Loan


A Brief Guide to UK Loans

When I was in debt, I had four types of loans that I was managing – and at times struggling to manage!

In this post, you’ll find an overview of the types of loans available here in the UK and what the main differences are between them, including which ones that can help you out financially or those that could get you into financial trouble really fast.

Personal loan

Also called an unsecured loan, a personal loan is money that a bank or lending is willing to let you borrow that won’t be secured against your home or any other asset...
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...
This is handy if you need to buy something now that you perhaps wouldn’t have the money for until next month.

The best way to use credit cards is to pay them off in full each month...
Secured loans are risky business and really should only be seen as a last resort if you absolutely have to get a loan and you can’t find the money any other way.

Mortgage

A mortgage is a type of secured loan that you can take out to buy a property (or land)...
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...
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Down Payment



FHA Loan Down Payment

If you would like to obtain a FHA loan, you should find a FDA-backed lending institution...
Mortgage down payment requirements are similar to those stated by most US lending intuitions...


Until October 1, 2008, sellers had the right to help buyers build sums of money for down payments by contributing up to 6% of the home value...


Down Payment Assistance

Down payment assistance programs are intended for helping potential home buyers, as well as those willing to purchase other luxury objects, build up an amount of money to cover part of the total value...


Once you find a home that suits your preferences and wallet, with a 20% down payment, you can calculate the amount of money to be paid down as follows: multiply the original price by 0.20...
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Main Issues on Imprest Money System

In case one doesn’t turn his money into petty cash this money can’t be called Imprest means paying (or lending) a fixed sum of money to a fund so that then one can use it in his future expenditures process...


What is so special about Imprest money?

The main issue about the system is that you can spent only the sum you are provided – in this case $50 and then the account is only replenished to the sum you had in the beginning...
The main sense of petty cash system is the replenishment of money spent...


How Imprest money works?

According to the system the manager is required to give documents proving his expenditures...
At the end of the month all the dockets provided for spent money are calculated totaling the amount of money spent...
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Down Payment Calculator

In a way, FDA acts like some kind of insurance company, as it provides assistance for money lending institutions, should their clients default on their loans...
This may take a bit of effort, since different lending institutions have different terms...
Unfortunately, this practice contributed to the 2008 mortgage crisis in the USA and was rejected by most lending institutions...
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FHA Loan Down Payment

According to the federal down payment assistance program, the mission of the Federal Housing Administration (FHA) has been to provide insurance services for money-lending institutions and home sellers participating in down payment assistance programs...


Next, the client needs to choose a lending organization offering acceptable terms...
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Mortgage Down Payment Requirements

The size of a down payment depends on your credit record, debt-to-income ratio and mortgage down payment requirements set by the lending institution you are borrowing money from...
The FHA’s function has been to check applicants’ credit histories and to provide insurance services to lending institutions in cases whereby clients defaulted on their loans...
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