6 FAQs about Payday Loans

1.     What is a payday loan? A payday loan is a practical choice to cover your short-term emergency expenses. It is a short-term loan, paid back when the borrower receives his...

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How to get a loan from lending institution

There are many reasons why a person would need to go to a lending institution and obtain a personal loan. The following article will help you understand that there are a variety...

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Borrow Money Instantly: Payday Loans

I f you borrow money immediately, it can help you make your debts and contingencies disappear. Today, it is normal to live with a small budget. Also, there are difficulties when...

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6 FAQs about Payday Loans

Posted by on Feb 12, 2016 in Payday Loan

6 FAQs about Payday Loans

1.     What is a payday loan?

A payday loan is a practical choice to cover your short-term emergency expenses. It is a short-term loan, paid back when the borrower receives his or her next pay cheque, usually within one to two weeks. With payday loans you can borrow up to £1000.

There are many other names of payday loans such as cash advance, cheque loans, payroll advance loans, no credit cheque loans, and pay cheque loans.

2.     Who can get a payday loan?

Anyone with a steady income can get a payday loan. In order to apply for a Quiddi Compare payday loan, you must fulfil these basic requirements:

  • You must be at least 18 years of age.
  • You must be employed and have a steady income.
  • You must live in the UK.
  • You must have a UK bank account with a valid debit card.

3.     What are the fees associated with a payday loan?

loans

The fee charged on a payday loan can be a percentage of the total amount borrowed, or it can be based on increments of money borrowed; for example, certain fee for every £100 or £500 borrowed.

The annual percentage rate and charges for getting a loan from  vary from lender to lender. When you apply for a payday loan, all applicable fees and charges are mentioned in your loan agreement.

4.     What happens if I am unable to pay back the loan in time?

A payday loan broker will work with many lenders, all of whom have their own distinct terms and conditions. The common consequences of failing to pay back the loan in time include:

  • You may ‘roll over’ your loan, but this means that you will be paying more charges and interest.
  • You might face difficulty in obtaining loans in the future.
  • You may have to pay default charges to the lender.
  • The lender may report you to a credit reference agency.

5.     How can I apply for a Payday loan?

Applying for a payday loan is very easy and simple. You have to enter your details in our online application form and we will connect you to a lender. It is very important that you enter accurate information because it is used to match you to a lender who will be the most appropriate for you.

Once you have submitted our online application, our system will search the panel of payday lenders and match your application to an appropriate lender within a few minutes.

6.     When will I receive my payday loan?

If your application is approved by the lender, your payday loan will be with you within 24 hours. Some of our lenders may require you to submit additional documents before the money is funded to you.

A reliable credit brokerage company that can help you in getting a payday loan from the most reliable lenders in the market is essenntial. If you have more questions about payday loans, you can have a look at some other articles about payday loans on our site.

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Reverse mortgage

Posted by on Feb 8, 2016 in Mortgage

Reverse mortgage
A reverse mortgage enables the borrower to cash out a part of his equity in the home. The offer is drafted to support people who are nearing their retirement to make use of the money they have blocked in their home, to clear the existing debts, to pay for medical treatment or for meeting regular expenses. There is no limitation as to the use of the loan amount. As there is the reverse in the traditional mortgage payback stream in this offer, it is termed as reverse mortgage.

Pret-hypothecaire-cautionne-mode-d-emploi_mediumIn reverse mortgage, the borrower need not settle the loan until the house is vacated or sold. There is no need for you to make monthly payments towards the loan balance, but you need to bear the tax and insurance charges. One of the major advantages in reverse mortgage is that there are no monthly payments to be made towards the unsecured loan. Many senior citizens opt for reverse mortgage to improve the quality of life as the money obtained through the source can be spent to satisfy the financial requirements.

There is no risk associated with the loan. As there is no need for monthly payments, the issue of default is ruled out. You are not committed to an amount more than the worth of the property. Although the lender has granted an amount more than the worth of your home, the maximum due would be the market value of the property when the property is disposed. Since the equity in the home is converted into income, you are exempted from taxes. The approval is also quite fast and neither your credit nor your income is considered for the approval of the reverse mortgage.

mortgage-houseA reverse mortgage loan amount can be disbursed either lump sum, or line of credit or fixed monthly payments or a combination of any of the three options. The homeowner retains the title of the loan. There are also some disadvantages associated with the loan. The loan balance gets accumulated. The interest is charged on the monthly balance of the loan. Since there is no repayment of the loan amount, the loan balance keeps accumulating. The closing cost for the reverse mortgage is higher than the closing cost associated with a conventional loan.

Fortunately, there is the option of rolling over the closing costs into the reverse mortgage and so the borrowers need not spend money for the purpose.

It should be remembered that when you opt for reverse mortgage, the loan grows in size over time. This reduces your equity in the house and the inheritance value is much reduced. However, the heirs can sell the home and retain the remaining equity in the home. If you want to retain your property, that could be done either by clearing the reverse mortgage or by refinancing the property.
how-to-determine-if-a-reverse-mortgage-home-loan-is-right-for-your-retirement_1
The interest amount on the reverse mortgage is not exempted from taxes until the house is sold or the loan is settled. Once you start making payments to the lender, there can be deduction in the interest amount that is being paid back.

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How to get a loan from lending institution

Posted by on Jan 29, 2016 in Debit Card, Lending institution, Payday Loan

How to get a loan from lending institution
There are many reasons why a person would need to go to a lending institution and obtain a personal loan. The following article will help you understand that there are a variety of choices and decisions that need to be considered before signing your name on the dotted line. This is an very important part of the loan process and should not be taken lightly. If you follow the proper steps carefully you will benefit by paying out the least amount of money for your loan.

b3d119eddd8f8034d73e4cc05e4174c4The first thing that you need to realize is that there are different types of lending institutions in most cities. Some of these lending institutions are very formal when it comes to all aspects of personal loans while others use a more casual approach to their business. For example, most banks are well known for their formal approach to providing personal loans to their customers. They will want you to set up an initial appointment with a loans officer to discuss your financial situation. They often seem to want to know everything about your personal finances and some of them even delve deep into your personal life wanting to understand your goals and aspirations.

After you have given them all of this information they will want you to wait for up to a week before they bring you back into their lair to give you the news, either good or bad. Many people feel very uncomfortable when dealing with a bank for a personal loan.

These bank loan officers have a way of making you feel unworthy and small. Even when they do provide you with a loan, the conditions for repayment are confusing and hard to understand.
On the other hand, there are private lending institutions out there that only deal with lending money to people. Their offices and staff offer a more relaxed approach when it comes to lending money. You will notice this instantly when you enter their establishments. The receptionist will be friendly and happy to see you and in most cases you will be able to see a lending officer immediately. There will be no waiting for an appointment later on down the road. They realize that your time is precious and they will accommodate you as soon as possible.
construction finance
The next thing that you will notice about these types of lending institutions is that they will not require all of the information about your private life as do the banks. They appreciate that your private life is your business and that they do not have the authority to demand personal information about things that do not concern them.

Of course they will require simple financial information like the name of your employer, your monthly wage, your past credit history, and any outstanding loans. These are items that any lending institution will require before providing a person with a loan.

LoanAnother feature of these private lending institutions is that you will not have to wait days before they decide upon the decision to provide you with a loan or not. They will normally be able to give you an answer within 24 hours. This is an obvious benefit for those who are in a position where they require some cash and need to have it fast. The bottom line with these types of lending firms is that you will have less anxieties during the lending process and you will leave their office in a happy state.

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