Monthly Archives: October 2011

What You Need to Do before Applying for Payday UK Loans

Are you seriously planning to obtain payday UK loans? Maybe you have read so many good things about paydayloans and how such loans can help you overcome financial emergencies. It is true that these online quick loans offer innumerable benefits for the consumer. They are easy to obtain and accessible to most people. But before you sign any contract for a fast cash loan, there are a few crucial factors that you need to consider first. By getting these kinds of loans with your eyes wide open, you can effectively avoid future financial problems.

First of all, you have to determine if paydayloans are the right financial instruments for you. These loans offer good benefits but they are clearly not for everyone. For example, you can not obtain an online payday UK loan if you are unemployed. It is also not accessible for people who do not have a regular salary. If you are not currently working or you do not earn a monthly regular wage or salary, then applying for an online pay day advance is just a waste of time. Your application will be denied by the lender. That is because you have to show undeniable proof to the lender that you have a stable source of monthly income. Before you proceed with your application, you need to understand the requirements of the lender to determine if you can qualify.
Another thing to consider is the legitimacy of the online paydayloans company. Not all online providers of quick loans can be trusted. Some lending companies are very shady and run by online scammers. The good news is that the majority of payday UK loan providers are legitimate businesses. To make sure that you are dealing with a legitimate company, you have to look for specific credit licenses and business registration. License information and reference numbers are usually published on the website of the lenders. They will give this information to you so that you can verify the reliability of their operations. Again, do not sign anything or apply for a loan if the lender can not provide clear licensing information for you.

And lastly, make sure to understand the terms and conditions of the paydayloans. Different payday UK lenders have different requirements and terms. Some companies charge higher interest rates while others are offering industry accepted rates. You need to compare the loan products of different companies to find the best deal in the market. You also need to know the payment terms as well as provisions for late payments and extensions. These are important and you need to understand them to avoid getting into trouble with the payday loan company.

Quick cash online loans offer numerous benefits for consumers. These are sources of fast cash and you can use the loan to pay your bills or to buy something you need. The services of an online loan company are very important during a financial emergency. But to get the full benefits of advance online loans, make sure that you are dealing with a legitimate company that has the best deals in the market.

A-Z of Home Loans

Overview

To acquire a home which can be christened your “Own House” is a life-time decision & has to be taken with a lot of planning & requires huge finances. Below is a small guide which would answer some important questions related to Home Loan & help you decide your loan deal.

What is a Home loan?
Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one..

Types of Home Loan
There are different types of home loans available in the market to cater borrower’s different needs.

• Home Purchase Loan : This is the basic type of a home loan which has the purpose of purchasing a new house.

• Home Improvement Loan : This type of home loan is for the renovation or repair of the home which is already bought
• Home Extension Loan : This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc.

• Home Conversion Loan : It is that loan wherein the borrower has already taken a home loan to finance his current home, but now wants to move to another home.

• Bridge Loan : This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, It is given till the time a buyer is found for the old home.

• Home Construction Loan : This type of loan taken when the borrower wants to construct a new home.

• Land Purchase Loan : It is that loan which is taken to purchase a land for construction & investment purposes.

Documents required in Home Loan

Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the Home Loan application:
• Age Proof
• Address Proof
•Income Proof of the applicant & co-applicant
• Last 6 months bank A/C statement
• Passport size photograph of the applicant & co-applicant

In case of Salaried
• Employment certificate from the employer,
• Copies of pay slips for last few months and TDS certificate
• Latest Form 16 issued by employer Bank statements

In case of Self-employed
• Copy of audited financial statements for the last 2 years
• Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
• Profit and loss account for the last few years
• Income tax assessment order

Credit Repair Lies and How to Avoid Them

Your credit score is vital for your financial security. Having a good credit score will affect every part of your financial life and can help you get better interest rates, better terms on loans, and even affect things like your car insurance rates. Of course, everyone gets in a financial bind from time to time and things do happen. If you’re trying to improve your credit score, you’ll notice a lot of options. The internet alone is filled with companies promising to help repair your credit quickly, but a lot of these are nothing more than scams. Here are a few things to remember that can help you avoid credit repair scams.

Be wary of quick credit fix promises

1) You shouldn’t believe anyone who promises to help repair your credit within days or weeks. The truth is that if your credit score is a problem, it will likely take you an extended period of time to successfully increase your credit score no matter how you go about it. If a company is promising rapid results, they’re lying to you outright. Also, if you find yourself dealing with a pushy representative who is trying to convince you to sign a contract without even bothering to fully understand it, you should avoid the company. This is your financial future, so take the time to understand every aspect of what you’re being offered.

Be careful of up front fee’s

2) Be sure that you aren’t dealing with a company who wants huge upfront payments without explaining the steps they’ll take toward increasing your credit score. And look out for companies who want to charge you a few hundred dollars for doing simple tasks that you can handle on your own. Some may even try to charge you for setting up a budget or for providing mortgage calculators that are provided for free at other sites like Prudent Financial Services. You may very well need help to repair your credit, but you shouldn’t pay for unneeded services.

Escrow accounts

3) Steer clear of so called ‘escrow accounts’ that ask you to place large sums of money into accounts where they gather interest until they can repay your loans. Instead, the repair company will deduct money from the account for themselves instead of paying your creditors. This won’t help repair your credit – it will simply do even more damage to it. There are numerous companies out there who specialize in increasing your credit score.

Take the time to do some research, and you’ll be able to find the best option for you.