Loans and why they are necessary

Having a monthly installment to pay is not a convenient matter. As an average citizen, you have a limited income that is barely enough to meet your monthly needs and entering into an agreement where you have to additionally lower your monthly or weekly wages is not really a desirable option. Nevertheless, there are times when larger sums of money are required and in such cases people who do not have or are unwilling to use funds from savings accounts, generally employ the services of a lending entity. Entering into such an obligation for a prolonged amount of time must have a valid reason behind it. Keep in mind that for an unforeseeable future you will be obliged to pay a monthly amount back towards your debt, but in addition to that, you will also have a hefty amount of interest added to the original borrowed amount. The average percentage rate, or APR, does vary and it widely depends on the form of loan that you are taking and how secure and safe such a loan is, how affordable or high such interest rates will be. Some loans, like a mortgage or a homeowner’s loan, have very low risk assessment rates, […]
By |January 15th, 2014|Blog|0 Comments

Personal finance

It is a very thankless task to talk about personal finance. Most common people in the Western World barely make ends meet and constantly have to juggle finances in order to survive and still have some kind of a proper life. Having a high-brow banker walk in and give them lectures how to handle their own money is probably the last thing they would like to hear. Particularly if the said banker’s main problem in life obviously seems to be with which gold credit card will he pay for the business lunch and which client is going to be billed for it. As a regular bloke or lass, you do not have a “securities portfolio” or any such nonsense. You may have a bank account, a credit card, a loan that you are paying off, be it for a personal loan or for a mortgage, you have at least one income source, but more likely your household has at least two and if somebody asks you to invest your savings, all you can do is debate if to strangle that person or to laugh. Nevertheless, it would be wise to sit down and take a little time to muse about […]
By |January 14th, 2014|Blog|0 Comments

All About Bankruptcy

Bankruptcy is a way of declaring that you are insolvent. There are two ways on how to be made bankrupt in the UK. You can either apply to the court or your creditors will apply for you. If you owe 750GBP or more to your creditors, they can apply for bankruptcy for you. Once you are declared bankrupt, you are listed under the Individual Insolvency Register. Your remaining assets will be sold to pay for what you owe and you need to follow bankruptcy restriction rules in order to be discharged from bankruptcy. You can apply for bankruptcy by petitioning the court to declare you bankrupt. The court will then decide whether your request will be approved or denied after looking into your finances. If the court decides to declare you bankrupt, they will issue a court order against you to make it official. Bankruptcy restrictions are very strict and it is a criminal offence to break them. Usually, the restrictions lasts only up to 12 months but if you break some of the rules, the restrictions will last longer. The bankruptcy restrictions include not being able to take out a loan more than 500GBP […]
By |September 30th, 2013|Blog|0 Comments

Building A Credit History

Let’s face it. Credit is very important. You need a good credit rating in order to take out a home loan or car loan in the future. It is important that you start as early as possible in building a good credit rating that will enable you to get important loans down the road. It takes time to achieve a good credit history but it is the very thing you need to prove to lenders that you are reliable and trustworthy when it comes to your finances. Some people who do not have a credit history often also get turned down when applying for loans because they have not yet established themselves in the world of credits. Credit companies need to see before hand that you are not a big risk. The only way to prove this is through a good credit rating. How to Build Your Credit History Take out credit cards and store cards The use of credit cards and store cards will help you start a credit history. Generally, store cards are easier to get but if you are able to get approved for a credit card as well, that’s good. […]
By |September 23rd, 2013|Blog|0 Comments

Short Term Loans: Can It Really Help?

Short-term loans are also known as payday loans. This type of loan is taken out with the intent to be paid in full on your next payday. It is an easy way of solving financial emergencies brought about by medical expenses, broken down car, bills and other personal expenses that your current salary cannot cover anymore. It will lift your financial burden until the next payday. Aside from being able to give you quick money solutions, can payday loans be really helpful? The answer is yes. Short-term loans can help you when it comes to establishing your credit or improving your rating. It is not very easy to take out long-term loans like mortgages or car loans these days because banks face more and more risks in lending money. They are very careful in checking your credit rating and if they see a hint of doubt, you will get denied on that home loan you have been counting on. Since payday loans are designed to be paid off in a short amount of time, it shows financial institutions that you are responsible when you pay it off completely on your next payday. It makes them […]
By |September 16th, 2013|Blog|0 Comments

How Logbook Loans Can Save You Even If You Have Bad Credit

Times are getting harder and harder and budgets are getting tight. If you find yourself in a situation where you need some fast cash to solve an emergency but you are already sure that you cannot get a loan from a bank because of your bad credit rating, there is still some hope. There are such things as logbook loans. Logbook loans are loans you take out using your vehicle as security. These are fast cash loans that fortunately do not check your credit rating so even if you have a bad one, as long as you have a car or motorbike with value, you can get the cash from them fast. Once you take out a loan, you give them your vehicle’s logbook or V5 document. Just be sure to keep your payments on time. Otherwise, they will repossess your vehicle to cover their losses. Logbook loans are designed to aid you in solving money problems fast so you can be saved from more difficulties. They are not put in place to give you more money problems. Logbook loans can also save you not just by lending you the money you need. This type of […]
By |September 9th, 2013|Blog|0 Comments

Tips On Managing Debts

We live in a world where consumerism is promoted in every turn of the corner. We have more needs compared to a hundred years ago when credit was not as popular as it is now. There are even more unexpected expenses now than before so no one really has the right to judge anyone who has suddenly found himself with a lot of debts. Once you find yourself in that situation, it is crucial that you manage your debts well before it drags you even further into your woes. Here are some tips on how to get on top of your debts: List all your debts. – It is very important to keep track of each and every debt you have so that you know which one to prioritize and which one to pay last. Also, some small debts may incur so many fees and interests that if you lose track of it, a small amount of money owed could become a small fortune to pay. Make a plan to keep up with payments. – Once you have a list of your debts, make a payment plan for each. Calculate how much money you can use […]
By |September 2nd, 2013|Blog|0 Comments

A Guide To Finding The Lowest Cost Logbook Loan

The current financial climate is not ideal for anyone even for credit companies. Whether you are experiencing a sudden money drawback or you just need to get away to distress, a loan may be the fast solution you need. Given that you have an acceptable credit rating, going to the traditional loan institutions like banks for example is not as appealing as fast cash logbook loans. Applying for a loan from a bank can take weeks or even months and you won’t even be sure that you will be approved. If this is the case, then a secured car loan could be the answer you are looking for. There are tons of logbook loan companies in the UK and the key to finding which one is right for you all depends on how well you do your research before getting into an agreement with one. These days, you can get as much information as you can online. List down all the pros and cons of each logbook loan company and compare them later on. Things to Consider Before Getting a Logbook Loan The Interest Rate or APR APR is the annual percentage rate […]
By |August 25th, 2013|Blog|0 Comments

Banning Logbook Loans

A couple of years ago, there have been news about the banning of logbook loans by the government that stirred controversies. Logbook loans have been the only solution to people with bad credit that need money fast. Since the loan is secured by the borrower’s car, credit companies lend money to people without having to check their credit history. So for those that have had issues financially, logbook loans are very helpful. The government has received numerous complaints about logbook loan transaction that have gone amiss. There are a good number of logbook loan borrowers that fall off the track for their monthly payments and eventually losing their cars. This is mainly because logbook loans have very high interest rates and if you are someone who already has money problems, high interest is something you really have to avoid. Because of this, the government proposed to ban logbook loans. Complaints About Logbook Loans The Office of Fair Trading has received countless complaints about logbook loans and debt collectors. The Citizens Advice has also seen a 100% increase in consultations about logbook loan problems. The complaints about logbook loans range from high interest rates […]
By |August 18th, 2013|Blog|0 Comments

Debt Collector Practices: What’s Right And What’s Not

There is such a thing as the “Debt Collection Guidance” that debt collectors must follow, which you also need to be aware of in case you are under some financial duress. This is not to say that you should find a way to avoid paying your debts but even though you do owe money to credit companies, you still should not be treated in a bad way because of their unfair debt collection methods. Being well informed is the key to solving your financial troubles one step at a time. Know what you can do if a debt collector harasses you. If you are unable to make an agreement to pay smaller installments to settle your debts with your original creditor and you have no way of keeping up with the current payments, your loan account will passed on to a debt collection agency whose main task is to collect the money you owe. These debt collectors often resort to unfair practices that lead to harassments on your part. It may range from annoying phone calls to endless letters of demand for payment and some may even approach you in person at home, in your office […]
By |August 10th, 2013|Blog|0 Comments