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Creativity And Innovation Directors, Consultants And Managers
Creativity and Innovation is essential for competitive advantage, yet the role of Creativity and Innovation Manager is often not viewed as essential. Organizations without such a role will simply not perform as competitively as their rivals.
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Finding Your Next Big Idea
The business enterprise has two, and only two, basic
functions: marketing and innovation. It is not necessary for a
business to grow bigger; but it is necessary that it constantly
grow better.
- Peter F. Drucker
The...
Gibson Guitars: Explorations in Innovation
The tradition of quality associated with Gibson guitars dates as far back as the late 1800s when Orville Gibson started the company with his skill and interest in the guitar. Probably one of the keys to the success of the company then and now is...
Significant Uses of Variable Data Digital Printing
Variable Data Digital Printing is also known as Personalized Publishing, Variable Information Printing and database Publishing which is employed to modify and adjust all the included documents within the run of digital printing. It is widely used by...
"Tiny" Entrepreneurship
Most Entrepreneurial Businesses Are Very Small--We Might Accurately Call Them "Tiny"
Recent research published by the National Federation of Independent Business (NFIB) has reported that approximately one-third of small businesses with nine or...
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5 things pensioners applying for a loan should remember
Are you a pensioner applying for a loan? Here are 5 things you should remember
As a pensioner, applying for loans and finance can be problematic. Some of the best deals in the market may be unavailable to you because you do not meet the ideal criteria that lenders look for. For example, because of your situation you may no longer be able to generate income. To make up for this, you need to make sure that other aspects of your loan application are presented strongly to allow you to obtain the loan most suited to you.
Your age may make you a credit risk
In general, the main thing that lenders consider when reviewing a credit application is risk. Your credit history, income and age may all point to you being a high credit risk and lenders may consequently decline your application. Because of these factors, senior citizens and pensioners may experience greater difficulty in obtaining a loan. However, if you can show that you are able to service your loan for the duration of the term, or even prepay the interest, you still have a good chance of succeeding in your application.
You need to demonstrate loan serviceability in your application
Regardless of your age and employment status, the main thing you need to show is that you can actually pay back the loan you wish to take out. If the lender decides that you will have no difficulty making the scheduled repayments for the term of the loan, you will probably be successful in your application. Any information you can provide regarding your assets and income will obviously be relevant.
Being an existing homeowner may help your situation
Even if you have strong income as a pensioner, a number of factors such as illness or
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hospitalisation may affect that income and lead to financial difficulty. If you are a homeowner, you may be able to access any funds or equity in your property to secure the loan and convince the lender that you can meet the proposed repayments for the term of the loan.
Non-standard loan facilities may be difficult to obtain
Line of credit mortgages, some long-term fixed-rate mortgages and mortgages that offer payment breaks are all innovations that have appeared in the mortgage market in recent years. Unfortunately, many of these mortgages may be unavailable to pensioners. Lines of credit, for example, which allow the homeowner to take equity out of his or her home, present greater risk to a money lender because of their potential to extend the loan period and create more opportunity for default. Because pensioners may already be considered high risk, it is unlikely that these financial products will be available.
You may be required to apply for loan insurance
Depending on your circumstances, you may wish to obtain loan insurance. This ensures that your loan repayments are met in the event of involuntary unemployment, injury or death. Although the premium may be higher than average due to your status as a pensioner, a lender may nevertheless require you to obtain loan insurance before approving your application.
About the Author
Nick Cameron is a writer for Australian Debt Reduction which is part of Australia's largest Debt Relief organisation and has assisted more than 10,000 Australian's reduce their debt. You can read more articles and find out more about how to reduce your own debt at http://www.australian-debt-reduction.com.au or by calling 1300 306 272 from within Australia.
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