honesty been controversial. In at least one case I know if they would actually grade stones higher as incentive to buy more certifications. That’s nuts.”

Ericsson was probably referring to a European authority accused of ethics violations. But some people might be shocked to learn that even the GIA itself has been the subject of no small amount of controversy.

According to Rapaport, a leading diamond industry resource, clients were accused of bribing the organization in exchange for better ratings on stones. “GIA does not provide full disclosure of what happened — they do not straightforwardly admit that any employees have been caught taking bribes.”

It wouldn’t be fair to suggest that this is an overall bad organization. But reports from the GIA, AGS and EGI are subject to error, where Sarine’s eGrading is not. Machines tell the truth down to every last detail. This is why this service is so revolutionary. Diamond shoppers should always request that jewelers get an eGrading report for verification.

Fans of the Netflix series would undoubtedly be interested in knowing appraisal values of real jewels used on Bridgerton. That would require a visit to Sarine’s labs for analysis. But would owners of the jewels really want to know if they paid too much? 

Either way, if the pieces go up for auction at Sotheby’s someday, chances are that any buyer would carefully vet such an investment by performing an electronic grading.

While Sarine’s technology will be invaluable to modern day jewelry shoppers, it might prove scandalous to real-life Bridgertons of the day. What if Lady Danbury’s necklace had lots of inclusions and a poor clarity rating? It would all be rather unimaginable how she might react.

On the other hand, after that whole ruby fiasco, maybe characters really would be better served by making sure something like that never happens again; at least within the same season.

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BUSINESS

How to Choose a Work from Home Laptop

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With more and more people setting up home offices and working from home after the COVID-19 pandemic, getting the right device has never been more important. Whether you are required to provide your own device for the work that you do or you are an employer looking to get the perfect laptop for members of your team to work from home, any device you choose needs to be focused on performance and productivity. With so many great modern laptops to choose from these days, and countless features to consider, making the right choice isn’t always easy. 

CPU

The Core Processing Unit is one of the first things you should consider when choosing a work from home laptop. This part of the computer performs crucial actions, runs programs, and performs calculations. It is essential for using the business and work programs that you or your employer relies on every day. Wherever possible, go for a laptop that has a CPU with a higher number of cores, since this allows the laptop to handle more time-consuming and intensive workloads. Custom Laptops at Lenovo have a wide range of options on offer. 

Webcam

When it comes to working from home, webcams are usually an essential part of any laptop. If you are working remotely, then video conferencing is likely to be a part of your job now. While most laptops do come with a built-in webcam, these do not always offer the best HD quality. Consider how frequently you or your team will need to use video before you start looking for an ideal laptop. 

Storage and Memory

While storage and memory are not the same thing, they often come together as a category to consider. When it comes to memory, 8GB of RAM is a minimum to go for if you are going to be running a lot of browser tabs and various applications throughout the working day. Anything lower than this and your laptop is likely to be too slow for the work that you do. On the other hand, storage is used to maintain your files. A 265GB SSD or solid state drive is the minimum you should go for with a work laptop, unless you know that you are going to be using the cloud for the majority of your storage needs. 

Display

Finally, when you are choosing a laptop for work from home, it’s a good idea to go for one with a large display as the last thing that you want is to spend all day giving yourself eye strain by squinting at a tiny screen. Go for a laptop that allows you to see everything in crisp clarity. Ideally, around 14-15 inches is usually perfect for a work laptop with an 1080p resolution. Consider a taller 4:3 aspect ratio, since this will give you a lot of room for spreadsheets and documents. If you don’t plan to take your laptop with you to many places and don’t mind it weighing a bit more, you might want to consider an even larger 17 inch display. 

With working from home now more commonplace than ever before, finding the right laptop for your home office is crucial. 

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Konrad Bicher: The Millennial RV Park Industry Mogul!

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Konrad bicher

Konrad emphasizes that millennials have been renting and purchasing more RVs than ever before as road trips continues to be a bright spot during the coronavirus pandemic.

[New York, NY, 5th/Mays/2022] – Businessman and millionaire real estate tycoon, Konrad Bicher, is looking to make a grand debut in the RV Park and Campground Industry. Inspired and motivated by his dad’s RV Developments, Konrad is eyeing to give the industry a complete make-over and believes millennials are the future of the RV Park Industry. In 2021 he founded his franchise Nomad RV Parks and Resorts.

Millennials, known as generation Y, are young adults born between 1980 and 2004. By 2020, millennials are expected to take 320 million international trips. Millennials are predicted to outnumber baby boomers by almost 22 million by 2030. Mr. Bicher says that a large proportion of this population are showing interest in camping, adventure activities and nature exploration. According to the North American Camping Report, Millennials and Gen Xers accounted for around three-quarters of all campers, with Millennials accounting for 40%. This trend is expected to continue in the forecast period driving the camping and caravanning market, the release states.

“There aren’t many of us out there”, Konrad Bicher, the young RV Developer stated, “In fact, I never heard of anyone my age 30, a millennial developing RV Parks that cater to a young crowd, where one does not need to question if the Wi-Fi connection is strong enough to stream a zoom meeting.”

The global camping and caravanning market size is expected to grow from $39.85 billion in 2020 to $45.07 billion in 2021 at a compound annual growth rate (CAGR) of 13.1%. Konrad thinks the growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $56.6 billion in 2025 at a CAGR of 6%.

Mr. Bicher said for millennials, RV Parks are the means by which they adventure. If he builds it, they will come.

According to curbed.com, beyond tech for personal use, real innovations in RV technology should be oriented toward making campers more eco-friendly. The irony of enjoying the outdoors by pulling heavy, poorly-constructed trailers with gas-guzzling trucks is not lost on younger generations.

Millennials like Konrad himself, want electric-powered campers that emit zero emissions, better solar-power systems, electric camper vans, and lightweight campers that can be towed by electric cars. Give them hybrid RVs, eco-friendly materials, and ways to charge electric bikes from their campers, and they are good to go.

“A lot of people are traveling and they’re working from their RV, they want that Wi-Fi so they can go hook up the camper and go travel the country but still be able to run their business from a remote place,” Konrad said.

For millennials, it’s not about the stuff they collect, it’s about experiences, travel, and who they meet.

You can find Konrad Bicher on Facebook

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