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Carrying cash everywhere comes with a certain risk. If your wallet is lost or stolen then there is not much you could do to recover the lost amount. However, a credit card can be hotlisted so no one can use it. Also if you make payments with a credit card but the services were not rendered, then you can dispute the transaction. This will lead to an investigation by the credit card provider and in the interim period, a temporary credit is extended to the user equaling the disputed amount.
Emergencies do not come with a warning and at such times additional cash or credit can help one immensely. Whether it is a medical emergency or an urgent cash requirement, credit cards can come to your rescue by providing cash against credit.
Credit cards offer you interest-free period on purchases. This means you do not hold any interest on your spends as long as you pay off the amount within due date.
A long term benefit of owning a credit card is that you can build a credit score especially if you have never taken up a loan. The credit score is not generated until an individual takes up a loan. The score monitors the individual’s financial responsibility so if you haven’t taken up a loan, then you won’t have a credit report. This will prove to be a hindrance if you apply for a loan in the future. This is because banks are apprehensive to lend money to individuals whose financial behaviour is not known. So owning a credit card can turn out to be a wise financial decision.
Many credit cards offer reward points on the transactions you make using the credit cards. These Reward Points can be redeemed on items, gifts, vouchers, etc. Some of these credit cards offer accelerated reward points when used for certain transactions like flight booking, dining, online or retail shopping, etc.
This Loan Agreement is made and will effective on
CPay LTD
- The Borrower from
1. Promise to Pay Within months from today Borrower promises to pay to Lender rupees () and interest as well as other charges avowed below
2. Accountability Although this agreement may be signed below by more than one person each of the undersigned understands that they are each as individuals responsible and jointly and severally liable for paying back the full amount
3. Breakdown of Loan Borrower will pay:
Amount of Loan
Amount financed
Finance charge (2%)
Total of payments ₹
ANNUAL PERCENTAGE RATE 7.99 %
4. Repayment Borrower will pay back in the following manner Borrower will repay the amount of this note in equal continuous monthly installments of ₹ each on the day of each month.
5. Prepayment Borrower has the right to pay back the whole exceptional amount at any time If Borrower pays before time. or if this loan is refinanced or replaced by a new note Lender will refund the unearned finance charge figured by the Rule of 78-a commonly used formula for figuring rebates on installment loans.
6. Late Charge Any payment not remunerated within ten (10) days of its due date shall be subject to a belatedly charge of 5% of the payment not to exceed ₹ for any such late installment
7. Security To protect Lender Borrower gives what is known as a security interest of