How Your Credit Score Impacts Your Life
It’s probably fairly self-evident that your credit score will impact your ability to borrow. What you may not have realised, however, is just how much it touches on your everyday life. For example, your credit score may influence your ability to get service contracts. This includes rental contracts. It can even influence your ability to […]
A Guide to Overcoming Loan Refusal
Applying for a loan can be a daunting process, fraught with concerns about repayment obligations and the anxiety of potential rejection. With nearly ten million people in the UK grappling with debt, obtaining financial products such as overdrafts or credit cards can seem increasingly out of reach. So, what steps should you take if you […]
Secured and unsecured loans
Secured and unsecured loans are pivotal in fuelling business growth, acting as a catalyst for businesses to realise their objectives. In the UK, according to the British Business Bank, small and medium-sized enterprises (SMEs) saw a significant 12.8% rise in gross bank lending between 2021 and 2022, amounting to £65.1 billion – and that\’s just […]
What To Do When Someone Owes You Money
Way back in the late 16th century, Shakespeare warned his audience against borrowing from or lending to their friends. “Neither a borrower nor a lender be; / For loan oft loses both itself and friend.” In other words, money can break up relationships. This very definitely holds true in 2022 but sometimes you just have […]
British Banks Brace For Defaults
With inflation stubbornly high, it seems fair to assume that further interest-rate increases are on the cards, this could lead to loan defaults. On the one hand, bringing down inflation should benefit everyone. On the other hand, raising interest rates will definitely hurt people with any form of debt. That includes mortgages and student loans. […]
Getting a personal loan
If you’re going to take on debt you want to do so in a mindful way. That means borrowing the minimum, at the most favourable rates. There’s a strategy for making this happen. Here are the key points. Cut your credit lines When you apply for a personal loan, the lender will assess your overall […]
The Basics of Debt Consolidation Loans
If you have debt you want to pay it off as affordably as possible. It can, however, be complicated to work out how to do this. Here is some guidance to help. The two basic strategies for paying off debt. There are really only two basic strategies for paying off debt. The first is to […]
Will the bounce back loans bounce back on the taxpayer?
According to figures from the Treasury, businesses in the UK have received approximately £50bn in government assistance. Of this, approximately £34bn has been in the form of “bounce-back” loans. These are loans to small businesses of up to £50K each and backed by a 100% “government guarantee”. Of course, government guarantees aren’t actually secured out […]
Could SMEs soon benefit from a freeze in loan repayments?
The British Chambers of Commerce has introduced a “Coronavirus Business Impact Tracker”. Its first set of polling covered over 600 businesses and was conducted from 25-27 March. The results were recently published and unsurprisingly they make for grim reading. Possibly the most concerning finding was that 62% of firms have at most three months’ cash […]
How to get a loan when you have bad credit
Bad credit is like a bad smell, it often sticks around for a whole lot longer than you think it reasonably should and while a good hard clean can help, nothing will get rid of it completely until it’s run its natural course. So what do you do if you want, or need, to get […]