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.

Enjoy the privilege of being a boat owner − Boat loans

Owning a boat of your own is a matter of privilege. You can explore the wonders of the sea with your boat rather than renting a boat, which is available for a limited time. What is stopping you from buying a boat of your own? Is it a lack of sufficient funds in your account? If your answer is yes, then no need to worry any longer, boat loans are here to help you get your dream boat.

Boat loans, facilitate the UK residents with an opportunity to buy a boat of their choice. For some of you, a boat may be a passion, while for others, it could be just a luxurious item. You can choose the boat that suits your personality and need from the variety of boats available in the market ranging from a powered speed boat to a narrowboat and a houseboat to a smaller cruiser.

If you have decided to take a boat loan, you need to keep a few points into consideration. The first and foremost thing you need to do is to determine which boat do you wish to buy and find out its price. This will help you in deciding how much funds do you need. The next thing is to unearth how much money do you have, which you can invest in purchasing the boat. Both these steps will help you in finding how much money do you exactly need to borrow with a boat loan.

Lenders in the UK offer boat loans ranging from £10,000 to £10,000,000. Thus, you can design your budget accordingly. The best thing about boat loans is that they get approved easily and quickly. Boat loans are usually offered for a term of 5 to 25 years. The amount you can get with a boat loan depends on your credit history as well as your repayment capability.

There are two types of boat loans available in the loan market – secured and unsecured boat loans. A secured boat loan requires a borrower to put some collateral to become eligible for the loan. Tenants can apply for an unsecured boat loan, which does not require a borrower to put a security against the loan. In the same way, homeowners who wish to protect their home from the risk of repossession too can apply for an unsecured boat loan.

Boat loans are offered at both fixed as well as variable rate. In case of a fixed-rate loan, you will have to pay a fixed sum of money every month. This loan option will help you in accommodating your budget each month. On the other hand, in variable rate loans or adjustable-rate loans, the interest rate fluctuates with the market interest rate. This interest rate loan option will allow you to take advantage of the falling market interest rate. You can choose the interest rate option as per your

Do take into consideration the various fees associated with the boat loan that sometimes results in a low cost seeming loan turning out to be costly. A boat loan may account for expenses such as underwriting fees, processing fees, cost of the credit report, and other related costs. Make sure to consider all the costs involved which will help you in deciding which loan option is best suited to your needs.

When you reach out in the market to find the best boat loan, there will be an enormous number of lenders offering you great loan deals. Now, you have to decide whether you want to undergo the lengthy stressful loan process or a fast, easy and cheap loan. The majority of you will opt for the second option as everyone wishes to save his or her valuable time and money. Online lenders aim to provide you with the comfort of getting a cheap and fast boat loan arranged.

It is easy to apply for a boat loan; you need to fill in an online loan application form with some of your personal and financial information. Lenders will get back to you with the loan deals they find appropriate for you. Don’t accept the very first loan deal you get. Search around, collect loan quotes from lenders, and compare them to see the loan deal that you find to be perfect matching your needs and desires to the best.

Exploring the wonders of the sea with a boat of your own, this may be a dream come true for some of you. Don’t let this dream fade away. Borrow a boat loan and get the finance you need to finance your dream boat.

Basic principles of a loan

Understanding the basic principles behind a loan can save new borrowers a lot of stress and make the borrowing process more straightforward. This article will explore some of those loan basics.

A consumer loan is when a financial institution lends you money with the promise (from you) that you will repay the money. Most loan payments include both principal and interest.

The principle is the amount of money that you borrowed. Interest is the price paid for borrowing money; this is usually expressed as a percentage.

In an interest-only loan, the interest of the loan is paid off before the principal. It is essential to understand this because many mortgages are interest-only loans. Using this kind of loan allows the lender to make a faster profit on the loan, and in return, it also allows the lender to offer you lower interest rates.

Borrowers should understand that during the first years of an interest-only mortgage, the entire monthly payment goes toward interest. Because of this, there will be no decrease in the amount of the principle that was borrowed. In some cases, the initial interest-only payments are lower than the principal payments. This allows the borrower, who expects to earn more profit over time, to obtain a larger loan.

Variable Rates versus Fixed-Interest Rates

Aside from interest-only loans, you may see offers for loans that are based on either variable rates or fixed rates. Credit cards generally use either the variable or fixed rates systems when calculating the interest.

Variable-rate loans are based on the prime lending rate, and then some additional interest percentage is added to cover profits for the lender. Whenever the Federal Reserve raises interest rates, your bank will increase your interest as well. If the prime lending rate is low, variable rate loans and credit cards can be incredibly competitive with fixed-rate loans.

Fixed-rate loans and credit cards offer you guaranteed interest rates that do not fluctuate. You will know what your payments are every month based on the fixed-rate percentage of the loan that you took out. This offers consumers more emotional security because they do not have to worry about their monthly bill increasing suddenly.

All borrowers should understand that variable rates are different than teaser rates. Teaser rates are temporary and last only for a limited time, usually three to six months. Once that period is over, the rate will go up, and so will your monthly bill.

One of the most important principles behind a loan is establishing a good credit history. The fastest way to get a low credit rating is not to pay your monthly bill or to be habitually late in paying your bill. These activities are usually reported to the three big credit reporting agencies, and this information will stay on your credit history record for years to come. If you must take a loan out, make sure that you can make the monthly payments on time.

If you have any questions about your loan or the interest that is being charged, ask the credit person to explain it to you in detail. They are happy to do this. As a general rule, try to keep your non-mortgage debt payments below 10-15% of your monthly take-home pay.

Secured personal loans − All you need to know

If we consider loan options, the best possible loan option in today’s world is that of secured personal loans.

These days things are changing drastically. And it is not a result of any chance it is a result of the natural progression of the money which is spreading in the market.

That money can be put to fair use if the people utilize it properly and one proper way to utilize it would be to take that money as a secured personal loan.

A secured personal loan is a loan which is offered to people of various profiles. It could be a businessman, a layman or of any other shape. They provide an opportunity for people to face up with their problems and in most cases, help in finding a solution for that.

Secured personal loans are generally taken for the following reasons, such as:

  • For home improvement
  • For debt consolidation
  • For wedding purposes
  • For business reasons or for 
  • Educational purposes

The list can also vary with the profile and also the need of the hour for the person who borrows the loan.

Why secured personal loans are generally considered a better option than any other loans in that category is because of its features. Secured personal loans provide such excellent features that it becomes hard for any potential borrower to overlook its viability and their uses. Some of the features of secured personal loans are:

  • Secured personal loans as the name suggest are offered when a buyer provides security to a lender, and this brings about a level of protection for both parties.
  • Secured personal loans are generally cheaper than any other loans.
  • Secured business loans provide other features as well, i.e. low monthly repayments and a long repayment period.
  • Secured personal loans are more flexible than any other loan.
  • Secured personal loans are also available to people who have a history of bad credit. With these loans, it is an option available to them for reaching their targets. 

It is not that hard to imagine why more and more public in the UK are looking towards secured personal loans as a possible solution for their financial needs.

Another thing that goes in favour of the secured personal loans is the ease with which one can apply to the loans. All that required to be done is to estimate your requirement and apply for the loan through a source.

Secured Personal Loans have proven to be one significant discovery for everyone, as these have proved their mettle and help many people in trouble. So people who find themselves in that situation can take these loans for their benefit as well.