Loan


A Brief Guide to UK Loans

Mortgages are usually long term loans with the typical length being 25 years, however, it’s possible to get a shorter or longer term mortgage too.

Interest rates may be variable or fixed depending on the mortgage you want to apply for – bear in mind that any movement in interest rates will have a direct impact on the amount you need to pay per month...
This is because the bank or lender offering the loan wants the security of being able to repossess the home and get their money back should you not be able to keep up with the repayments!

Secured loans usually allow you to borrow more money than with a personal loan and many lenders offer good interest rates, especially if you already have your mortgage with them and haven’t missed a payment.

If you’re thinking about getting a secured loan, you’ll need to seriously consider what would happen if you were to struggle with the payments...
Payday loans are designed to bridge the gap when borrowers run out of money before getting paid at the end of the month.

The option of getting money fast – hundreds of pounds in as little as five minutes – is very convenient for some people. However, if you’re looking for quick and easy cash to tide you over, be fully aware of the extortionate costs and damage a payday loan can do to your credit rating before making any hasty decisions!

Payday loans cost more in interest than any other type of loan product...
Personal loans usually allow you to borrow between ?1,000 and ? 25,000 and the more you borrow, the lower the interest rate will be...
Your bank will charge you (usually per day) if you spend more than what’s in your bank account without having an arranged overdraft first.

Payday loans

You’ve probably heard a fair bit about payday loans in the media over the last few years...
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Extending The Term When You Refinance Student Loans

The new private loan terms include, among other things, a new interest rate and, potentially, a new term (the length of time over which you have to repay your loan).

For example, you could take your Federal student loans that have a 10-year term and refinance them into one private loan scheduled to be paid off over 20 years.

If you have the option to extend the term of your student loan when you refinance, you should consider a number of factors before making your decision.

Pros of extending your student loan term

You’ll have lower monthly payments

By extending your loan term, you will be able to make lower monthly payments...
The only way I was able to do this was by extending the term of my loan from 10 years to 25 years. This lowered my monthly loan payments and gave me the flexibility I needed to make my career change (a change that came with a significant pay cut).

Example of extending your student loan term

Assume Amy has $45,000 in Federal student loan debt at 6 percent interest on a 10-year, standard repayment plan.

Amy decides to refinance her loans to private loans to get a lower interest rate...

Refinancing your student loans means that a private lender is essentially buying your Federal student loans, paying them off, and creating a new loan with new, original terms.

The new terms of your refinanced loan will be based on your credit reports, credit score, and other requirements...
While this may not seem like a big deal to you, it’s a point to consider if you’re thinking about your financial future.

Example of NOT extending your student loan term

Let’s look at Amy’s situation again: Amy has $45,000 in Federal student loan debt at a 6 percent interest rate on a 10-year, standard repayment plan...
Amy decides to refinance her loans to private loans to get a lower interest rate, but this time she doesn’t extend the term.

Amy’s monthly payments are lower than they were originally, but they are still $218 more than they would be on the longer 25- year term...
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Checking Account

However, banks that offer interest rates exceeding 5% also want their clients have an income large enough to cover the interest rate...


High Interest Checking Accounts

High interest checking accounts yield substantial returns...


High interest checking accounts are offered by online banking services...
If you fail to live up to these criteria, you are not going to be ousted, but your returns may be almost as good as if you started a low interest checking account ...
There are no interests on the balance, and you are going to have to pay for the use of ATM machines that are not within your bank’s ne...
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Balance Transfer



Balance Transfer Calculator

If you want to pay out your loans fast, or are prepared to shift loans all the time, then you will most likely want to have 0 interest on balance transfers ...


0 balance transfer credit cards are often used to transfer balance to a credit card with 0 percent balance transfer , which usually keeps its 0 percent interest level during a few months...
If you compare credit cards, this may save you many funds in interest charges...


Remember that imprest balance cards are more beneficial to those who have a good credit history and are paying interest rates in time...
Usually, people initiate such transfers to move their balance from a higher interest rate card to a lower interest card...
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Balance Transfer Offers



Balance Transfer Calculator

0 interest balance transfers are great for those who are ready to shift loans regularly...


Zero interest balance transfer offers are cheaper than long-term credit card deals...


Zero balance transfer companies keep the zero-percent interest level for a certain period of time, usually for a few months...
If you want the whole thing to make sense, you should look for a company offering lower interest rates than your current one...


It is not uncommon for US credit card companies to offer 2% or even 0% interest rates, but this is only for a limited period of time...
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What Are the Best CD Rates Today?

savings bonds are an interesting alternative to longer-term CDs...
They are slightly less liquid than CDs because you aren’t allowed to redeem them for at least a year after purchase, and even then you will pay a penalty of three months’ interest if you haven’t had the bond for at least five years...
Interest rates will be higher for MMAs than savings accounts at brick- and-mortar banks, but the difference compared with high- yield savings accounts online is negligible.

Bottom line: Both an MMA and a high-yield savings account, particularly online, can provide a more liquid alternative to a CD without a huge interest-rate hit...
The major difference is on the bank’s end — it can put your balance in low-risk investments such as CDs and bonds instead of simply using it for loans.

You may need a larger opening deposit for an MMA than a savings account ($1,000 is common), but this depends on the bank...
All of these CDs mature at the same time, but you still had access to at least a portion of your money until the last year.

Alternatives to CDs

If you’re not quite sold on CDs, there are some other low-risk alternatives that might be a better fit — some more liquid than CDs, and some less so.

High- Yield Savings Accounts

A high-yield savings account offers a beefier interest rate than the paltry national savings account average, which is 0.09% in August 2015, according to Bankrate...
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