Loans are useful resources when you need to secure a significant amount of cash and have no other options. It could be a personal loan to care of some unforeseen expenses or a mortgage for that first home. Whatever the case, you want to make sure that it is as affordable as possible. Loans can be very challenging to finance and the last thing you need is defaulting after only a few months. For this reason, you must compare loan rates before deciding to apply. With the numerous lenders on the market, you are bound to find two or three options that suit your needs just fine. So, how else can you ensure you get the best rates?
Know Your Needs
Before making comparisons between lenders, be clear about why you are getting the loan. Lenders have a myriad of products that cater to various customer needs. A home loan will not have the same terms as an auto loan. If it’s a car loan, you will find that there are still different classes, depending on the lender. Products may vary in interest rates and payment duration. The qualifications for a loan may also determine which one to apply for as some loan options may have stricter standards than others. With loan calculators, you can look at different products from several lenders and see the one that aligns with your requirements.
Check and Polish Your Credit
Poor credit history is your biggest enemy when dealing with lending institutions. A borrower who has unpaid debts and maybe even a defaulted loan is unlikely to get approval. It is always advisable to know what is in your credit history before you present your application to a lender. Luckily, getting you credit score and report is easy with a site like Clearscore readily available. You can receive a detailed financial report for the last six years and it’s all free. If your credit score doesn’t look great, there are a few ways you can fix it as this blog suggests. Paying off your credit cards goes a long way in improving your score. Also, minimise your spending on credit cards because it shows lender your commitment to good finances.
Do the Homework
Never rely on one recommendation or pick the first lender you find. Paying off that loan will be a hassle at best, so why not have guarantees that you are getting the most out of it? Online resources are useful when trying to learn more about a lender. Look for reviews from objective sites like Money so you can get an unbiased take on the services provided. Ask around from colleagues and family members who have been through the process before to get a few insights. Don’t fall into the trap of applying to several lenders because it will ruin your credit score. Every time a bank runs a check on your credit, it shows on your report. Schedule meetings with a few lenders and see how they behave so you can tell which ones will be a problem to deal with. A lender that doesn’t treat you right or refuses to address your concerns is not a good fit, especially when you have to deal with them for a decade or two.
The technology revolution has changed the banking sector, and the internet and mobile revolutions are continuing to accelerate the pace. From online banking through to mobile payments, the way that businesses exchange money with their clients and customers has completely changed – and is still changing. In addition, financial technology is having a huge impact on the flow of money on markets and exchanges. (more…)
One of the problems that contractors, sole traders and smaller businesses endure is that of time spent on necessary but annoying areas such as accounts, tax and other such routines. Employing a full or part-time accounts assistant is costly, so you end up doing your books, filling in your self-assessment returns and dealing with the likes of VAT yourself. Of course, this is time that could be better spent using your particular skills, so what do you do to free up this time? (more…)
2016 has already seen its fair share of market volatility and the year is not over yet. Such drastic movements and changes in predominant interest rates leave many investors wondering what 2016 may have in store. As the effects of the Brexit are just beginning to take hold and with a hint of an interest rate rise from the United States Federal reserve, many are considering CFD trades as more of a safe haven when compared to other assets. How can these platforms be utilised and perhaps more importantly, will a bearish 2017 market have any effect upon potential profit margins? (more…)
When we’re talking about money problems, things don’t get much bigger than monthly repayments. It can be hard paying money to different people/institutions every month. You lose track of everything and end up missing repayments. To help make things easier for you, I’ve written a guide to dealing with monthly payments: (more…)
It’s a hard subject to discuss, but death and will-writing are facts of life. So, this in mind, you should get your affairs in order as soon as possible. You could put your family at financial risk if you pass away without a will, so take the necessary steps to get in shape.
If you’re about to begin the will-writing process, you’re in the right place. In order to protect your family, you’ll need all the advice you can get! So, here are some top will-related tips that can help you secure the financial future of your loved ones. (more…)
Making the decision to start your own company and become self-employed is incredibly exciting. It’s the opportunity of a lifetime to launch your own unique business and know that you’ll be credited with the success after all the hard work you put in.
Planning the launch though is an area which takes a great amount of organisation. You need to consider where you will work, your marketing and PR and consider where the initial finances will need to be utilised as a priority.
So you’re young and pretty much fancy free. The one thing that is starting to get a little bit annoying is the fact that you have to manage your money.
This will not go away as you start your twenties, and getting the right habits in place now will mean that you have an approach to your financial future that will ensure you always stay in the best possible position when it comes to money. Consider the following tips, which have been created especially for people who have just hit their twenties. (more…)
As we move further through our financial lives we sometimes find that our needs change a little when it comes to our money. This is when a bank can really help, because it can provide us with bank accounts that are more appropriate for our needs.
Online banking has become one of the most convenient ways to manage our money. We can access our money any time, day or night, and we can pay bills or arrange any other form of banking through simply firing up the computer.