Short Term Loans

Most personal loans today are short-term loans, which mean they are only over a period of a month or two, while other personal loans repayment period might be over 7 years.  The repayment terms can be much longer as with a secured loan. Many times the repayment period of a secured loan can be as long as 25 years, which is ideal for someone working on a long term project such as improving a home.  The monthly repayments on a secured loan will be much lower than with an unsecured loan, making it more affordable to pay month to month, even though more money will be spent on interest in the long term.

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Mood and Fitch, Standard and Poor?

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In Need of Cash? Which Type of Loan is Best?

Life is unpredictable. There are endless reasons why you would need money quickly without any warning or preparation. Maybe you are a little short on your expenses one month and need some cash to pay the rent, maybe your car broke down and it has to be fixed immediately so you can go to work, whatever the reason chances are at one point or another every single one of us will need some cash quickly. Fortunately, there are multiple systems set in place to help individuals who are in need of some quick cash-in-hand. Having multiple options begs the question; when you are in need of cash, which type of loan is best?

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Unsecured Loan Criteria

When applying for an unsecured loan, there are certain requirements you must meet to be approved of an unsecured loan. 
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Debt to Income Ratio and Debt Timing

The remaining balance of your loan can play a role in the level of your credit score.  You may gain credit score points back as you pay your balance back down.  The longer you have the loan, and the farther the difference between your original loan amount and your current balance, the more positively it will affect your credit.

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Getting a Loan With Bad Credit - Defaults and Arrears

When taking out a loan with any lender, one of the first things you will do is discuss the terms of the loan amount and repayment methods. After you have narrowed down your desired credit line, the repayment method is often stipulated with details on how you will pay the lender back with key attention to interest rates, time of repayment, payment options and even credit score requirements. This repayment process will often determine how much time you may have to pay the loan back as well as minimum and maximum limits for the amount due. Given the variety of loans available, one common loan status that can affect your credit score and credit history are instances of defaults and arrears. While often viewed as a last resort for the borrower, if you start to miss your payments for an extended period of time then your loan may fall into one of these two categories.

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Loan Scams Still Going On In The UK

Loan Scams have been picking up steam for the last year in the UK, with the number of complaints about these types of scams rising almost double from 2011 to 2012. Now in 2013, the numbers have evened out, but still remains a problem.

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How to Manage your Money Once You’ve Taken Out a Personal Loan

Once you’ve taken out a loan and you have an influx of funds in your account, it’s tempting to start spending the money. With many options of where to start putting this money to the most beneficial use, go to your credit cards first. Start paying off your credit card balance and consolidating your debt using the funds from the personal loan because it is likely that the interest rate of your personal loan is lower than that of your credit card.

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What is a Collateral Loan?

With the myriad of loan options available in today’s lending market, it may often seem confusing to first time borrowers. Rest assured, one of the most popular loans taken out by borrowers worldwide is a collateral loan.

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Sub Prime Auto Loans on the Rise in the UK

Sub Prime Auto Loans, leasing options, and poor credit financing all saw increases from 2011 to 2012, according to recent reports from consumer credit agencies.  While auto financing may be a rather dry topic, almost everyone deals with car loans in their lives, so understanding the nuances of the car loan market can give you valuable experience, as well as insight into the economy itself.

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Your Credit Score Explained

 One common misconception about lending that we often assume is that individual lenders directly determine your credit score by looking up your financial history and personal background. When it comes to taking out a personal loan, this can be further from the truth. Specifically, your financial data is supplied by the three major credit reference agencies in the UK.  From mortgages, boat loans, car loans, personal loans, and anything in between, the mystery behind how a credit score is calculated is listed below.

What information do they have?

Typically, credit agencies hold specific personal information from all previous credit applications. Even if you are approved or denied, information such as name, date of birth, recent addresses and credit payment history often shows up on their report. Additionally, instances of house repossessions, court orders, arrears, and administration orders also appear. In addition to basic personal information, any instances of bankruptcy or foreclosure are highlighted on a credit report.

The bulk of credit agency personal data tends to revolve around your credit history when assessing a credit score. Factors such as missed or made payments, timeliness of payments, and credit card history are typically noted. Seeing a credit report acts as a timeline, every instance of credit card use is noted including when a card is opened or close. It should also be noted that even if a card is settled or closed, personal data about the card remains on your credit report for up to six years. Lastly, credit agencies record every instance of a credit search on your behalf such as a loan application or when you purchase something with interest free credit.

What are lenders looking for?

Besides asking for details of your employment status, asset portfolio and income, lenders base the bulk of their decision on past information from credit agencies. Specifically, lenders assess how much risk they will potentially be taking by lending to you. 

If you have never applied for credit or lack a history of continued credit use, this may lead lenders to believe that your credit score is too low to warrant lending. With being said, the opposite of this situation such as maintaining too many credit cards can often cause the same results. It should also be noted that there is no official “blacklist” for borrowers – each lender analyzes credit data differently so a situation where you are turned down might be result in approval for another lender if applying for a credit card or loan.

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9 Secrets of Profitable Saving

Having a safety net of accrued savings is something all of us strive for. It provides comfort and security knowing that when that inevitable rainy day comes we are prepared for it. Unfortunately, despite best intentions many are not able to achieve these savings goals. But there are those out there successfully and regularly saving money, which begs the question: what are they doing differently than I am?

1.       Save Regularly

 You may not be able to save a large amount every month but a small amount is better than nothing at all. Not only do these small amounts add up over time, but saving something every month ingrains the habit of saving into your routine. 

2.       Save At The Start Of The Month, Not The End

This is one of the most commonly made mistakes of saving. Most people wait until the end of the month and save any money that is left over. This strategy allows for errors in budgeting to eat up any potential savings. Instead, take a predetermined amount of money factored into your budget right away from your paycheck and deposit that into savings.

3.       Keep Control Of Your Spending

To a profitable saver saving money is a priority. This means taking a cold, hard look at your monthly spending habits and determining areas where you can cut spending in favor of a more important goal.

4.       Actively Manage Your Money

Base interest rates for banks right now are around 1% or lower. But, successful savers take advantage of higher interest rates by switching their savings to more attractive accounts. For example, many accounts offer higher interest rates for 12-months. By keeping track of these bonus offers and moving accounts you can earn consistently better interest rates on your savings.

5.       Have An Emergency Fund

You might be saving for any number of reasons; for a holiday, to overpay the mortgage, to help pay for school. In addition to these purpose driven savings accounts it is important to have an emergency fund of money that is only used for … emergencies. Profitable savers don’t factor this into their savings goals.'

6.       Clear Your Debts First

One of the golden rules of personal finance: pay off your debt before adding to savings. This is because invariably debts such as credit cards have high interest rates, while savings accounts have low interest rates. 

7.       Keep Track Of Your Loose Change

Loose change adds up. Put the extra change in your soda or ashtray to better use and put it in your savings. You will be surprised how much extra money you have at the end of the year from compiling all your loose change to one place.

8.       Set A Savings Goal

Setting a goal in your mind is motivating. It is an extra reason to keep at it. If you are saving for something specific, work backwards. Instead of deciding how much you can save each month, consider the total amount needed and how quickly you need it. Then it’s simple math to determine how much you need to save to reach your goal.

9.       Start Young

Studies have shown saving as a child helps you save as an adult. There isn’t anything you can do about that now, but you can help instill good saving habits in your kids, nieces, or nephews. Every little bit counts.

This information is brought to you by Your Finance – providing unsecured US loans for when the best laid savings plan simply aren’t enough.

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