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Further
Reading ...
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Got an Idea? - Ray Anctil
Got an Idea? If you are like me you have had many good ideas. Then you got excited about it and when all was said and done, you did nothing with it, or someone else came up with the idea and moved on it. Does that sound familiar? How many times...
How To Manage Your Business Up For $ale - Robert Wardrick
If you are interested in selling your business, start getting the word out early. Let your management and marketing savvy be known. In fact, many businesses are started for the sole purpose of growing it to sell for a handsome profit. As...
How To Have A Whole Team Building Your Business...Even When You're A Sole Proprietor! - Philip Benjamin
There's a big difference between working FOR yourself, and working BY yourself. Every smart small business operator should learn how to build a TEAM of people around them who will help build the business - even when they are independent owners. The...
Marketing Objectives for Your Web Site - Bobette Kyle
Do you have marketing objectives for your Web site? With objectives to help overcome your main online challenges you can work smarter, not harder. Think of your Web site objective as the "big picture". It is the basis for a marketing plan...
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Become a Smarter Borrower
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Written By:
G Marwick
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With a nation that has in the region of a Trillion pounds of debt one could say we are serial borrowers. Before you consider borrowing money it is wise to consider a few important points.
• Shop around for the best deal
This may sound like a no brainer but many people still use their high street bank to borrow money. These are usually the most expensive and with the Internet you can spend 30 minutes in your home finding the best deal.
• Make sure you understand the APR
Although the lender will outline the APR charges this may not be the actual amount you will be paying. Make sure you get the true cost of your loan.
• Keep the repayment period as short as possible
The longer you take to pay off your loan the more expensive it gets. Try and limit the repayment period to less than 5 years. For example, a £5,000 loan borrowed over five years at an interest rate of 9% will cost you £103 each month, this may sound affordable. But overall, it will cost you £6,176 - £1,176 in interest. If you borrowed it over three years, your monthly payments would be £158 an increase of 53% in payments however you would only be paying back £5,694, which is substantially less.
• Make sure you read the fine print
Lenders make a fortune in charging their customers payment protection. There are usually several conditions attached to this kind of protection so make ensure that you get the protection you want should you not be able to keep up the payments. There are - continued below ...
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continued ...
usually redemption penalties if you pay your loan off early so make sure you are aware of these charges before hand.
• Avoid Secured loans if possible.
Loans of this type are commonplace in the UK are commonplace following the increased equity value arising from the house price boom of recent years. It is only advisable to release equity if you are going to be adding value to you home. If you fail to keep up payments you can be at risk of losing your home. This again will be mentioned in the fine print, although you should be aware of this.
There are hundreds of loan companies in the UK at the moment. With our low interest rates it has been quite affordable to borrow money. This is one of the reasons we are a nation in the grip of a debt epidemic at the moment. If you can reduce your interest payments then take action now.
If you have between 6 – 9 months left to pay on your loan you could transfer this balance to a 0% balance transfer credit card. You can then pay this balance off from your new credit card at no cost over the 6 or 9 month period depending on what the introductory rate is.
Do your homework there is more than enough information and loan comparison websites to make sure you make the right choice when it comes to taking out that loan.
About the Author
Grant Marwick is a freelance writer and owner of http://www.1st-in-loans.co.uk where you will find advice and more articles on personal loans
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Take charge! Seven tips to successful meetings - Cathy Goodwin Ph D
We've all been there. We attend a seminar or a meeting and gnash our teeth as the leader falters, gets off track or allows other participants to waste our time. These tips create a strategy for effective leadership. 1. You're the leader. Be...
Attention PR Shoppers! - Robert A Kelly
As a business, non-profit or association manager, what do you want? Publicity that delivers newspaper and talk show mentions, or behavior change among your key outside audiences that leads directly to achieving your managerial objectives? ...
The VCC Die-Off - William Cate
The VCC Die-Off By William Cate It's March, 2000. The DotCom Bubble has burst. Investors have lost billions of dollars. This isn't the first major investment mania to implode. There was the Market Crash of 1929 and the Silver Collapse of 1893. In...
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