Category: Loan

Car Loans

Buying a new car is one of the single biggest purchases most people are likely to make in their life. Other than their home and maybe their education, there is not really much personal expenditure that can compare in size to the purchase of a new car. Therefore it is not surprising that most people cannot afford to pay for a car outright. This is so even if they have a very good income. It is a simple fact of life that to buy a new car, most people will need to use a car loan to do so.

If you are considering taking out a car loan to finance the purchase of a new car, then you should make sure you are completely aware of all the financing options that are available to you so that you get the best deal available. It is highly likely that to car dealer that is selling you the car will have some sort of financing options available to you. This may be in the form of a loan to purchase the car or leasing options that are also available. You should be clear of the vital difference between a loan and a leasing arrangement. With a loan, you are borrowing the money so that you can purchase the car. With a lease, you are only paying for the use of the car, and at the end of the leasing period, you simply return the car and that is the end of the arrangement.

There are some leases that will give you an option to buy the car at the end of the leasing period. If you borrow the entire amount for purchase of the car, it is likely that your monthly repayment amounts on the car loan will be higher than those for a lease, this is because you are paying for the full price of the car and at the end of this time, after you have made all the repayments on the term of the loan, you will be the owner of the car.

There are a number of factors that you should look at when deciding which car loan to opt for. First of all, you should know that you do not have to accept the financing options that the dealer offers you. You can also shop around with other lenders, such as banks, and make sure you get the best deal on offer. Car loans are expensive and you should be willing to look into the various options that are available before settling on any one option.

Advantages of Unsecured Loans in Business

The unsecured business loan is the convenient and fastest way of getting money for your business to grow and prosper. Unsecured business loans can take care of the financial needs of every borrower looking for investment in business. These are all purpose loans-you have the freedom to spend money in whatever purposes you like inside your business. It helps the entrepreneur to start new business and expand the existing ones. You can use the unsecured business loan for purchasing of industrial equipments, machinery, and expansion of business.

Businesses with bad credit history can also avail unsecured loans. CCJs, self-employment are mainly regarded as risk by lenders. However, their capability to repay the loan is considered into account while granting loans.

Advantages of unsecured business loans-

  1. No collateral required-You are not  required to provide any collateral for the unsecured money that you have borrowed. Therefore, no risk of repossession of business assets in case the repayment failed.
  2. Finance any kind of business investment with unsecured business loan. You have the freedom of using the money on any purposes relating to business
  3. You can get unsecured business loan with bad credit history. Only thing lenders check is your repaying capability. Homeowners, tenants, businesspersons, and student-anybody can apply for and get an unsecured business loan. These loans are beneficial to all with bad credit as their credit history can improve with time.
  4. Payment terms are usually shorter in these loans and falls in between 6 months to 10 years based on the amount of loan. You will also get flexibility in term at the time of repayment of your loan.
  5. Processing is easy and not much documentation is required in unsecured business loans. Fast approval is another plus point.
  6. No application or closing fees is needed in these kinds of loans. Your lender will give you more information about the term and condition of the loan.

 Always compare the terms and conditions among various lenders before going for an unsecured business loan to get a good deal.

There are mainly two types of unsecured business loans-a short term and a long term available for business development.  Unsecured business loan is useful for you as an entrepreneur to establish the financial stability of your business after financial crisis.

Benefits of Payday Loans

It happens to everybody: a week before payday, your roof starts to leak, your computer crashes and the technician tells you that it’s cheaper to buy a new one than to have it repaired, or a friend invites you to join her for a weekend vacation at a hotel with a limited promo.

These are the financial emergencies that you can’t quite factor into your budget. You can afford to pay for it, you just don’t have the money with you right now— and for one reason or another, you can’t use a credit card. One option available to you is a payday loan.

Payday loans are short-term loans where you are lent a small amount to tide you over until your salary comes in. Many payday loan companies can be found on the Internet (allowing for a quick search, for that quick solution to an urgent problem). These companies, in turn, will be the one to find the lending institutions that can spot you for that amount. Your application will be processed within days, and when you need it, the money appears in your account, ready to be spent as you wished. They simply withdraw the money from the bank account, with interest, when your salary comes in.

When should you get a payday loan?

1. When the purposes of your loan may not be accepted by other lending institutions.

One advantage of a payday loan is that you can use it for whatever purposes you like; you do not need to justify your expense. Whether it’s a vacation to France, a new laptop, or your daughter’s tuition fees, you do not have to go through the lengthy and often stringent evaluation process that other lending institutions demand. Try telling a bank officer that you always wanted to see Paris. You won’t get very far. When you take a payday loan, you don’t even have to explain.

2. When you need the money very quickly.

Another advantage is that it is very quickly processed, you have the money in days ,whereas most lending institutions will take days just to look at your application. If you process the payday loan on a Monday, you’ll get it before the end of the week. If you turn it in on a Friday, you may have to wait a little longer because of the non-banking holidays, but it’s still going to move much faster than if you had applied for an advance at your office.

3. When you have credit card problems.

Ironically, it’s the people who need money most who have a hard time borrowing it. But not everyone is so financially secure that you had a gold credit card to charge all emergencies. You may be struggling with maxed out credit cards, but then your car breaks down, or your child gets sick. In this situation, payday loans may be your only solution. At least you know it’s available.

4. When you want a short-term debt.

And since the amount you borrow is paid back to your creditor by the very next payday, you aren’t tempted to sit on the debt as you would if you had used your credit card (or borrowed from your mother).. In a way, it is a good solution for those who would’ve paid for that emergency in cash, except for a small logistical problem of when your pay check is released.

Which Loan To Use?

Need to borrow some money then a personal loan maybe for you, most people take a personal loan for home improvements, to purchase a car and holidays. Loans are very simple you borrow a sum of money and pay it back over a period of time say anywhere between 6months to 10 years.

Interest rates on a personal loan are usually at a fixed rate for the lifetime of the loan, this is great, as you know your repayment every month. In the past most people went to their bank for loans, but know the competition is really heating up. The Internet offers some great deals; also have a look in the newspapers and on TV. There has never been a better time to pick up a personal loan, as all the lenders are looking for your business.

There are two different types of loans!

Secured – this loan is usually secured by your home which means if you fail to make the repayments, you could lose your home. On the up side secured loans do offer cheaper interest rates, if you decide to take a secured loan please make doubly sure you can afford your repayments.
Unsecured – this loan means your home is safe if you fail to pay back your loan, you’ll find it hard to get any more credit, as your credit rating would be poor. Interest rates are usually higher with an unsecured loan as the lender is taking a higher risk in getting their money back.

Loans are much like mortgages it’s the interest that you’re paying back at the start, the loan is paid further down the line. One thing to watch out for is if you pay off your loan earlier than agreed you could face penalties. You could be asked to pay back the interest for two or three months, not all companies charge this so best check.

Most loan companies will offer you PPI (payment protection insurance) they will tell you that you need it, and that if you’re off sick, have an accident or become unemployed they will help to pay your repayments. This is not always the case so please check with your lender as you could end up costing yourself a lot of money, and get nothing back if the unthinkable happened.

So secured or unsecured personal loans which one is best! The two of them really as it all depends on your circumstances. Secured – you put your home at risk if you fail to keep up the repayments, but the interest rates are much cheaper. Unsecured – you’ll get a bad credit rating if you fail to keep up the repayments, but the interest rates are much higher.

One other thing to remember with regard to a secured loan is that it is as it says, secured, and if you do not keep up repayments you could lose your home. Your home is normally used as collateral against a secured home.

Achieve More Layered Cost

As a Secured Loans UK, your faith and trust is what we value most. Hence when you take a personal loan from us, Secured Loans UK promise to make your experience a pleasant one- from the first time you meet us right up to the maturity of the loan. (more…)

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