Payday Loans

How to Find the Best Payday Loan

There are many different payday lenders all offering loans and it can be difficult knowing which loan will be the best one for you. There are things that you can look at though, which should help you to be able to choose between the different lenders and that will allow you to be able to choose the one that will suit you the best. It is important to remember that because we all have different requirements with regards to loans and lenders that there is not just one that will be best for everyone. Payday loans are no different to other loans in this respect.

Establish Your Needs

It is therefore good to start by thinking about what you are expecting from the loan. Think about why you have chosen this loan to start with. Maybe it is because it is fast to arrange and if this is the case then you will want to make sure that the particular lender that you have chosen really will be as quick as need them to be. You also need to think about how much you need to borrow and whether the lender will be able to get you as much as you need. It is worth being aware that some lenders will only lend small amounts to first time borrowers and so you may need investigate this if you want to borrow a fairly large amount of money. It is also worth thinking about the lender themselves and whether there are any features of lenders that you want them to have. Think about whether you are interested in finding out more about them, what people think of them and things like this. You might want to ask other what they think of the lenders and whether they would recommend them. If you are thinking of looking at online reviews then you need to be careful as you could find that they will be biased. This is because review sites often get paid commission on leads and so you will need to consider whether that is why they have written the good review. If so, they you may need to do a bit of research online to discover all of this information.

Match to a Lender

You will then need to identify which lender suits you the best. Make sure you find as many lenders as you can to investigate. You might need to use your search engine and find them this way. You may also be able to find some by looking at review sites or comparison websites but they will not all be on these so you will need to make sure that you look elsewhere as well. Also, the ones on comparison websites might be more expensive. This is because they pay commission to the sites for recommending them and their customers have to pay the cost of this.

It may seem like this will be a lot of hassle and take a long time. It will take time, but it is worth it. If you find a lender that offers really good value for money then you will have a much better borrowing experience. It is a good idea to keep this in mind when you are doing the research as hopefully this will motivate you to keep going with it. You could find that you will save a significant amount of money by doing it and you could find a better lender as well so you could end up overall having a much better loan that you can afford, repay easily and find the lender to be a pleasure to deal with.

Personal Loans

How to Find the Best Personal Loans

There are lots of lenders that offer personal loans and it can be rather confusing knowing how to find the best one. There are different steps that you can take though, which will make this easier for you.

Think About What Your Want and Can Afford

It is important to start out by thinking about what you want from the loan and this should help you to be able to find one that will suit you the best. Loans vary a lot and people have different borrowing needs, which means that there is not one loan that will be the best for everyone but there are different loans to suit different needs. You need to start by thinking about how much you need to borrow and how much you can afford to repay. These two things tend to be the most important. Make sure you do not borrow more than you need or else you will be paying out unnecessarily for the loans but you also need to make that you have enough, so it can be quite tricky to get it right. Repaying is also really important. You want to do everything you can to make sure that you make the repayments on time and in full because otherwise you will get charged extra money. So, make sure that you are aware of what the expectations will be and look at your household finances to see whether that is something that you will be able to afford. Spend time doing both of these as they could be really important. Also think about the more minor things as well though as they could also have an impact on which loan you choose. Things like the overall cost of the loan, how long it lasts, what the lender is like, how easy it is to apply, how quickly you can get the money and things like this could be important to you. It is worth having a list and prioritising items to make it easier to find the right loan.

Consider Using a Financial Advisor

A financial advisor will have a good knowledge of all financial products and so asking one to help you with a loan can be handy. If you let them know what you are looking for they should be able to match you up to a suitable loan. You will have to pay them for their help though. This is a good thing because we used to get advice for free and the advisors were paid by commission which meant that they could be biased with their advice and only recommend products that paid them well. Now they charge, it means that they are more likely to be unbiased and you are likely to get the very product for you rather than the best product for them. They do charge high rates, but if you are taking out an expensive loan then you could end up saving a significant amount of money because they find you a good product and therefore it could be well worth paying it.

Do Research Yourself

Alternatively, you can do the research yourself. It will take time and you will need to look at search engines and find out what products are available. You will need to look at how much they all are and compare all the lenders to see which comes nearest to your needs. You might feel that you can speed things up by using comparison websites but these tend to only have a few lenders and will often only choose to list the ones that pay them a lot of commission so be wary of relying on these.

Store Cards

What are the Differences Between Store Cards and Credit Cards

There are all sorts of different ways of borrowing and a common method is to use cards. There are credit cards and store cards and it can be a good idea to think hard about what the difference is between these two types of cards and then you will be able to choose the one that you think will be the best for you.

Main Features of Both Cards

All of these types of cards have quite a few things in common. Firstly, they can be used instead of money to pay for things. This means that you do not actually have to have the money that you need. You will also not have to pay anything until a certain date. You will receive a statement and this will tell you how much you have spent and when you need to make a payment. You will have the option of paying a small minimum amount which will be the interest and perhaps a little extra or you can repay the full balance and avoid paying any interest. The statement may be online or posted to you and you can choose to set up a direct debit to pay it either the minimum amount of repay it in full. You can also pay any other amount, although this is not made clear on the statement.

Differences Between Them

With a credit card you will be able to use it in most shops, both online and on the high street. This means that it is very flexible and can be used a lot. With a store card you will only be able to use it in the specific store that issued in, any other branches that they have and possibly any other shops owned by the same company. This means that you can only use the store card in limited places compared with a credit card.

The interest rates on the cards will vary, but this does not mean that the store card will be higher than the credit card and vice versa. There is no pattern it will all depend on the specific card that you choose and so you will have to look out for this and think about what difference that will make to you.

Both cards might have some rewards or benefits. With store cards, you will tend to have some sort of benefits with regards to the store you are with. They might offer some money off purchases for card holders, perhaps when you first take it out or at certain times. They may offer early access to sale items or other things. It is worth finding out what the benefits are and thinking about whether they will be something that you would like to take advantage of and that will be useful to you. With a credit card there are some which give rewards. These tend to have a higher interest rate than those that do not and so you need to be careful when choosing these cards. They can be useful if you use them as normal and take advantage of the rewards as long as you repay them in full as otherwise you will be paying more than you are receiving by way of the rewards in high interest charges.

Some people might feel that it would therefore be better to have both a store card and a credit card so that they can take advantage of the advantages of both. While this seems to make logical sense, it is a good idea to make sure that you are very careful, With access to this much credit, you could find that you spend more money than you can afford and then find it very difficult to repay the card. It could end up costing you a lot of money in interest.

Credit Cards

Should I Have Multiple Credit Cards?

There are some people that have lots of credit cards, but also people that do not have any at all. We might hear things that we should be paying off our debts or not having too much credit available and things like this but is it right? What should we actually be doing? The problem is that we are all different and so we need to think about what will work for us personally rather than what might be suggested for everyone. There are some things that we should consider which will help to clarify our thoughts.

Available Credit

For every credit card that we hold, we have a certain amount of credit available to us. The credit is the amount that we spend on the card and this amount ill vary between cards as well as between card holders. The more cards you have, generally the more access to credit that you have. This can be extremely useful if you want to buy things of a high value using credit cards. However, there is also a risk with this. You could end up spending more money than you can afford using the card because you have access to all this credit. It is therefore important to make sure that you keep track of your spending so that you are confident that you are spending within your means. If you want to make sure that you repay the balance in full each month, then you will nee to make sure that you do not spend more than you can afford to or else you might struggle to repay it all.

Cost

The cards usually have no cost unless you do not repay the full balance each month. This means that you can use them to buy things with and not pay anything as long as you repay the money that you have spent on the date it is requested. This will be given to you when you get your monthly statement and you will also be told how much interest you will need to pay on the card if you do not repay it in full. It is a good idea to make sure that you do repay the card in full so that you do not have to pay that interest. It may not seem that much so you might think that it does not really matter if you do not pay it. However, it will make a big difference because it will add up and if you keep using the card and do not repay it then you will be charged more and more interest. You may feel that it is worth paying the interest because you feel it gives you good value for money as you can buy these extra things. However, you may not think that and once you have worked out how much the interest will be, you may decide that you want to repay the card in full. However, if you have multiple cards and have spent a lot of money, you may not be able to afford to repay all of the money. Therefore, it could be wise to think hard about whether this is a good idea or not. You might need to think about whether it will be better to have just the one card or none at all or consider how you can make sure that you monitor your spending so that you can set a budget that you can afford to make sure that you are able to keep repaying it.

Credit Rating

It is also important to think about your credit rating and the impact that having multiple cards could have on this.  If you have too much credit available to you, then it could impact the chances of you being able to borrow more. So, if you want a mortgage or something like that, they the lender could look unfavourably on this. You may even find that a potential landlord will as well. Even worse, if you have spent lots of money across lots of credit cards as this will look like you are not able to live within your means.

Mortgages

Should I Choose Fixed or Variable Rate Mortgages?

There are lots of different options when it comes to mortgages and it is a good idea to make sure that you have a good understanding of the differences between them so that when you are choosing what you want, you know that you are making a suitable choice. It might seem confusing and complicated but it does not have to be and if you have a methodical approach you should be able to get to grips with it.

Fixed Rate

A fixed rate mortgage will have an interest rate that does not change for a certain period of time. This period of time will be different depending on the lender you use, but it is likely to be a number of years and it could even five or ten years. The advantage in having a fixed interest rate is that you will always know how much you have to pay and then you will be able to prepare and budget for that. Otherwise, if the interest rates get put up, it means that you will have to find more money to be able to make your monthly payments. For some people this will be easier than others. If you often find it difficult to manage your repayments anyway, then it could be wise to fix the interest rate and then you will be guaranteed to know that you will not be paying more money for a while at least.

Variable Rate

A variable interest rate will be able to change at any time. Lenders can choose when they do it, although it could be most likely to happen if the Bank of England changes their rate. There is also a bigger chance that they will put up the interest rates than reduce them, as they will have expenses to cover and will be more likely to need more money from you rather than less. There is a chance that the rate might go down though and this is one advantage of going for a variable rate. It is also worth noting that the rate might be lower to start with as a fixed rate tends to be a dearer option when you are comparing the two before you choose. It is worth checking and this may not be the case with all lenders so you will need to check carefully.

It is important to think about your own situation when you are choosing which of these you think will be the best for you. You need to consider whether you can afford any potential rate increases to start with. Make sure that you carefully work out how much you can afford to pay and whether you would still be able to manage to cover all of your other essentials if you had to pay more for your mortgage. If you have a repayment mortgage, then the increase will not be made to the amount you repay only to the interest portion so it is worth bearing that in mind – so if rates go up by 1% you will not pay 1% more than you were before, only 1% more interest. If you are on an interest only mortgage then you will pay 1% more. So, make sure that you actually do some calculations and this will help you to know for sure what the right decision will be. You may also be tempted to think about whether you feel that rates will go up or down in the near future. This can be tricky though; it is not easy to make predictions. You may feel if they are really low, then they cannot go down any more and will have to go up but rates have gone down lower even after being at historical low levels for a long time. So, it just shows you cannot easily predict what might happen so you need to be careful with this approach.