There can always be times when a person needs money and this can certainly be down to a whole host of different reasons. There can be some people who may for instance look at obtaining a high amount of money as they may need to make a one off expensive purchase of some kind. This could possibly be for a new car perhaps or maybe they need to put money towards a new house etc. In contrast there can then be others who could possibly need just a small amount of cash as they are looking to perhaps pay an unexpected bill that could suddenly arrive or they need some additional cash to maybe just help tide their wages over until they next get paid from work. Regardless of why anyone needs money and no matter how much, if they have funds saved away they can use this for what they want and need. Some people may then have enough saved away to pay for their requirement outright. Now turning to money put away is always nice but it is not available for everyone and if this is then the case people may have to then borrow the money.
People may or may not then know just how many different borrowing options they may be entitled to. Because of this no one should ever rush into applying for loans or other borrowing until they have reviewed what could be available to them. No one either should ever just take out the first kind of borrowing that is available and comes along to them. Take short term loans as just one finance example. I have found that more and more people are turning to short term loans in order to fulfil their borrowing needs. The financial market place does offer a wide selection of different ways of borrowing money but it seems that within the market short term loans especially through payday lenders has become increasingly popular and I strongly believe it will continue to grow. Below is a couple of reasons why I think this. A high number of people who are looking to take out short term loans especially the basic payday loan, they have bad credit. They have most likely struggled with repaying other debts in the past and as a result they now struggle to obtain finance. Their other borrowing options are then somewhat limited. If they were to apply for finance through a major bank or building society then they will most likely be declined but some lenders can help. They aim to provide short term loans to these such people knowing that other lenders will likely reject them. This can be useful for people who need to borrow relatively small amounts of money and their other borrowing options are then limited. Financial lenders who offer so called bad credit loans understand often that lending to such people is risky as they may not repay the debt. Bear this in mind as some of these loans can work out to be expensive.
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There can always be a time when someone needs money and this can be down to a whole host of different reasons. Regardless then of why someone needs money and how much they need to borrow they will always have to consider a number of different things before then an application can be made. First of all they have to decide on an amount they need to borrow. That amount must be affordable so the person can then repay the debt. The type of finance can then be chosen and here most of the time people can often choose then from a number of different borrowing options. For example are short term loans being looked into or the loan alternative of instalment loans. Credit cards are then another very common way of people borrowing finance. As well as the type of borrowing being considered, the lender must then also be chosen. It is the lender that I will be focusing on during this article. In particular I will state more information about Lending Stream and what they provide to borrowers who need to take out loans.
Lending Stream are a large UK based lender who specialise in offering the people the chance to take out short term loans. This is just one borrowing option but I have found that it seems more and more people are turning to short term loans for their borrowing needs. With Lending Stream directly people can look to borrow amounts ranging from just £100.00 to £450.00 for first time borrowers and then repeat customers can then look to borrow amounts up to £1500.00. With this lender people are then given the chance to repay that debt over a repayment term of six months. That is the standard term on their loans but people can then if they choose repay the debt earlier and save some money. I like this repayment term as people can spread the cost of the debt unlike on some short term loans when they are due to repay their loan in full just as soon as they are paid again from work. As well as the flexible repayment terms Lending Stream offers there is another couple of benefits they can often provide to their customers. They aim to offer their products towards people with bad credit. This can be useful for someone who may struggle to obtain other borrowing elsewhere and then their remaining options are then somewhat limited. Another thing Lending Stream provides is a chance to get money quickly and this as well I feel is always going to be important. People apply to them online and the application process should only take minutes to complete. If that same application is then approved from the lender that person can receive their money normally within an hour. If not that quick the borrower should still receive the cash that very same day. People can genuinely borrow money that quickly which can be important when they need to quickly. I can never ever begin to stress anywhere near enough the importance of repaying debts when they are taken out. When someone applies for finance and they get accepted for this they must then repay back that debt. They must do this no matter what kind of finance they take out. It is irrelevant whether people are looking to obtain short term or instalment loans if a loan like borrowing needed from payday lenders for example. Credit cards are another common borrowing option that will always be required to then get repaid once they have been taken out. Below is three common occurrences that will happen if debt repayments are missed to payday lenders in particular.
If repayments are ever missed to payday lenders then that company will then have every right to chase that person to chase the money that they are owed. They can do this on all contact numbers they have available. This can include home, mobile and employment. With the first and third numbers for contact being regularly used it could lead to a third party person finding out about the debt and most people will always want to avoid this from ever happening. The payday lenders will also have authorisation to contact that person via email as well as sending letters to the home address. Again with the letter other people could end up finding out part the debt such as family members or love partners perhaps. Being chased for money that is owed is often a really stressful time for people and most people will always want to avoid this when they can. Missing instalment loans payments and other borrowing from payday lenders can often affect that person’s credit file. If repayments are not made on time on debts and they remain overdue for a while then that person’s credit file and overall score can negatively be affected. This can often then as a result make it harder for people to get accepted for finance in the future or even when they are occasionally accepted people can often see that it is often very expensive. Creditors when they review financial applications have every right to see how that person has fared with other debts in the past and if people have poor credit then they have the risk of having applications for finance declined in their future. When any account is overdue to a payday lender the balance will of course increase. Some loans from these lenders such as the basic payday loan, this happens at a quicker rate. This can then be a problem for the borrower in the future if they then are looking to repay the debt. That person can look to make their overdue instalment within a matter of days or longer in the future and they can then see that their balance has increased excessively. That can often then lead to being much harder for them to clear the debt. Some loans from payday lenders charge high interest amounts anyway once borrowed so making a repayment late on the debt can often be hard and expensive. If anyone is ever looking to borrow money from the financial market place, that person may or may not know just how many different borrowing options there are out there and available to select from. It can be because of this reason (among others) that no one should ever rush into applying for finance at any stage. People have to explore the different options and then choose the best finance accordingly before applying. It is now well and truly safe to say that that the only way of borrowing is through your local bank and the manager there has now well and truly gone. From the financial market place people these days can look to borrow quick cash loans as well as other short term loans. Instalment loans are a common loan alternative which normally allows people to borrow larger amounts of money for longer time frames. Credit cards are another very common way to obtain finance. All of those are a common way to borrow money and so many different people will certainly look to take these out however, they will each have their own benefit features as well as negative factors regarding what they offer.
In this article I am going to explain more about quick cash loans and what these can offer to borrowers. These loans are a common type of short term loans that are mainly taken out from payday lenders although other financial firms could potentially supply these loans. This can be a common way people take out cash amounts normally ranging somewhere between £100.00 and £500.00 to then repay that debt back to the financial lenders over a short time frame. Any loan to be classified as a short term loan must be repaid back within a twelve month maximum period of time. If a loan is however, repaid over longer than this it cannot be classed as this way of borrowing money. Quick cash loans and other short term loans such as payday loans are often out there to help people with bad credit get loans when their other borrowing is then limited. The fact that cash loans are useful for people with bad credit is a massive plus as to what they offer. Another benefit is the fact that it can provide people with cash quickly when they need it. Hence the borrowing term quick cash loans. People can apply for the loans online or sometimes over the phone in a process that should only take a matter of minutes to complete. If that same application is then accepted by the lender, that person should then look to get their loan that very same day as they have applied for it. People can honestly get the money that quickly in fact, some people apply for a cash loan and if approved they can be paid out within just a matter of minutes. The funding duration will normally depend on what the lender can offer and most lenders will pay out the loan into a chosen bank account supplied by the applicant. There can always be times when a person needs money and this can certainly be down to a variety of different reasons. There can be some people who are in need of a large amount of money as they are looking to make some form of expensive purchase. This could possibly be for a new car perhaps or they could need money for home improvements etc. Then there could be other people who are in need of just a small amount as they are looking to possibly pay a bill or they could just need some additional cash to tide their funds over until they are next paid from their employer. Now regardless of what someone needs any set amount of money for, if they have this saved away they can then look to use this as required for what they need. Some people may even have enough money put to one side that they can pay for their requirement outright. If it however, is not possible to turn to savings then the money will have to be borrowed. Payday lenders are just one commonly used way people tend to borrow finance.
Payday lenders are become more and more common when it comes to people using them to borrow money. They can possibly help people in these sort of situations. They focus on providing short term loans such as payday loans for when these are required. This is when people usually borrow amounts ranging somewhere between £100.00 and £500.00 or sometimes more for that same person to then repay the debt back over a short repayment term. Hence the borrowing term short term loan. A payday loan when obtained must be repaid back in full with interest added just as soon as the borrower is paid again from their employer. With other short term loans in contrast, people then borrow similar amounts but then they can spread the cost of the debt over a longer repayment term. People with short term loans for it to be classed as that way of borrowing, the loan must be repaid back within a twelve month maximum time frame. People I have found tend to use payday lenders and their products if they have bad credit. People who have bad credit and a low credit score can often find it hard to get approved for finance. Having said this, payday lenders could then be able to help as they specialise in providing financial products to some people. They know lending to such people can be risky as they might not repay the loan, which is why some finance from payday lenders can work out to be expensive so certainly consider this. It can though give borrowers a chance to borrow money and possibly improve their credit rating (providing they repay the debt) when their other chances to get loans are limited. People can also borrow of payday lenders quickly when they need to and this as well will always be an important factor. If anyone is ever looking to borrow money, regardless of the reasons why and how much is required they will always have to consider a number of different things before they can even think about applying for any kind of finance. First of all for example that person must know that they one hundred percent definitely need to borrow money in the first place and then if so they will have to select only a realistic amount to then borrow. Any amount obtained must then be affordable for that person so the debt can definitely be repaid back as agreed with the lender. Once that has been considered then the type of finance can then be looked into. For example is short term loans being looked into or maybe instalment loans as there the common loan borrowing alternative. Both credit cards and mail orders are also common as a way to borrow finance. In this article below I am going to solely focus on short term loans as a way to borrow finance and I will explain in detail what these can offer to borrowers.
I have certainly found that in recent years it seems more and more people are turning to short term loans as a way to borrow finance when they need to. I have to look now into why that is as I strongly believe this way of borrowing money will continue to grow within the financial market borrowing place. There can be a number of different people use these loans as they have limited borrowing options. They may have bad credit and a low credit score yet they need to borrow money. High street lenders such as major banks or building societies will not look often be able to help these people so they would often look to reject their applications. Having said that some lender lenders such as payday lenders can often help people with bad credit get the finance when they need it. Payday loans and other short term loans are just two commonly used types of borrowing for people with bad credit. Along with the fact that people with bad credit can often look to take out these loans there is another strong benefit regarding what they offer. That benefit is the speed in which people cannot only apply for the loans but also how quickly they can receive the money into their chosen bank account. People can apply for short term loans online or sometimes over the phone in a quick and simple process that should only then take a matter of minutes to complete. If that same application is then approved by the lender that person can often expect to receive their money that very same working day. In some cases once approved the lender can actually look to pay the borrower the loan within just a matter of quick minutes. The funding time though will of course depend on the lender chosen and what they can offer. Short term loans enable an ability to borrow a small sum of money over a pre-agreed period of repayment. Often and depending on the lender, there will be a number of different repayment terms to make a selection from when you are applying for the loan. Short term loans are very different to larger and more ‘main stream’ forms of borrowing, given the loan values being considered are considerably smaller by comparison. Although a short term loans lender may consider an application for £300.00 and a bank may consider a much larger loan, say for £3000.00, in either case, ensuring you can afford the repayments is very important. Often we are more aware and more considerate of the costs associated to larger financial commitments because the terms of repayment are generally longer and therefore require a high level of financial planning. That said, ignoring the requirement to plan financially for short term borrowing will never be a sensible choice to make either. In fact, like a bank loan or Hire Purchase agreement, short term borrowing requires accurate and detailed planning in advance of an agreement also.
Planning for a short term loans resource means understanding and being fully aware of what your financial restrictions and therefore limitations are. This is because understanding these will help ensure the loan you decide upon, is not too expensive and therefore unaffordable as a result. In order to truly understand your own individual financial limitations, it would be sensible to complete and review your budget, before applying for short term loans. A budget is an incredibly simple resource which enables you to understand exactly what you have coming in and going out during the period between one pay date and the next. To complete a budget it only requires the effort of listing all of expenses, which occur regularly, alongside your known and total income. This means accounting for not only your living costs, such as rent and bills but also any other costs you pay each month including travel and food for example. Of course it is also important to include costs relating to existing credit based commitments. By deducting your total costs from your total income, this simple sum will produce a figure which is your spare income and therefore indicates your financial limitation. Borrowing whether it be via short term loans or otherwise, without taking into account your financial limitation will undoubtedly cause repayment issues. This is why understanding and then working inside your financial limitations is a much more suitable option. Say for example from completing your budget you understand that you normally have a sum of £300.00 as spare income. When deciding upon which of the short term loans available is most suitable for you, the amount must not exceed this £300.00 sum. Equally it would be fair to say that committing to a repayment of £300.00 exactly will likely cause issues also as this would result in absolutely no remaining disposable or spare income available to spend elsewhere during the course of the month. When considering short term loans, the good news is that there are lots of different repayment options which are available. Over the years short term loans have become increasingly more flexible which means that should you require one, the options available for repayment are varied thanks to a good selection of different terms. Short term loans have had to come a long way to their current form since when they were first made available over a decade ago. The original product was far less flexible and did not offer the same level of choice as seen in today’s market place. Today we will be exploring how short term loans and the repayment terms offered have changed over the years.
The first type of borrowing resource offered by the short term loans lenders was one of a simple nature. Commonly, this product was known as the payday loan. The payday loan was designed to introduce consumers to not only small sums of borrowing but also; online borrowing. The vast majority of payday loans were therefore offered by the means of an online based application process. This meant that like never before consumers could apply and potentially be approved for a small loan without the need to directly communicate with the provider, whether this be in person or over the phone. The application forms, much like the product itself, were simple and easy to follow. Many payday loan customers could apply for a loan of their choosing and if approved, receive the loan in their bank account the very same day. The payday loan worked on the understanding that the loan repayment term would never be any longer than that of the applicants next employment pay date. Meaning when applying the customer would confirm their next pay date as the date in which repayment would be made. So this meant that the total term of the loan was, in the majority of cases, very short. Some loan terms would be as little as only 5 days, with others being no longer than 35 days. Upon arrival of the agreed date, the customer would then repay the loan and the interest charged by the short term loans lender for the period of borrowing, as a single and one-off repayment. Although consumers were clearly drawn to the fundamentals of the resource and therefore the ability to borrow a small sum of money, what also became clear was that the manner in which repayments were made was far too limited. This is why over the years short term loans have had to adapt and become more flexible to the true repayment needs of consumers. The end result; instalment based borrowing. This means that nowadays consumers have the ability to repay over a number of pre-agreed months if they wish to do so, instead of having to repay the loan as a one-off and potentially large repayment amount. Instalment based borrowing allows choice and with that, gives the ability for consumers to make an informed borrowing decision. If someone has applied for loans and had their application approved and then funded they may then not be able to repay the debt at some stage. I can never even begin to stress enough at just how important affordability is on finance. When short term loans or other borrowing options are obtained they must then be repaid back on every occasion and they should be repaid as originally agreed with the lender before that person was accepted and funded. It does not matter whether someone is approved for payday loans or other short term loans, instalment loans or even credit cards the debts must be repaid. Below is three common actions that can occur if repayments are missed on most finances.
If someone misses repayments on debts then more or less straight away they will start to be chased for that money owed. This can be tough for people as having financial lenders such as direct payday lenders chasing you for money owed is normally a stressful time for people and can also be upsetting and embarrassing to. The lender when chasing for instance short term loans can often do so on all contact numbers available. This can be home, mobile as well as employer contact. With the last contact option as well as the first one it can often lead to other people finding out about the debt and no borrower will want that. Customers in debt can also receive frequent emails and also receive letters being sent to their home address. That last option as well can lead to other people finding out about overdue finances. When repayments are missed on debts that person may not realise just how quick their balance can increase. It can be common especially with short term loans including payday loans, that when a repayment is missed people will often receive a late fee more or less within twenty four hours of missing payment but also they can likely receive daily interest on their overdue balance. This can become a problem for someone who somewhere down the line can look to pay off their balance in the future. They can contact a Creditor for example and then all of a sudden their balance has risen to an amount that is no longer affordable for them to repay. This will lead to the balance then starting to increase again. Having financial accounts overdue will often result in that persons credit rating being negatively affected. That in turn can then result in that person struggling to get finance in the future. Even when they are occasionally approved it can lead to their borrowing being very expensive. If people leave debts overdue for prolonged periods of time then the finance company who are owed will most likely leave a default on that persons file. That will definitely bring their overall credit file score down. Some lenders actually aim to offer finance such as short term loans to people in these situations but for most borrowers like this, obtaining finance will be much harder than it would be if they have good credit and as a result they have a high credit score. I can never ever even begin to stress quite enough how important repaying debts are. If someone looking to borrow finance they must repay it and they have to do this as agreed with the lender who granted the finance in the first place. Missing loan repayments and other financial commitments will nearly always result in severe negative consequences for that person involved and most people here will look to avoid this from ever happening. It does not matter whether a person has borrowed short term loans, instalment loans or even credit cards the debts must be repaid on time. Below in this article are three actions that will nearly always occur when repayments are missed on short term loans in particular but most other debts to.
When repayments are missed to Creditors for short term loans, that lender then has the right to contact that person to chase the money they are owed. They can look to contact that person on all contact numbers they have available, this can often include mobile numbers and also home and employment details which would have most likely been supplied during the borrower’s application. The lender can also send frequent emails chasing their money as well as letters to the home address. Now for anyone being chased for money is not nice and can almost certainly be stress enough for that person. Also if letters are sent and calls are made to employment details or home numbers it could lead to other people knowing about the loan and the now debt. No one would want that. Missing financial commitments on short term loans and other borrowing will nearly always affect a person’s credit rating negatively. This when it occurs can make it harder for that person to then get accepted for other finance in the future. This can be tough on people later in life if they are looking to make a significant purchase of some kind such as a new car or a mortgage etc. Some lenders when they view a person’s credit file if they can see other repayments have been missed especially if this has happened recently, the borrower can find it tough to get accepted for finance. There are however, some lenders such as payday lenders who could possibly look to offer finance for people with bad credit so bare that in mind. Another common occurrence for when someone missed debt payments would be the balance increasing on the debt. This can make it harder then for that person to one day clear the debt should they choose to action this. Interest and charges can often be added to the balance on an account when it is overdue and sometimes this can be done so a rapid rate. On some short term loans such as payday loans when they are overdue it can increase very quickly. For the future for someone they may then struggle to clear this debt in the future. It can be common that someone people may just not have the required funds for a month or so, then can then look to settle the overdue instalment on their next payday. When this is done on some debts that person may be surprised at just how much their balance has increased for them being behind on payments even just for a short time frame. |
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December 2016
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