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Denied! Advice On How To Get Your Loan Application Accepted

January 14th, 2019 Posted in Credit and Debt, Money Tips
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When money is tight, there’s one thing you can rely on – a personal loan. Banks are usually happy to accept an application as long as the applicant is deemed trustworthy. Then, you can use the cash to rebuild your finances and steadily get out of debt one step at a time.

But, what if a lender won’t process your file? What are your options?

Denied! Advice On How To Get Your Loan Application Accepted - loan agreement image
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You can try other creditors, such as a family member, yet they might not be able to help. The best option is to make sure you don’t get rejected, and here are the tricks of the trade which will help.

Check Your Rating

Lenders use credit ratings to figure out whether a loanee is eligible for a loan. If yours is bad, there’s a good chance it will get rejected very quickly. By checking it beforehand, you can decide if it needs some work. Should it require rebuilding, there are things you can do to ensure it goes up in the future. For example, paying debts on time, even if it’s the minimum amount is a basic yet effective hack. Money Facts UK has nine more steps you can follow if you need extra advice.

Provide Basic Info

And as much of it as possible. As well as a credit score, lenders use things such as names and addresses to perform a background check. Therefore, a lack of information won’t go in your favour. Also, double check the application before sending it off for appraisal. Banks, in particular, reject stuff out of hand if they don’t have the correct details at the time of filing. This means anything from a new address to a new job. It also includes spelling mistakes, so make sure they are zero. If you can verify them with references, that’s a bonus.

Try Non-Traditional Lenders

Banks have a strict policy which they follow to the letter. As a result, securing a loan can be tough if you have a few things which don’t look good on paper. Fast Loans UK is different as it says yes where others say no. Don’t worry because it isn’t a scheme. They have quality control managers to help accept applicants others might find risky. A credit union is another option. Created to help people in debt, it won’t turn its back if your credit is poor and you struggle to get through the month. Of course, always avoid loan sharks as they are dangerous and unscrupulous.

Offer Security

The definition of an unsecured loan on Money Supermarket is: “Unsecured personal loans are available to would-be borrowers… you do not have to be a homeowner to apply.” Therefore, there is no need to provide an asset as collateral. To a bank, this is a risk and they might reject your application. By filing for a secured loan agreement, such as a mortgage, it gives them more security and means they are likely to accept your offer.

Valuables to consider securing against a loan include a house, a car, or jewellery.

http://credit-n.ru/offers-zaim/dozarplati-srochnye-zaimi-online.html
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Skip The Rut & Avoid Debt

October 5th, 2017 Posted in Money Tips
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When it comes to money, people often find themselves stuck in a financial rut because of bad management. The best way that anyone can avoid getting themselves into a mess is to be proactive about how money is managed and spent. The trouble is, money is such a tempting thing and getting into debt is far easier than it should be. Many people fall into the trap of short-term satisfaction with credit cards and loans and then have to suffer the long-term difficulties of making repayments.

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It can be very easy to run up a mountain of debt through credit cards as they are so very easily available. Trying to avoid being in a rut means a lot of self-control and willpower, and only paying for things as you can afford them. The trap happens where you need to borrow and repay money on time to build an efficient credit rating, and that can spiral out of control. There are companies that are out there like creditrepair.co that can assist with fixing your credit rating as you need it, but it sometimes can be better to avoid the bad credit in the first place. Building and maintaining a healthy credit rating can mean that you pay far less interest on your borrowing and this can start at an early age. There are some ways you can manage your money and not get stuck in a rut of debt, and we’ve got some of those below for you:

Keep Employed. Okay, so it’s not always possible, but maintaining a secure level of employment is a great way to minimise debt. Secure income means not having to turn to other means to get things paid, as you have a regular amount coming in each month. By ensuring you don’t lose your job, you can keep things smooth and ticking over correctly. Losing a job can happen randomly and sometimes this can be without fault, and you want to avoid this happening as much as possible. Maintain a network with your colleagues and clients so that if recession hits and you are made redundant, you have contacts in your field to fall back on.

Pay Taxes. Taxes are one of those bills that you must pay no matter what happens. Owing money is hard enough but owing the IRS is a whole other ball game. Make your tax payments a priority as early as possible in the year, and be vigilant about keeping money aside each month to pay for your taxes. Contacting the IRS and enquiring about extensions or making part payments is going to help if you feel like you can’t manage your usual tax bill, but if you don’t call them that’s where the issues begin. Avoid that debt by being organised.

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Ultimately, you have to be savvy. When it comes to buying the things that you want, only get the things you can afford. If you can’t afford what you want, then it’s time to save up and wait. Don’t just move onto the credit cards or tap into your savings as you will likely need your savings! Be financially smart and you can reap the reward as you go! http://credit-n.ru/offers-zaim/sms-finance-express-zaimy-na-kartu.html

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7 Things To Think About Before Becoming An Entrepreneur

June 23rd, 2017 Posted in Entrepreneurship
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Starting a business is one of the most ginormous commitments anyone can ever hope to take on. Yes, it is worth it because not only is it exciting and rewarding, it is also yours. However, to prevent you from starting off on the wrong foot and then struggling to get into your stride thereafter, we have come up with a list of essential advice you should know about and carefully consider before you start your business.

  1. Research Is Key

Research everything you can and remember that there is no such thing as too much research. Research the competition, the marketplace, the technology, the marketing approaches, the economy, governmental policies, gaps in the markets and emerging trends. As an entrepreneur the more you can do the better.

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  1. Organisation Wins

There are so many variables, so many different aspects and challenges and things to do that it is absolutely crucial you get as organized as you can from the get go. Great ideas are great, so is passion and research, but without being organized, you will struggle. This also includes having a plan and sticking to it.

  1. Passion Helps

It isn’t the be all, but having a passion for what you do is what will help you get through the rough and, yes, there are going to be rough times. Things will go wrong, you hope will start to fade and you’ll ask yourself why you are doing this. Be able to answer that question.

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  1. Seek Help

Starting a business is not something you can do alone. Okay, it is, but you shouldn’t. There are too many plates to spin. That and the fact you aren’t an expert at everything, whether it be accountancy, finding and keeping your best staff or whatever. So find help. It’ll be the best thing you do.

  1. Know The Legalities

Never ever start a business without getting legal advice first. Too many people think that legal advice is there to help us when we get into trouble, but it isn’t. As Bovill Risk & Insurance Consultants will tell you, legal advice is there to prevent us from getting derailed legally. Knowing what professional indemnity insurance you need is key, having the right insurance to protect your employees is vital, and your board members. Legal advice helps long-term success.

  1. Better Credit Rating

Nothing is going to impact on your credit rating as much as starting a business will, that is why it is so important for you to do everything you can to improve it. Starting a debt will likely mean you get into debt and all sorts, and you’ll likely need to borrow money. Quite simply, your personal choices can have professional consequences because the better your credit rating the more you will be allowed to play with.

  1. Understand Your Audience

Knowing your audience and really getting under their skin is going to have a huge impact on your road to success. As such, do all you can to better understand them. Survey your demographic, find out their likes and dislikes, their spending habits, their hates and their wants. If you know what they are like as consumers, you can tailor your marketing and development toward them.

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Golden Rules Of Repairing A Poor Credit Score

February 17th, 2017 Posted in Money Tips
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A bad credit score can have a terrible impact on your overall finances – and your lifestyle. But it’s  important to understand it is not the end of the world. With the right mindset and prudent financial planning, it is possible to repair your score and start getting your household’s money and borrowing ability back into shape. Let’s take a closer look at some of the golden rules of repairing bad credit.

Understand the importance of a good credit rating

The first golden rule is to know what you are dealing with. Good credit scores make your life easier, cheaper, and more manageable – it’s that simple. A poor credit score, however, can have a significant impact on your life. Your borrowing options will be limited. You might open yourself up to the harsh realities of bankruptcy. And you might find that you can’t get a job, rent a property, or even get a contract for a cell phone. It’s that serious – and it should spur you on to make amends.

Check your rating

The next golden rule is to understand your current credit position. You’ll need to check with the major credit reference bureaus such as Experian, Equifax, and the TransUnion. Once you sign up, you should be able to see a breakdown of all your borrowing history, as well as records of your bank accounts and any court judgements you might have against your name. At this point, it’s important to look for any records that you are not responsible for. Sadly, fraud and mistakes are all too common, and it’s not a rare occurrence for credit records to be incorrect.

Tackle your debts

The next step is to highlight all the debts that are causing you problems. Contact them and set up reasonable repayment schedules that you can afford, making sure that you have money left over for general household spending.

Start improving your credit rating

Now you are in a position where you can start repairing your score. And the way to do this is to prove that you are a responsible borrower. Unfortunately, many of the credit avenues you had before maybe closed off to you now, so working out how to get a loan with bad credit will usually result in applying to particular services and lenders. But the point is, as soon as you start paying back your debts promptly, your score will improve, bit by bit. Just borrow and spend small, affordable amounts and keep clearing your balances for a minimum of six months.

Don’t fall off the wagon again

Finally, once you have done all the hard work to repair your credit rating, don’t ruin things by making the same mistakes as before. See this as an opportunity to change the way you deal with your finances, and you should – with a little bit of luck and a lot of dedication – never find yourself in a similar position again. Keep checking your rating, and always update your current budget to ensure you are on the right track.

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How to Improve Your Credit Rating

March 5th, 2013 Posted in learning about money, Money Tips
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If you don’t have a good credit rating, there are things you can do to improve it. But first, you may be asking yourself; “Why bother?”

Well, there are a number of reasons you may wish to consider doing what you can to improve your rating.

how to improve your credit rating - credit score imageFirstly, you will have a better chance of getting credit card and loan approvals. Just remember that debt can be a good or necessary tool but only when it’s used carefully and effectively and that there’s very rarely any such thing as free debt management advice. Nevertheless, having a good credit rating doesn’t guarantee approval as lenders consider factors like income and debt, but it betters your chances of being approved.

An improved rating will also help give you more power in negotiating lower interest rates on a credit card or a new loan and you can give examples of other offers you’ve received from competitor companies based on your credit score.

Similarly, you are more likely to gain approval for higher limits as you’re able to demonstrate that you pay back what you borrow in a timely manner. You should also be able to benefit from easier approval for houses or apartments you may wish to rent for obvious reasons as landlords often use credit scores to screen tenants. And finally, you should be able to get better car insurance rates.

But how do you achieve a better credit rating?

There are a number of basic steps you need to take:

First of all, make sure your records are intact. If you have gaps in your formal record for residency or the electoral register, do something about it by making sure you ‘exist’, formally, at your current address. Without such a record, you’re unlikely to be able to get any kid of credit. A stable background also helps – for example, if you have been at the same address for a long time, or been with the same bank for a decent length of time. Also, make sure your credit records are accurate. Many people have inaccurate records through no fault of their own whatsoever.

Show that you are good for credit by having credit and using it responsibly. For example, the good use of a credit card or a mobile phone deal will help in this regard. Just make sure you use this credit responsibly to demonstrate that you can pay it back. The credit history will work in your favour in the future.

Finally, don’t exceed any credit limits you have. It’s actually better to have a higher credit limit that you don’t exceed than a lower one that you do. So never miss any payments if you can possibly avoid it. This raises a big flag on your credit score. On the other hand, don’t ask for more credit than is realistic for your official level of income.

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