Category: Credit

The True Cost of Payday Loans

Posted by admin – January 9, 2012


It’s often asked why payday loans are so expensive; with huge annual interest rates sometimes quoted, implying that rich companies are profiting at their customers’ expense.

When investigating why short term loans cost what they do, it’s worth pointing out that it’s very misleading to talk of APR in relation to these kind of loans, as the loans are made over a much shorter period of time.The annualised interest rate is easily in the triple-digit range, but these astronomical figures really bear little relation to the actual cost of the loan products.

Using the same reasoning, you could quote the price of a taxi at £15,000 per 1,000 miles, or £50,000 for a ton of oysters,…

Evidence shows Britons are planning for a very thrifty Christmas

Posted by admin – December 12, 2011


It’s no great surprise that Christmas is one of the most expensive times of the year, as we’re bombarded with advertising everywhere we look, we feel obliged to splash out on gifts for friends, family and sometimes co-workers, as well as facing the expenses that come with celebrating the season to be merry, with a short term loan being one possible solution to this seasonal cash shortfall.

 

But we predict that spending this year is likely to be down as the economic downturn is showing little signs of recovery until well into the New Year.

 

And this view seems to be supported by the majority of recent surveys that have been carried out with UK consumers. Retail research group Decipher forecast retail spending will fall 0.6 per cent year-on-year in December, or by about…

Be careful, it’s the ‘Accident season’!

Posted by admin – November 16, 2011


In preparation for what we have christened ‘the accident season’, we have invested in brand new technology that makes it the only online loan provider to make funds available 365 days a year, 24 hours a day – even on public and Bank Holidays.

 

Motivated by research that shows that the period between early November and Christmas is one of the ‘riskiest’ of the year for both potential accidents and emergencies that often strike causing huge unexpected expense, the new system means that people who fall victim to cash emergencies know that there is instant help at hand.

 

With the change of season, risks range from icy surfaces that can cause road accidents and pavement falls, as well the associated risks of an increased number of people driving to and from work…

Wise spending on holiday

Posted by admin – October 13, 2011


It’s all too easy, when on holiday, to throw caution to the wind and blow your budget, only living to regret it in the cold light of day when you get back home. Whether you’re about to take a late summer holiday, or are already thinking about planning a winter getaway, the next couple of blog posts will provide some tips to help you keep an eye on your purse strings.

 

1. Shop around

Before you go, if you’re looking to jet off abroad for a late summer holiday, make sure you shop around for last minute deals. As well as all the main travel agent websites, there are also many websites dedicated to snapping up last minute bargains. And if you’re willing to pack your bags and travel at short notice or you can be flexible…

Ways to build up a good credit rating

Posted by admin – September 15, 2011


Your credit rating determines your ability to secure a mortgage, credit cards and many loans. Your credit worthiness with a particular company is formulated using many factors, which include any past dealings you may have had with the company in question, information you have supplied on the application form, and official credit files from the three major credit agencies.

It’s important to do all in your power to improve your personal credit rating. A little while ago we looked at five ideas to improve a bad credit history. In this post we’ll look at other steps you can take to build a good credit rating, whether you have a bad credit history, or you’re attempting to build…

Best Personal finance apps for your Android device

Posted by admin – September 6, 2011


In the last post we looked at some personal finance apps for iPads and iPhones. But, not everyone owns an Apple device, and not ones to want to neglect any section of our audience, today we bring you our top picks of personal finance apps for Android devices.

1. Financisto

Available free of charge from Android Market, this handy app allows you to keep up with multiple accounts, schedule transactions and keep track of your budget in any currency.

2. Shoeboxed

A handy app that is useful for organising receipts for you – if you have a job that requires it. It can keep track of both personal and business expenses. Unlike most apps on this list however, there is a monthly fee for the use of Shoeboxed.

3. Mileage

…

Useful personal finance apps for the iPad, IPhone and iPod Touch

Posted by admin – September 1, 2011


As iPhones and iPads become ever more popular, developers are designing an increasing range of apps to enhance our daily lives. In this post we’ll look at five personal finance apps that could help you out with your day-to-day budgeting.

Personal finance mobile apps

iPhone apps

 

1. iDindi HD

If you run out of money before that next pay cheque comes in and don’t know why, this personal budgeting app could be for you. Easy to read charts show expenditures vs. income. It can also allow you to plan your personal budget to allow you to start or continue saving for a large purchase.

2. Grocery IQ, Free

Grocery IQ is allows you to make grocery…

Teens Unrealistic Salary Demands

Posted by admin – May 27, 2011


A recent study of 12,000 teenagers released by Money Sense and RBS show some far out expectations of these teens of just how much they think they will be earning in the future. One average, teenagers believe when they finish their education an expected earning of £16,000 a year will be in their bank accounts.

The study shows also that at 25 years of age they are seeing a yearly income of close to £34,000. And by their 35th birthday, theses teenagers studied are expecting an earning of £60,000 per year. Optimistically the study also shows that over 50% of teenagers feel they will have purchased a home by the ripe old age of 25 followed by 82% who were positive that they will have this done no later than their 30th birthday.

The reality is really devastating…