Applying for an advertised low-interest debt consolidation loan

Debts. Mounting debts. Debts out of control. Flashing across the recesses of your mind with regularity maybe these phrases. If you are like many people in the world today, you are confronting or trying to confront as best you can – ever-mounting debt. 

You may be trying to get control over growing debt before it becomes a severe problem, and before it starts to harm your overall credit history and credit score.

With this in mind, one solution that you should include in your overall debt management mix and plan should be applying for a low-interest debt consolidation loan. 

Provided you make an application for a low-interest debt consolidation loan. At the same time, your credit score is still in a reasonably good position; you will have several options available to you. 

However, you will need to keep in mind that often there are “hidden” fees, costs, and charges that are associated with a low-interest debt consolidation loan which you may have seen advertised.

The element of buyer beware

When it comes to considering an advertisement for a low-interest debt consolidation loan, you do need to keep in mind the old phrase of caveat emptor – buyer beware. With very few exceptions, a lender that is promoting a low-interest debt consolidation loan through advertisements will not be fully open about all of the costs associated with that loan option. Instead, the lower interest rate necessarily (and naturally) will be prominently promoted. 

At best, in some very fine and nearly (if not wholly) illegible print tucked away in the bottom corner of the ad will be some general information about the existence of other fees, charges, and costs associated with the loan.

It would help if you kept in mind that no matter how closely you scrutinize the advertisement. The advertisement is not an appropriate source for you to obtain information about a low-interest debt consolidation loan.

Do your homework

If you are compelled to consider a low-interest debt consolidation loan that you’ve seen advertised, it is vitally important that you do your homework. You need to research and analyze all aspects of the low-interest debt consolidation loan itself. This should include considering all documentation presented by the lender – but also independent resources of information that you will be able to find both on the Internet and World Wide Web and in the brick and mortar world.

Double-check all provisions in a low-interest debt consolidation loan agreement

When it comes to a low-interest debt consolidation loan agreement, you do have to read everything in the agreement, everything. Provisions regarding costs, fees can be hidden away in the most unlikely of places within a low-interest debt consolidation loan agreement. 

In the end, by following the suggestions and pointers outlined in this article, you will be able to make intelligent and educated decisions about a low-interest debt consolidation loan.

Personal loans in the UK – What you should never do

Little white lies are harmless, right? Not when they are listed on your loan application. Lies on your loan application are not harmless and can be detrimental to your chances of obtaining credit. Different people have different reasons for lying on their loan applications. Some people want to hide a bad credit history, while others do not want to reveal personal information. Still, regardless of the reasons, being a loan liar is not a good practice. It can hurt you and undermine your chances of getting a loan. Unfortunately, loan lying is relatively common in Britain.

Who are the loan liars?

Loan liars come from all walks of life. Men between the ages of 26 and 40 make up two-thirds of those who lie on their loan applications for secured loans, insurance, and credit cards. Of these men, approximately 64 percent of them lie to hide a poor credit history. By contrast, 77 percent of women lie on their loan applications to hide a poor credit history. Of this number, 17 percent use an alias. Of all the loan liars, 10 percent admit to using false documents to support their false claims on loan applications. Also, 9 percent of men and 7 percent of women lie about their status of employment or salary.

Why should you not be a loan liar

Of course, the number one reason to NOT be a loan liar is that it is illegal. Some people don’t care one whit, however, about legalities. That is OK, though, because there are other equally compelling reasons. Consider why you want to get a loan in the first place: to get approved for credit or to get approved for a higher amount of credit. You could be digging yourself into a deeper hole. Suppose you do get that credit or higher limit, now what? How will you make your payments, and what do you have at stake that you could lose? If you lied to obtain a mortgage, you could lose your home. Think about it and consider the ramifications before telling that tale.

What impact do loan liars have on overall debt?

Loan liars play a large part in incurring overall debt, meaning loans that are not repaid. Massive overall debt contributes to higher interest rates for everyone. If you are a part of the problem by contributing to the overall debt, you are part of the reason that interest rates increase. Do you want to be a part of the problem or a part of the solution? It is up to you.

How do you get caught?

More and more companies are catching loan liars before they can do any real damage. How do they do it? Lenders are working together and sharing information, and this is making it much easier to catch loan liars. They are using loan data sharing services that capture the loan liars before they are accepted.

The bottom line, it is just not a good idea to lie on loan. If you do get away with it, you will likely not be able to afford it. If you don’t get away with it, you could face legal problems. It is a no-win situation. Play it safe and tell the truth.

Personal debt consolidation loan − The impact of your credit score

You may have reached a juncture in your life at which you’ve found yourself dealing with ever mounting and more unmanageable debt. You do feel that your debt has become entirely out of control. 

You may be looking for solutions through which you can restore some order to your finances. As you go about looking for answers regarding your debt problem, you likely have come up with many questions along the way. For example, you may have several questions about your debt consolidation loan options. You may be wondering both how your credit score will affect your ability to obtain a personal debt consolidation loan and how your credit score might be improved if you can get a personal debt consolidation loan.

Through this article, you will be provided with an overview of how a personal debt consolidation loan works. You will be presented with information about how a personal debt consolidation loan is impacted by your credit score and, conversely, how a personal debt consolidation loan can impact your credit score.

The Impact of Your Credit Score on Qualifying for a Personal Debt Consolidation Loan

The status of your credit score largely will dictate what type of personal debt consolidation loan you may be able to qualify for in the first instance:

  • A low-interest personal debt consolidation loan
  • A bad credit personal debt consolidation loan

If you maintain a good or excellent credit score, you should be able to find a lender that deals in low-interest personal debt consolidation loan options and opportunities.

On the other hand, if your credit score has fallen from the good or excellent zones, lenders are developing personal debt consolidation loan options for consumers who have started to have difficulties with their credit scores.

The Impact of a Personal Debt Consolidation Loan on Your Credit Score

If you do apply for, qualify for, and obtain a personal debt consolidation loan, you actually will have taken a step that will have you on a course towards improving your credit score and towards cleaning up your credit history. With a personal debt consolidation loan, you will be able to pay off past due accounts. Provided that you make a payment on your debt consolidation loan on time, your credit score will improve a bit every month. Over time, you will end up with a much-improved credit score and a more admirable credit history. As a result, more and more doors will open to you in the future when it comes to matters like finding reasonably priced home mortgage financing or when it comes to purchasing a car without having to spend an arm and a leg an interest attached to an automobile loan.

Explore the wonders of the sea − Boat loans

Do you dream to drive a boat of your own exploring the vast sea? If yes, then you can choose a powered speed boat to a narrowboat from a houseboat to a smaller cruiser, whichever water-craft you wish to own. But do you have the money to buy it? If yes, then everything seems to be in the right place. But, if it is the other way round, then you are in big trouble. How will you buy your dream boat? You need not panic; boat loans are here to help you realize your dream to own a boat.

For some, a boat is a passion, and for others, a luxury item. Boat loans are specifically designed to cater to the need of UK residents who wish to buy a boat. Boat loan makes the idea of owning the boat look much more accessible and affordable. It is very similar to a car loan.

A boat loan can be approved quickly and easily. Boat loans are available for any amount ranging from £10, 000 to £10,000,000 taking into consideration the repayment capacity, value of the collateral, and credit history of the borrower.

There are two types of boat loans – secured and an unsecured boat loan. A secured boat loan is secured against the collateral home or the boat itself, and this loan is available at a low-interest rate with flexible repayment options. An unsecured boat loan is not secured against any collateral. Though it is offered at a high rate of interest, the borrower is on the safer side as his property or boat is not at risk. Tenants can also apply for this loan.

One should also give utmost care to the rate of interest on the loan. Annual Percentage Rate or APR is another name for the interest rate. APR of a boat loan ranges from 7.9% to 16%. A little search on your side can help you find boat loans at cheaper rates.

A borrower needs to decide the type of loan that will work best for you. There are fixed as well as adjustable-rate loans. Fixed-rate loans involve fixed monthly payments by the borrower. The rate of interest is decided at the beginning of the loan, which continues until the end of the loan term. This type of loan is best suited for people with fixed and regular income.

An adjustable-rate loan implies that the rate of interest varies with the market rate of interest. It is suitable for people whose monthly income is not fixed, such as business entrepreneurs.

Identify the fees associated with the boat loan. It involves various kinds of loans such as processing, underwriting fees, appraisal fees, the cost of a credit report, commitment, wire transfer fee, dockage fee, and many others.

There were limited boat loan providers in the past. The internet has revolutionized the whole finance market with the entry of online lenders. It has become very convenient for a borrower to apply for a loan saving his time and efforts. One can access an infinite number of online lenders at the same time through the internet. It is easy to apply for a loan online. Few clicks on the website, filling the online application form and you are through with the loan process. The application is easy, and privacy is ensured. But don’t relax. Just a simple effort from your side can help in saving hard-earned money. Collect loan quotes from various lenders and compare them. This will ensure that you get the best boat loan deal.

You may dream of sailing around the world. Boat loans can work as an essential source to realize your dream. Before signing the loan contract, make sure you compare all aspects of the boat loan and not just the interest rate.