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Is a secured or unsecured loan right for you?
Most people would recognise a personal loan as an unsecured loan which does not require you to set any particular asset against the amount you borrow. A secured loan, on the other hand, has to be set against the value of something you own; nearly always your property. However there are benefits to opting for a secured loan.
Because the loan is secured against your home, the interest rate is normally cheaper than an unsecured loan and you are normally able to borrow more. Typically you can borrow anything from £3,000 to £50,000 although some lenders provide finance up to £100,000. Also you can borrow the money over a longer repayment term which means you can reduce your monthly payments to an affordable amount by stretching the loan over a longer period. A secured loan is a good way to borrow money for expensive items such a home improvements. Secured borrowing can provide a solution for homeowners who have been declined an unsecured loan because of their credit rating.
However you need to bear in mind that a secured loan gives the lender a claim on your home and if you don’t keep up the repayments you could lose your home. Also, not all secured borrowing is cheap with some lenders charging higher rates than unsecured borrowing. It’s important to shop around and get the right type of loan for your particular circumstances.
January 31, 2009 at 7:04 pm | Loans General Info | No comment
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Just normal madness
As you struggle to pay the gas bill, the electric bill, the mortgage, the personal loan repayments whilst hanging on to your job it may help to see the funny side of it all with this quote from American journalist Ellen Goodman:
Normal is getting dressed in clothes that you buy for work and driving through traffic in a car that you are still paying for – in order to get to the job you need to pay for the clothes and the car, and the house you leave vacant all day so you can afford to live in it.
January 30, 2009 at 8:03 pm | Loans General Info | No comment
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We’ll just have to sell him then
If you can believe it the average cost of raising a child is said to have reached £194,000. This equates to £9,227 a year from birth to the age of 21 according to research from insurer Liverpool Victoria published yesterday. That is equivalent to £769 a month, or £25 a day.
Worrying enough but what if you have three? Well, if you’re a mechanic your average salary is about £25K and your kids will cost you nearly £28K!
This ‘news’ is just another scare story as the economy dives, bills mount up and jobs look increasingly iffy. Truth is, if we ain’t got £9,227 a year to spend on a child then we won’t spend it. We’ll spend what we have to in order to balance our finances across the mortgage payments, utility bills, personal loans and daily living costs. It’s what people do!
January 27, 2009 at 9:50 pm | Loans General Info, personal loan | No comment
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Been a piggy? Time to get your house in order
Did you enjoy your Christmas – plenty to eat and drink, nice warm house, great sale bargains? Well, it’s all over. We’re at the end of January and it’s time to reckon up. Credit card statements, utility bills, mortgage payments, loan repayments are all waiting for your attention – just when you’ll be hearing that your savings and investments are not doing that well.
Be positive, use the start of the new year as a time to get your financial house in order. And don’t forget that a very useful way of managing your debt is to investigate how much a consolidation loan would free up some valuable cash. Visit personalloansmadeeasy and get help finding the best rates.
January 26, 2009 at 7:56 pm | Loans General Info | No comment
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It’s official – we are receding
Although we already knew because they’ve been telling us 24/7 for months, the media announced the ‘shocking’ news this week that we are ‘officially’ in a recession.
Somewhat superfluous advice soon followed with a list of ‘tips to beat the recession’ from thisismoney.co.uk which helpfully advised that we should:-
Cut our spending
Reduce our debts
Slash our bills
Save for a rainy day (it’s not raining now?)
So, there we have it. Tips to beat the recession. To be fair the advice also suggested not changing jobs just now as you could be first out of your new company if it fails. It also stresses the importance of not failing to meet mortgage payments even if you have to extend the term or move to interest-only. Maintaining your home and your creditworthiness are very essential. Debts need to be managed very carefully whether they are mortgages, personal loans or credit cards.
January 24, 2009 at 6:27 pm | Loans General Info | No comment
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