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Author: Terminator

  • Do You Know Which Loan You Want?

    Do You Know Which Loan You Want?

    Many people get confused when they hear about the different types of loans available. Here is a helpful loans guide of the most common loans available today.

    Which Loan
    Which Loan

    Bad Credit Personal Loan

    A Bad Credit Personal Loan is a loan made for people with a bad credit rating. However created, your past record of County Court Judgments, mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal.

    If you are a homeowner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you want.

    With a Bad Credit Personal Loan you can borrow up to 125% of your property value in some cases.

    Bridging Loan

    A bridging loan is a kind of loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold.

    Bridging loans are short-term loans arranged when you need to purchase a house but are can’t arrange the mortgage for some reason, such as there is a delay in selling your current home.

    The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold

    A bridging loan can also be used to raise capital pending the sale of a property.

    Bridging loans can be arranged for any sum and can be borrowed for periods from a week to up to six months.

    A bridging loan is similar to a mortgage where the amount borrowed is secured on your home, but the advantage of a mortgage is that it attracts a lower interest rate.

    While bridging loans are convenient, the truth is that the interest rates can be very high.

    Business Loan

    A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment.

    Business loans are generally available at really competitive interest rates from leading commercial loan lenders.

    A business loan can be secured by all types of business property, commercial and residential properties.

    Business Loans can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and how long the term is.

    Business loans are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.

    Car Loan

    The basic types of car loans available are Hire Purchase and Manufacturer’s schemes. Hire purchase car finance is arranged by a car dealership, and in essence means that you are hiring the car from the dealer until the final payment on the loan has been paid, when ownership of the vehicle is transferred to you.

    A Manufacturers’ scheme is a type of loan that is put together and advertised by the car manufacturer and can be arranged directly with them or through a local car dealership. You will not own the car until you pay back the loan in full. The car would be repossessed if you default on repayments.

    Cash Loan

    Cash Loans are also known as Payday Loans, and these loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

     

    A Cash Loan can assist you in this situation with short term loans.

     

    Loans are repayable on your next payday, although it is possible to renew your loan until further paydays down the road.

     

    To apply for a Cash Loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.

     

    Debt Consolidation Loan

     

    Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one simple loan, which will give you just one easy-to-manage payment, and in most cases, at a lower rate of interest.

     

    Secured on your home, these debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment that is calculated to be well within your means.

     

    With a Debt Consolidation Loan, you can borrow up to 125% of your property value in some cases.

     

    It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of the life you want to lead.

     

    Home Loan

     

    A Home Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home loan, and many people choose to do so with this kind of loan.

     

    The loan can be used for any purpose, and is available to anyone who owns their home. Home loans can be used for any purpose such as, home improvements, buying a new car, taking a vacation, paying of credit cards and debt consolidation.

     

    Home Improvement Loan

     

    A Home Improvement Loan is a low interest loan secured on your property.

     

    With a Home Improvement Loan you can borrow money with low monthly repayments.

     

    The loan can be repaid over any term between 5 and 25 years, depending on your available income and the amount of equity in the property that is to provide the security for the loan. You need to talk to your lender about that.

     

    A Home Improvement Loan can help you with installing a new kitchen, bathroom, extension, loft conversion, conservatory, landscaping your garden or purchasing new furniture. You can even use it on non-house expenditure like a new car or repaying credit card or other debts, which makes it convenient and useful for multi purposes.

     

    Home Owner Loan

     

    A Home Owner Loan is a loan secured on your home that you own. You can unlock the value tied up in your property with a secured Home Owner loan. The loan can be used for any purpose, and is available to anyone who owns their home. Home owner loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation.

     

    Payday Loan

     

    Payday Loans also known as Cash Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

     

    A Payday Loan can assist you in this situation with short term loans to help you get through tough financial times.

     

    Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.

     

    Personal Loan

     

    There are two categories of personal loans: secured personal loans and unsecured personal loans – See individual titles below. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have the option of an unsecured personal loan.

     

    Remortgage Loan

     

    A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender. This process is done to help you save money. A remortgage can also be used to raise additional finances by releasing equity in your property.

     

    You can borrow money and rates are variable, depending on status.

    Secured Loan

     

    A secured loan is a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount of money and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances.

     

    Secured Personal Loan

     

    A Secured Personal Loan is a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. Secured personal loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime.

     

    You can borrow any amount you need and repay it over any period from 5 to 25 years.

     

    Student Loan

     

    A student loan is way of borrowing money to help with the cost of your education. Applications are made through your Local Education Authority or the government. A student loan is a way of receiving money to help with your living costs when you’re attending college. You start paying back the loan once you have finished studying, provided your income has reached a certain level.

     

    Tenant Loan

     

    A tenant loan is an unsecured loan granted to those that do not own their own property. A tenant loan is always unsecured because in most cases, if you are renting your accommodation, you do not have an asset against which you can secure your loan. Tenants sometimes find that some loan companies will only lend money to homeowners. If you are a tenant you need to look for a company, bank or building society willing to give you an unsecured loan.

     

    Unsecured Loan

     

    An unsecured loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans.

     

    The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains.

     

    An unsecured loan can be used for almost anything – a luxury holiday, a new car, a wedding, or home improvements.

     

    An unsecured loan is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

     

    Unsecured Personal Loan

     

    An Unsecured personal loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments.

     

    The amount you are able to borrow varies. The repayment period will range from anywhere between six months and ten years. An Unsecured personal loan can be used for almost anything – a luxury holiday, a new car, a wedding, or home improvements.

     

    An Unsecured personal loan is good for people who are not homeowners and cannot get a secured loan. For example, this is a good program for renters.

     

  • Financial Mistakes To Learn From

    Financial Mistakes To Learn From

    In this day and age, there really shouldn’t be any reason to make certain financial mistakes. Do a search of the internet and you will find that there are thousands of articles out there that warn you of the pitfalls of certain choices. Advice for living a financially stable life is everywhere. What are you waiting for?

    Financial Mistakes
    Financial Mistakes

     

     

    Here are the most common mistakes that I’ve seen people make. I’ve even made a few of them myself. These are the financial mistakes that you can learn from. You’ve probably made a few of them yourself, they are very common.

     

    Mistake #1: Using that little plastic card to get what you want.

     

    We’ll just start off with the number one mistake out there. This is probably the most common mistake in the country. Almost every person in the US today has a credit card. It is almost like a right of passage when you turn eighteen. There are even people out there that aren’t eighteen yet that have them.

     

    Credit card debt is the fastest way to ruin your finances. It is easy to acquire and difficult to pay off. The minimum balance doesn’t pay off enough of your outstanding balance to help you very much. You will be paying on your balances for decades. Even a $500 balance can take you over a decade to pay off if you simply make the minimum payment.

     

    Add in the interest rate, which rarely goes down. If you miss a payment, you will really be paying the bank. Thirty percent interest is common on a credit card once a payment has been missed. And you only have to miss that payment by a day — which can happen in the mail or processing if you don’t plan ahead well enough.

     

    Mistake #2: Buying more home than you can afford.

     

    With the real estate market in the state it is today, many people are regretting their housing decisions. Adjustable rate mortgages are acceptable loan products for some people. But only if they can afford the maximum rate that the loan can hit if interest rates go up. Too many people only consider that introductory rate. They stretch and purchase as much as they can afford. Then, when rates go up and their rate adjusts, they can’t afford the payment. Add that to a slowing housing market, and you may have a foreclosure on your hands.

     

    If you are going to buy a home, make sure that you purchase what you can afford. Take out a fixed-rate mortgage so that you know what your payments will be. If rates go drastically down in the next couple of years, you can always refinance. If rates go up, you are protected. Try to aim for a 15-year mortgage over a 30-year. It will save you hundreds of thousands in interest. But if you can’t do it, a 30-year fixed-rate mortgage is an acceptable loan choice for the purchase of a home.

     

    Mistake #3: Not controlling your money.

     

    Too many people live paycheck to paycheck. They have no savings. They have no retirement plan. They have nothing to back them up in the case of an emergency. They have no control over their money.

     

    You have to take control of your finances if you want to retire someday. You have to learn how to budget, save, invest and spend. All it takes is a little time. And once you get in the habit, you will notice that your life has more control. You should say where your money goes, not lenders or creditors or anyone else.

     

    Mistake #4: Not saving for retirement.

     

    There are more seniors in the work place now than there were twenty years ago. And even more than there were fifty years ago. If you want to retire with enough money to live comfortably, you have to start putting something back today. Start an IRA. Contribute to your employer’s 401(k) plan. Figure out how much you need to invest and find a way to do it. This is your future. You don’t want to reach sixty and realize that you can’t afford to stop working. There is no guarantee that you will be able to draw social security or other forms of assistance then. What if you become ill and have to retire? What if you get hurt? Prepare for the future. Start saving for retirement today.

     

     

  • Financial Fitness Checklist

    Financial Fitness Checklist

    To find out just what kind of financial shape you’re in, answer the questions in the following Financial Fitness Checklist.1 If you’re married, print this out and take it home so that you and your spouse can work together to answer the questions. Make a note of how many questions you answer yes to.

    Financial Fitness
    Financial Fitness

     

     

    1. Are you using more and more of your income to pay your debts?

    2. Do you make only the minimum payments due on your loans and credit cards each month?

    3. Are you near, at, or over the credit limit on your credit cards?

    4. Are you paying your bills with money intended for other things?

    5. Are you borrowing money or using credit cards to pay for things you used to buy with cash?

    6. Do you often pay your bills late?

    7. Are you dipping into your savings to pay current bills?

    8. Do you put off visits to the doctor or dentist because you can’t afford them?

    9. Has a collection agency called recently about overdue bills?

    10. Are you working overtime or holding a second job to make ends meet?

    11. If you or your spouse lost your job, would you be in financial trouble right away?

    12. Do you worry about money a lot?

     

    If you answered “no” to all questions on the Financial Fitness Checklist, you’re the picture of financial health.

     

    One or two “yes” answers, while not necessarily a sign of impending doom, can be a warning sign of potential problems. Before things get any worse, take time now to draw up a realistic budget (including a savings plan) or to revise your spending plan. Cut back on your use of credit cards, and watch closely for other signs of financial trouble.

     

    Three to five “yes” answers could mean that you’re heading for financial trouble. It’s imperative that you get your spending under control right away. If you don’t have a monthly budget, draw one up and follow it. Put away your credit cards and cut out all unnecessary spending until you can answer “no” to all the questions on the Financial Fitness Checklist.

     

    If you answered “yes” to more than five of the questions on the Financial Fitness Checklist, you may already be in serious financial trouble. But don’t despair. Financial counseling can start you on the road to financial recovery.

     

  • Financial Balance: Reducing Unnecessary Spending

    Financial Balance: Reducing Unnecessary Spending

    If Americans were polled about their personal concerns, at the top of the list would be finances. Finances are important in our lives, from the national budget to the family budget, and when our finances are unbalanced, it can lead to serious trouble. Not only are bad finances linked to a significant number of failed marriages, but our personal financial history becomes public record when we apply for a job or credit.

    Financial Balance
    Financial Balance

     

     

    Living month-to-month or buried in debt is hard, but many people don’t have to live that way. Simply reducing unnecessary spending will help to balance the budget at home and free up money for paying off debts.

     

    Implement one or more of the following helpful suggestions to aid in balancing the home budget, and breath a little easier.

     

    Limit eating out

     

    If you’re like most Americans, you eat out at restaurants, fast-food or not, far too often. Setting a limit to the number of days or times we eat out per week will not only help our waistlines, but our wallets as well. The cost of one restaurant meal can feed an entire family of four for dinner at home, and simply eliminating that cup of coffee and donut in the morning can save up to $1,300 per year! Spend less than half that amount by making coffee at home and popping a bagel in the toaster.

     

    Take stock of your utilities

     

    Utilities are impractical to eliminate, but their cost can be greatly reduced. Many gas and electric companies provide discounts for upgraded appliances, or percentages off bills that show a decrease in power usage. Also, eliminate any unnecessary phone services, such as Caller ID or Call Waiting. Remember to check the monthly water bill for signs of a leak, which can cause a huge financial impact. Overall, review charges and statements each month to avoid paying for unused or undesired services.

     

    Get a new quote

     

    Many people go year to year not realizing they can make a change on their homeowner’s or vehicle insurance. Getting a new quote can be as easy as spending a few moments on the internet providing some key information. The savings can be drastic, especially if multiple insurance policies are purchased from the same company. As with the utilities, coverage should be reviewed periodically for changes that can be made.

     

    Reduce unnecessary travel

     

    Most people have multiple errands to run each week. Running all errands in one weekly trip will save gas money, as well as costly wear-and-tear on the vehicle. Also, limit vacations and out-of-town travel to the most necessary of events, such as weddings and funerals. Forgoing unnecessary travel will tremendously help the budget.

     

    Give up a little entertainment

     

    Eliminating a few channels on the cable or satellite television service can save substantial money each month. Are the movie channels really necessary, and are they watched that often? Magazine and other entertainment subscriptions should also be looked at as a possible area in which to save money. Do you really need 14 magazines every month? Anything that isn’t used or read should be eliminated.

     

    Keep a budget and stick to it

     

    Finally, the most important aspect of balancing a budget is to know what the budget calls for. Make a list of all necessary items and their cost each month, and on that same paper write down the expected monthly income. Remember to budget a little extra for emergencies or savings. Cut down wherever possible to keep expenses below earnings. As the amount of money left over increases, more money to pay off debts or enjoy a splurge here and there becomes available. Remember to make a new list each month, crossing off bills as they are paid, in order to avoid late fees – which will only add to next month’s bills.