Consumer Credit Information....
...this section of the site has been put together to help you, the Consumer, find out more information regarding consumer credit, personal loans and finance, and in the process, help you get the best rate loan available by being more informed about the whole process.
Trying to get a loan can be a difficult process for some people, especially if you are turned down for a loan. What can make it even more frustrating, is that the Lender that rejects your loan application is not at liberty to tell you why you have been refused credit.
What to do if you have been refused credit
If you have been refused credit, you need to do to try and establish why. Different Lenders adopt different approaches as to how they calculate risk and whether you would be a safe bet to lend money to. Some base their decision on your 'Credit Score' which is an indepth analysis made up of some or all of the your current credit situation, your past credit history, your employment history and your residential history. Others may use different forms of risk assesment.
The first thing that you need to do is obtain your 'Credit Report'. There are three main Credit Reference Agencies, Equifax PLC, Experian and Callcredit PLC. (See Why You Need Your Credit Report to find out how to contact these agencies)
Once you have your credit files, you need to thoroughly check them for any glaring mistakes and then check that all your personal details are correct. Make sure that you are on the local electoral role even if you have no intention of voting. This one piece of information can be vital in obtaining credit, and is often overlooked.
If you do spot any mistakes on your credit file such as incorrect personal information or erroneous defaults, you need to contact the agncies as soon as possible. How to do this will be explained when you receive your credit report.
Once you are happy that all your personal details and previous payment history is correct on your credit file, you are then in a position to reapply for a loan. If do have a few misdemeanours on your credit file, it is of little use going to a high street lender expecting the lowest headline rate available. Rate reflects risk. Your best bet is to apply to a loans broker who will work on your behalf to obtain you the best rate loan available. A broker has access to all the main Lenders in the UK, and like an insurance broker, will take your details and choose the best loan provider to suit your needs.
All About Loans is a broker that can do this for you. We will work for you in sourcing the best rate loan available to suit your circumstances and your requirements
2008年12月14日星期日
Secured Loan Advice
Lower Monthly Payments
The payments are generally spread over more years which results in lower monthly payments. This can be of great assistance if financial problems exist and monthly outgoings need to be reduced.
Although lower monthly payments are of considerable benefit, more interest is paid over the loan duration. A £25,000 loan over 5 years at 17.9% would result in the payment of £13,008 interest. However, the same loan at just 7% over 25 years results in paying a colossal £28,008 interest.
Lower Interest or APR
The added security means that the borrower will benefit from a lower interest rate making monthly payments more affordable. If adverse credit exists, a debtor would have to pay a very high rate of APR if offered an unsecured loan.
Secured loans usually have a variable rate of interest. This means that the rates will vary at the lender's discretion, which can throw out calculations.
Rejected For an Unsecured Loan
A credit rating may be so poor that it proves impossible to get an unsecured loan. This will be the case if someone has a CCJ registered against their name or have missed payments in the past. These customers are deemed a high risk so the only way to borrow money is through a debt consolidation secured loan.
Family Home is at Risk
Turning unsecured debt into secured debt isn't usually a good option due to the higher risk. If considering consolidating a large amount of unsecured debt, one should consider an Individual Voluntary Arrangement first.
Early Redemption Penalty On a Secured Loan
Early payments towards the loan have a minimal affect on reducing the amount borrowed. Sometimes a borrower wishes to pay off some or all of the loan early and faces an early redemption penalty. This can amount to thousands of pounds.
There are a number of reasons why a secured loan may be the right choice, but one should always think carefully before securing debt on your home. If going ahead with debt consolidation, it is imperative that financial advice is sought before proceeding.
The copyright of the article Secured Loan Advice in Mortgages/Loans is owned by Asa Ghaffar. Permission to republish Secured Loan Advice in print or online must be granted by the author in writing.
The payments are generally spread over more years which results in lower monthly payments. This can be of great assistance if financial problems exist and monthly outgoings need to be reduced.
Although lower monthly payments are of considerable benefit, more interest is paid over the loan duration. A £25,000 loan over 5 years at 17.9% would result in the payment of £13,008 interest. However, the same loan at just 7% over 25 years results in paying a colossal £28,008 interest.
Lower Interest or APR
The added security means that the borrower will benefit from a lower interest rate making monthly payments more affordable. If adverse credit exists, a debtor would have to pay a very high rate of APR if offered an unsecured loan.
Secured loans usually have a variable rate of interest. This means that the rates will vary at the lender's discretion, which can throw out calculations.
Rejected For an Unsecured Loan
A credit rating may be so poor that it proves impossible to get an unsecured loan. This will be the case if someone has a CCJ registered against their name or have missed payments in the past. These customers are deemed a high risk so the only way to borrow money is through a debt consolidation secured loan.
Family Home is at Risk
Turning unsecured debt into secured debt isn't usually a good option due to the higher risk. If considering consolidating a large amount of unsecured debt, one should consider an Individual Voluntary Arrangement first.
Early Redemption Penalty On a Secured Loan
Early payments towards the loan have a minimal affect on reducing the amount borrowed. Sometimes a borrower wishes to pay off some or all of the loan early and faces an early redemption penalty. This can amount to thousands of pounds.
There are a number of reasons why a secured loan may be the right choice, but one should always think carefully before securing debt on your home. If going ahead with debt consolidation, it is imperative that financial advice is sought before proceeding.
The copyright of the article Secured Loan Advice in Mortgages/Loans is owned by Asa Ghaffar. Permission to republish Secured Loan Advice in print or online must be granted by the author in writing.
How to find cheap secured loans
Secured loans are loans which require you to use your own property as a security for the borrower so that the loan is secured in case the lender cannot return it. If this happens the lender may take possession of the property that was used as a guarantee. This property is also called collateral.The amount of money that can be borrowed depends on the value of the collateral and on your own references of course. Decide well if you are going to choose a secured loan because you can end up losing your home, but overall secured loans are better than usual ones because you can borrow a bigger amount of money over a longer period of time. Furthermore the lender is more secure about the loan.If you intend on finding a cheap secured loan you should know that many things must be taken into account about this matter so you ought to be careful before choosing. The best thing you can do is to compare many cheap secured loan offers and then decide on the one that you consider is the best. But the number of offers for secured loans is very high so it may be very difficult to find a cheap one. Especially nowadays when the interest rates are continuously raising and so are the prices. When comparing two or more secured loans, see the difference between their interest rates and what are their rules and policies for the collateral. If you want to compare more offers try searching for cheap secured loans on the Internet. You will find many lenders and offers that may have the best solution for you. Check as many lenders as you can. You can also apply online for the loan so you don't even have to leave your house to get the loan you need. You will send an application form that will be checked and if your references are ok then the loan will be accepted. this check may last a few days.After deciding on the secured loan that suits your needs best be sure that all your interest rates are paid in time and try to pay the loan off as quickly as you can so that the lender will trust you the next time you are going to need a loan again.Try to loan less than your collateral's value, because no lender will loan you the exact value of the collateral, and if your loan a smaller amount then its value your interest rates will be lower.If you follow these simple 'rules' you may find a cheap secured loan and you won't have any problems with it.
secured-loans---Be a smart Christmas shopper urges Citizens Advice
As demands on people’s finances are increasingly pushed to their limits national charity Citizens Advice is urging everyone to avoid a debt hangover and become a smart shopper as Christmas approaches. Citizens Advice bureaux always see a surge in new debt enquiries after the Christmas festivities are over. The main problems last year were with arrears on loans and hire purchase, catalogue and mail order debts, credit card debts and overdrafts – and people looking for information on bankruptcy.To help people manage their money for a debt free Christmas, Citizens Advice has joined forces with Barclaycard to issue ten top tips to avoid a Christmas debt hangover, available online or in a handy credit card sized leaflet from bureaux:Plan early for ChristmasBe realistic and budget accordingly. Work out how much you are going to spend on each person – and stick to it. Manage expectations as to what you or Santa can give.Don’t forget the everyday billsRemember that rent, the mortgage, utility bills, food bills, council tax and other existing debts still have to be paid – and the consequences can be severe if they’re not. Even though it’s Christmas, get your priorities right.Don’t bank on an overdraftIf you do need more money, don’t just run up an overdraft without talking to your bank first – it will work out much more expensive.Keep things simpleIf you can afford to pay for your goods outright by cash, cheque, or debit card, don’t be persuaded to take out extended credit agreements unless they really do work out cheaper.Shop aroundTry as many different places as possible to find the best price. Buy what you want and not what other people say you need. Be wary of extended warranties; the cost of a repair could be less than the cost of the warranty and remember you have consumer rights to reject goods that are faulty.Buy safe to be safeWhatever the deal, whatever the temptation, don’t buy from traders you don’t trust and don’t borrow from unauthorised lenders. The initial savings and convenience may prove to be a false economy.Read the small printCheck for hidden extras in any credit agreement. Work out the total amount payable. Ensure that the monthly instalments are within your budget before signing. Interest free credit can seem attractive, but if you don’t pay on time, or miss a payment, you could have to pay a lot more.Do your own credit checksIf you are going to use a credit card, shop around and compare terms. Some cards charge high interest rates, but provide interest free periods or discounts. Budget for all these costs and put the payment dates in your diary.Be organisedThere’s a lot to remember at Christmas. If you’ve borrowed money don’t forget that it won’t be long before you have to make a payment. Make sure you pay on time, even if it is only the minimum, or you will be faced with additional charges.Start planning and saving for next ChristmasOnce Christmas is over, it’s worth looking at what you did well and what you didn’t. Learn from your mistakes and start planning how you will do things differently next year. This might also be a good time to start saving for next Christmas.Teresa Perchard, Director of Policy for Citizens Advice said:“It is very easy to get carried away at Christmas and spend on the spur of the moment, especially if people leave it until the last minute. But every year, we see a huge increase in debt problems immediately afterwards. With a little forward planning, Christmas panic buying can be avoided. We hope that these top tips will help people take control of their money as Christmas approaches so they do not start the New Year with a debt hangover.”Elizabeth G. Chambers, Chief Marketing Officer at Barclaycard added“We are delighted to have supported Citizens Advice with the development of these common sense tips to avoid the financial pitfalls of the festive season.”
Secured Loans and Homeowner Loans
Secured loans for those who wish to consolidate their existing debts into one easy low cost Homeowner Loan repayment. Our low cost loans can be used for a car purchase, home improvements, holidays, and just about anything. Our loan service is available in England, Scotland, Wales, and northern Ireland.
When you borrow money, look no further than Polar Loans. You can borrow anything from £3,000 to £500,000. No Tenants Please.
When you borrow money, look no further than Polar Loans. You can borrow anything from £3,000 to £500,000. No Tenants Please.
secured-loans---Consolidate All Your Debt Into One Monthly Payment
Are you feeling overburdened with debt? Are you paying out too much every month for your credit cards, store cards and loans? Then why not replace them all with one, lower, convenient repayment through a consolidation loan?
Consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one - giving you one easy to manage payment, and in most cases, at a lower rate of interest.
Secured on your UK home, low cost, low rate, cheap, low interest 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 - one calculated to be well within your means.
With a Debt Consolidation Loan you can borrow from ?,000 to ?5,000 and up to 125% of your property value in some cases.
A UK Debt Consolidation Loan is a low cost loan secured on your UK home. It frees up the spare capital (or equity) in your home to repay your store card and other debts.
It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life.
Debt Consolidation Loan rates are variable, depending on status Your monthly repayments will depend on the amount borrowed and term.
You may freely reprint this article provided the author's biography remains intact
Consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one - giving you one easy to manage payment, and in most cases, at a lower rate of interest.
Secured on your UK home, low cost, low rate, cheap, low interest 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 - one calculated to be well within your means.
With a Debt Consolidation Loan you can borrow from ?,000 to ?5,000 and up to 125% of your property value in some cases.
A UK Debt Consolidation Loan is a low cost loan secured on your UK home. It frees up the spare capital (or equity) in your home to repay your store card and other debts.
It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life.
Debt Consolidation Loan rates are variable, depending on status Your monthly repayments will depend on the amount borrowed and term.
You may freely reprint this article provided the author's biography remains intact
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