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Permalink to: A Credit Card or a Payday Loan For bad credit

A Credit Card or a Payday Loan For bad credit

A Credit Card or a Payday Loan For bad credit Since the introduction of a Payday loan, there has been a lot of debate in regards to whether or not one should opt for a Payday loan or a credit card instead. As many of you may already be aware, Continue Reading →

Permalink to: If you have secured a payday loan there should be some paperwork

If you have secured a payday loan there should be some paperwork

If you have secured a payday loan both online or offline, there should be some paperwork that you will have printed off or have been given to document the money borrowed. Using the information, you can ensure that you incorporate the repayments into your budget for the next month. However, Continue Reading →

Permalink to: Paying Off Your Credit Card Balance

Paying Off Your Credit Card Balance

Paying Off Your Credit Card Balance Do you have nightmares about settling your credit card debts? Do you dread those calls that keep coming when you pass your due date for payment? If it’s any consolation at all, there are thousands of people in the UK alone, just like you, Continue Reading →

Permalink to: Loan Representative Examples

Loan Representative Examples

Representative Examples: Representative Small Loan Example: If you borrowed £80 for 28 days, you would repay £100 with an interest rate of 25%. This is 1734% variable. Representative Unsecured Loan Example: If you borrowed £500 for 12 months, you would repay £949.01 with an interest rate of 89.8%. This is Continue Reading →

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Posted on June 2, 2017 by applyforaloan

What you need to know about borrowing

Overdrafts

Overdrafts are like a 'safety net' on your current account; they allow you to borrow up to a certain limit when there's no money in your account and can be useful to cover short term cashflow problems.

Some bank accounts have a free overdraft built in. If yours doesn't, you'll have to ask your bank for an authorised overdraft facility. Their decision will be based on your bank record and you may have to pay a fee to set it up. You don't have to use an authorised overdraft, but it's there if you need it and you won't pay extra charges for accidentally going overdrawn.

You have to pay back your overdraft plus interest. Rates differ between banks and can be fixed or variable. There may also be an arrangement fee and monthly charges.

Unauthorised overdrafts

If you go overdrawn without your banks authorisation, the charges are likely to be high. Your bank may also bounce (refuse to pay) cheques you write or refuse to pay direct debits and charge fees for each refused transaction. They may also charge additional administration fees.

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Pros and cons of personal loans

 

Pros:

  • you can generally borrow larger amounts than with an overdraft
  • you're free to shop around - you don't need a bank account
  • interest rates and charges are normally lower than for an overdraft
  • you know exactly when the loan will be paid off

Cons:

  • loans are less flexible than overdrafts
  • there may be penalties for paying a loan off early
  • you can't normally miss a repayment

Points to watch out for

  • don't be persuaded to borrow more than you need or can afford
  • if the interest rate's variable, make sure you budget for possible increases
  • some lenders press you to buy insurance to cover the repayments if you get ill or lose your job

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. LOANS ARE SECURED ON YOUR HOME.

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  • Home
  • Finance
  • Pay day Loans
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    • APR EXPLAINED
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  • Same day loans
  • How to Borrow
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  • Debt
  • FAQs
    • APR EXPLAINED
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