Develop More Income Streams

Constantly be looking out for new ways to get money flowing into your pocket, if possible from multiple sources. This is important for those who are needing to pay off their personal loans. For example, you may have great skills and enjoy writing so an option could be to sell a short story or an online eBook. When you have multiple steady income streams, losing one of them, such as your job, becomes less devastating in your life. Having these different incomes streams ultimately increases your overall stability.

UK Lending News: May 5, 2013

Increased Lending from the Bank of England

You might have heard about the Bank of England’s plans to boost lending in 2013 with the goal of benefiting England’s economy as a whole. With the leadership of the new governor, Mark Carney, the Bank of England will model its new plan based on the current structure of the United States Federal Reserve.

The Bank of England will focus on a new set of steps, a new strategy, and a new mind-set in which increased lending will play a larger role. The strategies that the Bank of England will use in order to be able to increase lending will be somewhat unconventional. What the committee is currently focusing on is setting interest rates and determining the influx of money that the economy needs.

Increased lending could mean that it is easier for you to get loans, including personal loans, consolidation loans, car loans, boat loans, unsecured loans, etc.

Recently, the Monetary Policy Committee has denied the wishes of the Governor of the Bank of England and Marvin Kind, the Chairman of the Monetary Policy Committee, to add £375 billion in budget plans. Even without the cooperation of the Monetary Policy Committee, the Governor has decided to implement the additional budget expansion in favour of adding £25 billion.

These Budget Changes will make it easier for people to get loans for all of the challenges that life throws at us.

Why get a Personal Loan?

People get personal loans for many reasons, from serious life challenges to simply wanting the funds to fulfil small desires. Getting a personal loan may be more difficult for some than others. For those who want to get a personal loan after having filed bankruptcy, there are steps that you can take to make your profile look more appealing to a large range of lenders. If you’re in need of a personal loan after having gone through a bankruptcy, make sure that you follow the terms and are able to make payments on time. Once you have successfully paid off your personal loan, you will look more appealing to other financial institutions in the future.

After filing for bankruptcy, it is said to wait two years for applying for a loan. During those two years you will be financially responsible, giving yourself a positive financial and credit profile. During this time it’s acceptable to apply for credit cards with small limits.

What if I haven’t filed bankruptcy yet?

If you’re not quite to the point of filing for bankruptcy but you need relief from the nagging of multiple creditors, you can apply for a consolidation loan. This will allow you to make one monthly payment instead of paying multiple institutions. Do your research and look for a consolidation loan that has a smaller interest rate than your other debts. With a consolidation loan, you will only have one interest rate to worry about. These loans can be a good way to avoid bankruptcy all together. Finding a loan with a small interest rate is key. By searching through a network of UK lenders, you can find the right consolidation loan for you.

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Tips for Dealing With Money Problems

Getting the hand of budgeting your expenses can be challenging. Just by starting the budget you will be forced to recognize and resolve your money problems. The first step towards financial freedom is becoming disciplined when scaling back expenses. You don’t have to give up everything you love, but a give and take mindset is one you should adopt.

May 1st: UK Lending To Individuals Falls

At Your Finance UK, our loan specialists are always faced with staying on top of the latest n U.K. bank lending developments. We understand that taking out an unsecured personal loan is a big financial decision, one that takes careful planning and financial consideration. With the sheer number of banking news out there, our staff has compiled a summary of two UK lending developments in the England. By staying in the know when it comes to lending rates, you get a leg up on your financial future while staying informed on the best time to borrow.

UK Lending To Individuals Falls More Than Expected

As of 4/30, The Bank of England has reported that net lending to individuals in the UK fell much more than expected.

The Bank of England has said in an official statement that total net let lending fell by GBP0.9 billion in March from GBP1.5 billion in February.

The report goes on to highlight an increase in the number of final mortgage approvals from 52,000 in February to 54,000 approved loans in March.

Lending analysts predicted the drop in lending to be much less severe, expecting lending only to drop to GBP1.3 billion by March.

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Your Finance works with individuals and small business owners alike to get you the best unsecured personal loan, free from the hassle associated with traditional lending houses. With a simple application process available 24/7, our loan experts can get you approved for £500 and £15,000. To learn more about our unsecured loan services, please visit us at: https://installmentloanscompany.com

Why Choose A Secured Loan?

YourFinance is available to help with all you financial loan desires. Everyone needs help financially to achieve dream items. Cars and homes are generally the hot items people want and desire, but are generally not items people can afford to pay the full price immediately. An option for people to use to obtain personal high price items is to take out a secured loan. YourFinance is providing you with some information today in regards to secured loans. 

What is a secured loan?

Secured Loans are a type of personal loan that requires some sort of security or collateral to be put down against eventual repayment of the loan. Forms of collateral can be a house, a car, precious metals, or any other item with monetary value necessary to complete the loan. This is in contrast with an unsecured loan, which requires no collateral, but usually carries a higher interest rate than a secured personal loan.

There are several benefits to a secured loan over other types of loans, most notably the interest rates. Secured Loans generally carry much lower rates of interest in comparison to other types of loans, although not always. This lower interest is due to the fact that the loan is secured with the collateral for the lender, so there is less risk involved when giving a loan against collateral. One of the main attractions of secured loans is the low interest rate, especially when the collateral is a house also called a secured homeowner loan.

The money you will save on interest rates over an unsecured loan will add up to a lot of savings over the life of the loan. Secured loans will give you the best option for getting the best rate on a long term loan, and with regular payments, you can even use it to improve your credit and approve even better loans in the future. Contact us at Your Finance UK for any information or help in setting up your secured personal loan.

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Have Our Nation's Auditors Become too Big to Fail?

Have our auditors become too big to fail? For more than ten years articles and op-eds are released in the financial and business press arguing the point that the auditing, currently dominated by Deloitte & Touche, Ernst & Young, KPMG, and PwC, has gradually become completely dominated by a handful of powerful players, further insulating them from the consequences of failure.

Secured Loans: How do they differ from unsecured loans?

For first-time borrowers and seasoned pros, one of the first questions our loan experts commonly address deals with the differences between unsecuredpersonal installment loans.

Question: Why do interest rates tend to be higher on personal loans?

Answer: Personal loans are typically paired with higher interest rates than most other loans. This is due to the fact that they are not secured.

Secured Loans

By definition, a secured loan is guaranteed by property and typically has a lower interest. For example, if you

were to take out a secured loan for the purchase of a new home, your loan conditions would specify that your mortgage will secured by the loan. In the case of a default or failure to make payments on the home, the lending institution has the authority to take possession of your home in order to recoup their losses. Given that a loan is directly secured to a property or possession, this largely contributes to significantly lower interest rates on a secured loan. Secured loans are usually the most popular form of loan for borrowers and are considered low-risk for lenders.

About Us

Your Finance works with individuals and small business owners alike to get you the best unsecured personal loan, free from the hassle associated with traditional lending houses. With a simple application process available 24/7, our loan experts can get you approved for £500 and £15,000. To learn more about our unsecured loan services, please visit us at: https://installmentloanscompany.com

Collateral Loans

What is a collateral loan?

A collateral loan is a loan secured by something you own and with the use of that asset you promise to eventually pay back the money you borrowed from your lender. Receiving approval for a collateral loan is a lot easier then for an unsecured or personal loan, because the collateral offers reassurance to the lender that they won’t lose all of their money.

Certain assets used for collateral loans include automobiles, real estate, cash accounts, investments, insurance policies, valuables and collectibles and future payments. In general most lenders tend to offer people 50% or less of a customers investment portfolio, which will help them guarantee they receive all of the money they lent in return.

If the assets you put towards collateral of the loan lose value though, you may have choose other items to place against the loan to secure loan repayment for the lender. Car title loans, auto title loans, cash title loans and loan for title programs are all examples of collateral loans for people with bad credit.

If you have bad credit collateral loans are a good option for you, since many people may not approve you for a loan, but giving collateral lenders have an asset that ensures repayment of a loan.

Types of Collateral Loans

Car Title

When you need cash, you can use a car title loan to borrow against the value of your vehicle. You go to the lender, settle on an amount you’ll borrow, and agree to hand over your vehicle if you don’t repay the car title loan as agreed. These loans are called car title loans because you pledge the title (or ownership) of the automobile as collateral. You must own the automobile completely to qualify for a car title loan.

Auto Title

To get a auto title loan, you go to the lender with something of value - often your vehicle. The lender decides how much cash to give you, and you promise to hand over the vehicle (or other collateral) if you don’t repay as agreed. in general, auto title loans are small loans. They’re a good deal for the lender, since they have a good chance of getting all their money back by selling the asset you pledge. This means that auto title loans are often not as advantageous for borrowers. You put a lot at risk for a small loan.

Cash Title

To get a cash title loan, you go to the lender with something of value - often your vehicle. The lender decides how much cash to give you, and you promise to hand over the vehicle (or other collateral) if you don’t repay as agreed. In general, cash title loans are small loans. They’re a good deal for the lender, since they have a good chance of getting all their money back by selling the asset you pledge. This means that cash title loans are often not as advantageous for borrowers. You put a lot at risk for a small loan.

Loan for Title Programs

When you use a loan for title program, you get a small loan by pledging title to something as collateral. In many cases, you use your car in a loan for title program. Aside from the risks, you generally pay a lot for a loan for title arrangement. You’ll pay interest on the loan, as well as fixed fees for setting up the loan. Since lenders tend to keep loan for title amounts relatively small, you end up paying a high percentage rate for your loan.

To Read the full article click here: Collateral Loans 

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Latest News From the Loan Industry

The Bank’s April trends in lending survey showed that the overall lending to businesses in the UK fell by £4.8bn over the quarter. It also showed that lending had dropped by £2.8bn in February alone.

Banks have reported a significant decrease in demand for credit by businesses. The demand, however, for medium sized companies had only dropped slightly, and remains unchanged for the larger companies.

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What You Need to Know About Personal Loans

Over the years, the personal loan market has increasingly become a more and more difficult place for consumers to find the loan deals that best suit them. Most people who set out to find their personal loans are not financial experts. The reality is that loan deals change on a daily basis, making it much more difficult for the average consumer to find for themselves the best possible loan deals. Here in this article we  have compiled some tips that we hope will make this process much more simple.

Choosing an Unsecured Loan

Secured Loans vs. Unsecured Loans

Borrowing money to purchase items a person needs or desires that require a large sum of money is a very common thing. Most people throughout their life span are paying off a car loan or a home loan, because most people’s bank accounts do not hold the sufficient funds to buy these items using cash. When a person chooses to take a loan out in order to purchase an item of their desire they have two types of loans to choose from: secured vs unsecured loans. The one thing both types of loans have in common is that a person is borrowing money with the intention to pay the money, plus interest, back to the person or institute that the money is borrowed from. What is the difference between the two types of loans?

Secured Loans

• In a secured loan, the loan is given with the stipulation that an asset could be seized and sold if the loan is not paid. The asset is used as collateral for the loan.  Request items used as collateral are houses, land, cars and jewelry.  A common type of secured loan is a mortgage.  If the mortgage is not paid, the house can be repossessed by the bank. The bank can then sell it.

Unsecured Loans

• According to Investopedia, an unsecured loan “is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral."  Unlike a secured loan, an unsecured loan does not require backing by assets.  It is usually based on the credit history of the borrower and the borrower's ability to repay. A common type of unsecured loan is a credit card. Other types of unsecured loans are personal loans, lines of credit and bank overdrafts. Some examples of unsecured loans include: credit cards and personal loans.

Deciding on an Unsecured Loan

Once you decide to choose an unsecured loan over a secured loan, the unsecured loan has benefits. A major benefit is that if you are unable to pay back the loan at any given time the creditors cannot take any of your personal property. For example, with a secured loan if you cannot pay a car payment the creditors can reposes the car.  Banks and credit unions are examples of establishments that are willing to give the right person (good credit and income history provided) a loan for a person to acquire items they need that they cannot pay the full amount for. The time frame for paying back an unsecured loan varies from place to place. 

These types of loans do not require collateral, which is good for people who have yet to acquire any assets. The requirements generally to be approved for an unsecured loan includes: the applicant must be at least 18, be working currently and have an active bank account. The main benefit for most people is the idea that they will not lose any important assets if the loan goes into default. Choosing an unsecured loan can also help you build a credit history if you are a young adult for future purchasing power. With the right company an unsecured loan will help you achieve the items you need to live a happy and fulfilled life, without the pressure of becoming a millionaire. 

To read more click here: Unsecured Loans

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The Personal Loan Process: Making it Easy

Let’s face it; people aren’t perfect. There are many ways where with a minor slip up you can damage your credit rating very quickly. The vast majority of borrowers with a poor credit rating are really just honest, and hardworking people. For people with less than perfect credit, many times the best option is to go with an online lender. They are a good choice because they are usually much more willing to work together with you to get your loan approved.  They can also help you consolidate your debt, and even just fix the credit that you already have.  Repairing your credit before you get the loan as much as possible will also facilitate your getting the loan at a lower interest rate, and many lender’s will help you with this process.  The key deciding factor in the process is still the quality of your credit score and history. These are basically assessed by lenders as a measure of trust. So, the higher your overall score, the lower your interest rates will be, and the less money you will have to pay in the long run.  When you have better credit it is much less risky for the lender, so the lender doesn’t have to worry about you repaying the loan so the interest rates will invariably be lower, as they expect a more realistic return on their loan.
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Credit Scores and Bad Credit: Part 2

Whether you need to take out a loan for a home mortgage or just need a onetime personal loan, it is important to factor in the effect of a good or bad credit score. Typically, lenders will determine your eligibility for a loan based on a number of factors starting off with your credit score. As a first indicator for your ability to pay back a loan, your credit score is often used as a measure of your previous dependability in paying off your credit. From credit cards to loans and anything in between, your credit score is used as a primary indicator of a lender’s risk threshold. Rest assured, there are a myriad of loan options that can determine if you will be approved or turned down from a personal loan.

Each of these 3 agencies offers a free credit report that is available to the general public. Once you have obtained your credit score, you will also be able to verify your rating with the credit score bands for each individual agency. As a result, this will allow you to determine an overall credit score for yourself and how your personal credit history will look in the eyes of potential lenders. That you can set a game plan for you’re the application process without any hidden surprises or red flags. Remember, having a bad credit score does not necessarily mean you will be ineligible for a personal loan; you simply have to shop around for the right lender that will give you the best chances of getting approved. Given that a lender’s criteria for their ideal borrower tends to vary, knowing which lender will work to get you approved may prove to be more than half the battle if done right.

Your Finance UK works with people are looking to apply for personal loans with bad credit, have been refused elsewhere, blacklisted, defaults, and a history of court judgments. Apply now for a UK Personal Loan – https://installmentloanscompany.com

Tips For Saving Money At The Pump

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The Importance of Your Credit Score

Anytime you apply for a personal loan, be it a car loan, a mortgage on a house, or even just a loan from a bank or money lender, they will generally do a credit check as well as pull a copy of your credit history.

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10 Ways to Improve Your Credit Rating

Turned away too many times as the result of poor credit? Chances are you won’t be the first. With hundreds of credit and loan applicants being turned away daily, it comes as no surprise that the current lending market is changing. As the world witnessed the effects of the financial crisis of 2008, the series of lending and borrowing were felt around the globe. Specifically, borrowing limits got tighter, banks are now less inclined to give out a loan with flexible terms and overall, lending seemed to come to a halt. While the number one concern in lending still lies with the fact there are less loans available, these stricter terms and conditions also had the effect of turning away thousands of applicants with less than perfect credit scores. Failed application after application, lenders are becoming choosy. Rest assured, cleaning up your credit history could boost your chances of obtaining credit. 

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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?

Moody and Fitch, Standard and Poor? - https://installmentloanscompany.com

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?

http://approvednocreditloans.co.uk/in-need-of-cash-which-type-of-loan-is-best/

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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