Pay Day Loans And Mortgages Dont Mix.

If you are looking to buy your own house in the next few months and you need a mortgage a pay day loan could damage your chances of getting a mortgage, in a new twist against pay day loans.

With MPS calling for pay day loans to be banned newspapers giving these loans bad press now it’s the turn of GE Money Home Lending a UK based mortgage broker. This week the mortgage broker has it announced it will start rejecting mortgage applicants if they have had a pay day loan within the last 3 months regardless of the fact if it has been paid back.

According to GE Money Home by obtaining a pay day loan this makes you a big risk and shows that you do not budget very well each month; this is why as from today we will start rejecting applications where the applicant has obtained such loans.

The major mortgage providers all seem to be singing from the same hymn sheet - they don’t specifically reject payday loan customers, but loans are taken into account when applications are reviewed.

So if you are looking to apply for pay day loan you might want to think twice if you want to borrow money in the next few months to purchase a property. 

I`ve only been offered a sim only deal.

You have seen the new latest smart phone you want, you have searched the internet for the best deal now it’s time to apply for the mobile phone you want. With most things in life such as loans, credit cards, car finance a mobile phone operator will perform a credit check. What happens if you do not pass the credit check? You will not be able to get the phone you want and sometimes you may even have to pay a deposit to get the phone.

Nowadays if you fail a credit check for a mobile phone, most operators will offer you a sim only deal, don’t be disappointed this is good. A sim only deal is like a mobile phone contract you will get so many minutes, texts and data per month it just means you will not get the phone with this type of package.

Don’t be upset, if you get offered the sim only deal all you have to do is build a relationship with the mobile phone operator to do this you will have to make 3 monthly payments on time and then you can get in contact with the mobile operator who will offer you any phone you want.

If you are looking for a no credit check mobile phone company please visit www.mymoneycredit.com

Log Book Loan An Alternative To A Pay Day Loan

So you need an extra cash injection but you don’t want to go down the pay day loan route what about getting a log book loan?

A log book loan is secured against your vehicle, which means if you default or don’t make your repayments on time, the log book loan lender will come and tow your car away and sell it at an auction.

To obtain a log book loan you must be over the age of 18, be a resident of the UK, be employed either part time, full time or even self-employed and you have to be the owner of a vehicle that is under 10 years old and this vehicle must free or nearly free from any finance.

The procedure is very simple, you visit a log book loan lenders website, and fill in your details, you will then meet up with one of the company’s reps where you will be asked to bring various documents, such as proof of id, proof of address, bank statement, wage slips and of course your log book or v5 as it is also known.

Once you have met the rep he or she would of already done some calculations to see how much your car is worth, bear in mind they will only loan you the trade price of the vehicle. The rep will then check your documents and check around the vehicle. You will be asked to sign lots of papers make sure you read everything before you sign once that is completed you will be handed a cheque. When I applied for a log book loan I applied on the internet on Wednesday and had my appointment and cash on the Friday, so the procedure is very quick.

The only catch is you need to give the loan lender your log book. You can still use your vehicle as normal but if you need to tax your car or you need to provide your documents to the police the loan lender will then give it to you but you must return it as soon as you have finished with it.

Unlike pay day loans, log book loans are paid back over 18 months you have to pay it weekly but if you pay a month up front you can then pay back the loan monthly. There are few log book loan lenders in the market so as always shop around to see which lender is the cheapest.

Remember if you do decide to go down the v5 loan or log book loan route the risk is you will lose your car if you fail to make your loan repayments on time.

For more information about pay day loans or log book loans visit www.mymoneycredit.com

Are Pay Day Loans That Bad They Should Be Banned.

With newspapers and MPs trying to put an end to the pay day loan business are they really that bad? There are two sides to this debate. 

Will we start with the good. If you have bad credit who would want to lend you money? Pay day loans are a last resort for most people who have bad credit, with banks turning down loan applications people have no option but to turn to these types of cash advance loans, Maybe there car has broken down and they need to get it fixed, without a car can cause more issues within itself like how are you going to get to work? So you need to get the car fixed, without pay day loans available the average person with bad credit would not be able to get the money they need to fix the car so to sum it up they are good for a short term gap and in a emergency situation.

The bad. It’s not the APR nor the fees, it’s the fact you can roll these types of loans over and over, this becomes really bad as it will cost you a fortune trying to get out of this spiral. From a personal experience I took out a pay day loan a few years ago and a few days before the loan was due I was bombarded with emails from this particular company to roll the loan over.

In my personal experience and opinion these types of loans should not be banned but the pay day loan companies should not let you roll over the loans and if you can’t afford to pay the loan back the lender must be more helpful instead of just keep hitting you with charges.

For more information about pay day loans or different lenders visit www.mymoneycredit.com

When not to use a pay day loan?

Since the recession more and more people are turning to pay day loan. Here are a few reasons when not to get one of these loans.

To pay another debt of. If you are looking to take out a pay day loan to pay another debt this can lead you in to more trouble. You soon will be in a debt spirall and this will be hard to get out and can cost a lot of money. Try talking to the debtor first and see if you can come to an arrangement about the money you owe them.

Sort term, Pay day loans are only good for short term use this normally being one month. If you need help longer than a month a pay day loan will not be suited to you as it will work out very expensive and you will end up owing more money. If you have debt problems find your local CAB office as they will help you and talk to your creditors.

Tips before obtaining a pay day loan.

Here are a few tips you must consider when you are thinking about taking out a pay day loan.

Cost.

So you want to borrow £100, but how much will you have to pay back? All pay day loan lenders will have all the figures clearly dispayed on their websites, don’t look at the APR figure pay attention to the total amount payable, for example to borrow £100 will cost you roughly £30 so the amount payable would be £130.

Which Lender? 

The website is a great wealth of information, there are review sites and forums where people share their views about their dealings with different lenders.

Read. 

Make sure you read any contracts and make sure you fully understand the costs before you sign anything.

Short term. 

Pay day loans are only short term, if you need a loan for longer than a month a pay day loan is not suited to you.

Direct Lender. Make sure you are dealing with a direct lender and not a broker, if in any doubt contact the company first.

Pay the loan on time. Make sure before you apply for a loan you can afford to pay it back, failure to pay back the loan on time will incur late charges and this will soon mount up.

These are a few basic tips, so when you looking for a payday loan you will feel more confident when choosing a perfect pay day loan lender for you.

Top tips for reducing your energy bills

We all tend to use less energy around the home during the summer months, but there are still plenty of ways to conserve it… and reduce those bills! Here are our top tips:

1. Don’t forget to close your curtains. It’s still cold at night, so even thought it’s tempting to leave them open during the longer evenings, closing them before dusk will keep the heat in.
2. If you do need to put the heating on at all, make sure it’s on a timer – just an hour or so a day should be enough. Turning the thermostat down a few degrees lower than the winter setting will also save the pounds.
3. Now might be a good time to think about loft and cavity wall insulation in preparation for winter – especially as homes lose about a quarter of their heat through the roof. Government grants are available and many people are eligible to have the work done for free or as little as £49. For more details see www.government-grants.co.uk.
4. Again, you probably have your lights on less, but it’s still important to use low-energy bulbs. They last up to 10 times as long as ordinary bulbs and can save £45 over the course of their lifetime.
5. Keep water use to a minimum, especially in the garden. Use a watering can instead of a hosepipe and recycle water by, for example, watering the plants with paddling pool water when it’s finished with!

Pay Day Loans Don`t Have A High APR

Everywhere you look and go you will see adverts for loans, credit cards and the sentence APR. So what is APR? Well it stands for Annual Percentage Rate. This is calculated over a year, this is whey when you see the adverts for loans and credit cards the APR figure is only about 5% but when it comes to pay day loans the figure is 4940% this is why people are shocked and are kicking up a stink because of the high APR figures pay day loan lenders charge their customers. Like I said earlier APR is a calculated figure over the year, but when it comes to pay day loans the APR figure is not realistic as these types of loans are only for between a few days to a month. The shorter the loan the higher APR you will be charged. Pay day lenders have to quote the 4940% APR figure but this is not the actual APR you will be paying back.

A spokesman for the Consumer Finance Association said: “Borrow £200 from a pay day loan lender and clear the debt on day 30 for, say, £250. The APR is 1413.1per cent. Borrow £200 on an unauthorised bank overdraft and clear the debt on day 30 for £350. The actual APR of the overdraft transaction is 90,888.9 per cent.”

So hopefully upon reading this despite what people may say or people will write in the press, pay day loans do not have a high APR. Maybe if the rules could be changed they could have a different system instead of using APR they could use a daily charge figure, this will then make it more clearer to people taking out these cash to pay day loans to understand the fees that they are being charged when taking out a loan.

For more information about pay day loans or text loan lenders visit www.mymoneycredit.com