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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Tips on Buying a Boat

We often dream of owning a boat but due to the uncertainty in the financial process, we are commonly left on our own. Rest assured, purchasing the boat of your dreams is a lot easier than you might think. With such a huge number of options on today’s market, it can be difficult to pinpoint exactly which vessel might suit your needs as well as those of your loved ones. Getting an unsecured boat loan for your purchase is one option. Think of boat ownership the same way you do about owning a home, it will take some dedicated research and time but the end result will be enjoyed for generations to come.

Below are a few key questions to think about when deciding to purchase a new or used boat:

1. What type of boat will suit your hobbies and personality?

2. Who will be the primary user of the boat?

3. Will you be utilizing the boat for housing accommodations?

4. Where do you plan to go boating? Where would you like your boat to be docked/stored?

6. How often do you plan on using the boat?

7. Have you decided on a new or used boat?

8. What is your potential budget for purchasing a boat?

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Bad Credit Loan Tips

If you have bad credit history or have suffered from a bankruptcy this doesn't mean that you wont qualify, you just have to convince lenders that you are lendable again.  This can be a daunting prospect, but stick to your guns, and with a good record of timely payments, you will be on the first step to restoring your credit and qualifying for better and better loans.

You can still get a loan or a mortgage with a poor credit history or no credit, however this type of loan is usually called a sub-prime loan, or impaired credit mortgage, and  these types of loans can be much more challenging to get.  If you do find someone who offers these types of loans, usually a broker who specializes in working with people with bad credit, they will usually be quite expensive to secure the loan or mortgage.  But don't fret, these loans will help you to rebuild your credit history to make you more lendable in the future.

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