Hi all,
It’s been a busy few weeks (yeah i always say that), anyway…
Here some positive news which should filter across the pond to us judging by the current trends:
Citigroup plans to use some $36.5 billion of its U.S. government capital infusion for new mortgages, credit card loans and to buy mortgage-backed securities in the coming months.
On Tuesday it will give details of how it will increase lending by using funds provided under TARP (Troubled Asset Relief Program) the CEO said. Chief Executive Vikram Pandit said “Our responsibility is to put these funds to work quickly, prudently and transparently to increase available lending and liquidity,” although Citi could not be reached for comment at this time.
Other U.S. banks rescued by bailouts are under pressure to deliver lending to help the tight credit markets and spark a recovery in the economy. They received $45 billion in capital from the U.S. Treasury in two installments late last year.
Citi’s management will allot $25.7 billion for U.S. residential mortgages, $5.8 billion to credit card loans, $2.5 billion for personal and business loans, $1.5 billion for corporate loans and $1 billion for student loans, the AP report said. The final $8.2 billion will be mortgages issued to homeowners.
Good news eh?
As a side note i’ve been currently very busy helping my friend with his SEO site Increase My Ranking the reason i mention this is that he’s had to branch out from his financial sites on payday loans etc into SEO until things recover. Which hopefully they will..
Thanks for reading,
Derek
Filed under: Loans, finance | Tags: christmas, homeowner loans, interest rate, payday loans
Hi all,
its been a little while but i’ve been busy on two exciting new projects. I’ll tell you about the first one next week.
Anyway, i thought id share a little good cheery news in these slight financially bleak times. One of the non-prime lenders (as in a lender for those of us with a less than perfect credit history) has followed the major banks and made an interest rate cut. These are purely for homeowner loans but the rate is now just 9.9%. Thats right Blackhorse (Just for Homeowners) have reduced their minimum APR for all Unsecured Loans from 16.9% to 9.9%, With immediate effect.
Nice to share a little good news.
p.s. christmas payday loans are available in time for Christmas!
Filed under: Loans | Tags: homeowner loans, Loans, payday loans, quick loans
Well the good news is that i should get my damage deposit back but not all of it and not any time soon. Anyway i’ll come back to that. I’ve had some more thoughts about the credit crunch and secured homeowner loans.
I discovered something interesting today. Checking your credit rating with somewhere like Credit Expert can show you that you’ve paid everything dodgy (defaults, ccj’s) but until you actually get a certificate from the court then you might as well not have paid them off at all. Something i didn’t know anyway.
Another point of note is that although i’d probably not get a really low APR loan from somewhere like Lombard. I am able to get a loan from my bank and at a decent enough rate too. Places likes Loan Machine for homeowner loans can help find if there’s anyone who can lend you at all. There usually is even in these times.
Anyway back to my deposit and moving problems. Basically in a nutshell moving has left me with such a cash flow problem that i had to get a short term or “pay day” loan from Today Loanquick loans. Payday loans are not as bad as some of the press are making out. The apr is high if you calculate it over a year but the loans are only 1-2 months so APR is meaningless. They’re perfect for cash flow problems!
Anyway enough from me for now.
Derek
Ok so i didn’t buy a house in the end. Seems like a dumb time to do it with house prices still falling 0.5% month after month.
One thing i didn’t consider at first was the fact that the rent market would get better and better – for tenants that is.
For only a small amount extra i could get a place roughly 50% bigger – so that’s what i did. Unfortunately since it was a great deal i had to snap it up there and then. This means i wasn’t able to give enough notice to the old letting agency. We’re in negotiations now but they’re saying i need to pay another whole month of rent even thoug him only short about 10 days of the full notice period.
Well that ain’t happening.
I guess we’ll see how generous i’m feeling after i’ve got my damage deposit back (fingers crossed).
Anyway the point of all this is that moving house tends to leave you with a bit of a cashflow problem. ie. pay rent on the old place, the new place + deposit and any rent in advance. Plus the obvious costs of packaging and transporting of your belongings. I was looking at solutons to this and came across Quick Loans from Today Loan. This place can lend you money within a day that you basically payback when you get paid. You can even roll it over to the next month for 2 months until you’re straightened out again.
In cases like the one i’m in you don’t (and probably can’t) really want to get a Secured Loan and it’s not a bad enough debt problem for debt management etc so a short term, not questions asked (well, very few) loan seems the answer.
Payday Loans are getting some bad press lately and it doesn’t seem deserved to me.
I had a friend, lets call him Mr R, who’s being working through getting a secured loan for months now so i thought i’d explain some of the stage this went through to take some of the fear and mystery out of the whole process.
Now some lenders claim to ‘have the money in your bank account in 24 house’ – now i’m sure this happens when someone has a glowing credit rating, meets all of their criteria exactly and has nice simple easy-to-understand finances. The reality is: This isn’t usually the case.
Mr R filled out a brief form (at Homeowner Loans as it happens) and a friendly member of staff called him back to get some more details.
Since he didn’t have a perfect credit rating he only had a couple of options but there were still options. Then he was given quotes on these lenders (amount per month, total amount payable, duration etc).
One of these seemed suitable so the next step was to get a valuation of his property. This was done to see how much the lenders would be able to lend him. Usually most reputable lenders will lender you up to 70-80% of the value of the house. Now it not as simple as “oh i have a £100,000 house so i can borrow a secured loan amount of £70-80,000″ since it depends how much mortgage you have outstanding.
The friend in question had £40,000 or so left on his house and some unsecured debt he wanted to consolidate. This meant that despite his house being worth £125,000 he could only borrow £30,000 (which was fine in his case). By this time another valuation we required and another cool-off period was required (a 7 day period that the lender must not contact the client).
This whole process took nearly 3 months but my friend was happy with the result and he didn’t feel pushed into anything.
Hopefully that removes some of the mystery for some of you
If you are not careful When you apply for secured loan quotes online there is definitely a risk you could unknowingly damage your credit rating. Even worse, if you do not find the best quote with the low APR, you could lose a lot of money. Here are some top tips quick for applying for a secured loan that will save you time and a lot of money.
Secured Loans for Homeowners – Finding the Best Rate
Being approved for a secured homeowner loan has never been easier. UK secured home owner loans have become very popular and are available from hundreds of different UK lenders. Using a broker is often the easiest and quickest way to do this. With so many different lenders vying for your business there are plenty of good options around.
Secured or Unsecured, which is the Cheapest?
Generally when someone is looking for a UK cheap loan what they are after is the lowest interest rate. Of course everyone wants a great deal and one that makes the most financial sense. By doing a thorough comparison of cheap loans being offered, it is possible to find a great APR in the UK market. Since a secured loan is secured against your assets then a lender is usually able to offer a lower interest rate since the risk to them is less.
UK Secured Loan Approval – Fast and Easy
secured loan approval for people in the UK can be very quick these days thanks to the instant access of free online loan comparison websites available today. These sites are designed to match your specific lending criteria and will instantly compare hundreds of UK loans. One common mistake that can prevent getting fast secured loan approval is to apply and be refused for a loan resulting in a strike against your credit file. Let us review how to avoid this bad mistake.
Applying for a Secured Loan Online
Using the internet to apply for a secured loan is a quick and easy way to obtain a UK loan quote. Usually the goal of applying online is to find the lowest rate without having to fill in endless forms. It can potentially harm your credit score to apply to lots of different places. There is a safer way to apply for a secured loan online that instantly compares hundreds of loan
option with a quick and easy form that does not require an initial credit check.
Secured Loan Adverse Credit – The Risks
In the past if someone had bad/adverse credit it was highly unlikely that they would be accepted for a loan of any kind. These days, having a less than perfect credit rating no longer excludes UK homeowners from being able to get a loan. If you have adverse credit, the problem now is not paying a premium APR just to get the loan. The biggest challenge that most people find when their credit is less than perfect is being offered loans at outrageous
interest rates.
UK Secured Loans – How to Avoid Unknowingly Damaging Your Credit File
There are many online options to apply for a UK secured loan. For someone looking to find the cheapest and best secured loan for their needs, it can be confusing and difficult to know where to start. Of course when seeking the best deal possible, most people want to do some research before making a final decision. Unfortunately if you are not careful, it is easy to unknowingly damage your credit file while looking for the best loan quote.
Secured Loan Vs Unsecured, which to choose?
As there are so many different lending options available in the UK market, it can be tough to choose which kind of loan is best for you. Choosing the right option for your situation will depend on a number of factors including; your credit rating, the amount you would like to borrow, and the term you need for the loan.
Derek Hosewood writes for Loan Machine a leading providing of Homeowner Loans
Facebook has removed any loan adverts that are deemed to be ‘pushing’ loans onto young people.
Credit Action states that adverts on the social networking site are offering cheap loans, in particular those secured against a salary or car. This is breaking advertising regulations.
“Lots of credit companies, especially payday and logbook loans companies, are using the medium [social networking] to advertise their products. It is such a popular method because they can target young people with whom the site is so popular,” commented the charity.
The adverts removed are mostly due to the fact that they contravene U.K. credit advertising regulations because they fail to give details of interest rates.
The Chairman of Credit Action’s board of trustees Malcolm Hurlston, says that while some adverts do meet the guidelines by displaying the rates of APR “they are only in the frequently asked questions section, and not prominently on the advert, which is what the rules require”.
Derek Hosewood writes for Loan Machine. Apply now for a Homeowner Loans at a competitive rate.
