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Unsecured Personal Loans – The Flexible Lending Option

loans for people with poor credit

Borrowers shopping around for cheaper loan solutions should start looking into an unsecured personal loan. With borrowing costs still low anyone with a decent credit rating can get access to credit. The beauty of opting for the unsecured personal loan option is in its malleable nature.

Borrow what you need

Gone are the days where you can borrow a set amount of credit. Lenders have realised the nature of the consumers are constantly changing. Borrowers now come in all shapes and sizes. Some have excellent credit rating and require a short amount of loan for a short period.

Meanwhile some borrowers may have the misfortune of building up bad credit but looking to rebuild their credentials by demonstrating prudent financial behaviour.

This is why unsecured loans are dubbed the flexible lending option. Each case is examined on its own merit. Another vital aspect is the lack of requirement to own a property as security against the loan. This means the application process is swift and the applicant will get a decision relatively fast.

Once your application gets accepted and you obtain the loan, you always have the opportunity to make the full repayments as early as possible. Reducing the borrowing costs has to be one of the main attractions of any loan solution. This is definitely why getting an unsecured personal loan is so attractive to many customers.

For an unsecured loan, the typical representative APR is 47.9%. This means if you borrow £3,000 over 3 years, the monthly payment will be £143.98. Interest payable £2,183.28. Total repayable £5,183.28. Annual Interest Rate 39.8% fixed.

Essentially, unsecured loans are poor credit loans. You will be paying a premium interest rate on this type of borrowing.

Of course the above is just an example to show you the complete breakdown of repayment and total costs. To take advantage of unsecured personal loan, borrowers are advised to make the loan payable between three to five year periods. The shorter the term the higher the interest you will end up with.

Shopping around is definitely a wise move before you finally decide to opt for an unsecured loan. You may find yourself a suitable deal for your individual circumstances.

Beware of consequences

consequences of defaulting on an unsecured loanOne word of caution for anyone looking to obtain an unsecured loan is the adverse effect you have to face when you fail to make repayments. Your credit history will take a big hit which means your chances of borrowing money with the best rates will be decreased. You must avoid such a feat at any cost.

Once your credit history is tarnished you will have to start to rebuild your credit again. This means getting loans with high interest. It will be a slow process to get back to where you were when you applied with solid credit record. It’s like getting released from the premier league and trying to get promoted from the championship. Good luck with that.

For those who have existing debts, getting an unsecured personal loan may not be the ideal scenario as it will inevitably lead to further debt. Taking too many loans could get you in financial difficulty. Always borrow money from a position of strength not weakness. It’s the best way. It’s the only way.

Ways of managing business finance


Any organization requires finances for its daily operations. Business finance is the amount of money that is owned by an organization. This finance does various functions in the business for example the general management of the business. Management of business finance has been a challenge to most managers or the owners of the organizations.

It requires knowledge from various disciplines such as accounting, financial management, financial mathematics and economics. Proper management of business finance is required to ensure the business generates the highest profit. For the successful management, an organization must have a recognized bank account particularly a commercial bank account. The bank account facilitates efficient and effective financial transactions of the business . Book keeping must be ensured.

Transactions that take place at any point in the business can be accounted for and be a reference point at some future date. These transactions include purchase, sales, payments and receipts by the organization. Book keeping has currently been made easier by use of book keeping software like quickbooks or quicken because they are simple, quicker and convenient to use Good management of business finances calls for establishment of payment terms. It is very important to establish clear written terms and conditions to clients before providing services or delivering services to them.

Payments terms and conditions must be elaborated on your estimate forms included in formal contacts, work orders and printed on your final invoices and your monthly account statements. Another way of managing business finance is through establishing a culture of securing deposits. Business transactions that involve orders or provision of services calls for prior deposit by the client before commencement of serving the client. In this case deposit should at least be of equal value of the service for example if you are supplying human resource, you need a prior deposit of at least a third of the total payment to be made. Progress payments is another way to avoid financial risks.

The secret to successfully securing a progress payments is to make initial agreement on the terms and conditions of the progress payment to ensures payment is done continually. Percentages are used for example 30 percent deposit, 25 percent upon delivery, 20 percent upon substantial completion and the remaining after some definite period of time.Other ways of managing business finance is establishment of a way of extending credit and and debt collection. In conclusion, management of business finance is the key to success of an organization hence one should take into consideration the above ways to have a thriving business.

How To Hire The Best Financial Consultant


Currently, more people are turning to entrepreneurship rather than employment. The economic environment is more favorable with benefits such as tax-free saving accounts being made available. However, many people fail to consider the possibility of negative financial outcomes, thus the need of financial consultants. A financial consultant advises clients on the best ways to save and invest their money. They shouldn’t be confused for brokers, who persuade clients to buy stocks and other products, rather than advise on the best way forward, financially.

So how do you choose the best financial consultant to hire? First, make sure that the prospective hire is a certified financial planner. This is because they have to earn their license by going through mandatory classes and tests about the specifics of personal finance. This credential assures you that you will get sound financial advice rather than assumptions based on a ‘gut feeling’. Your potential financial consultant should also be a fiduciary. This means that they have pledged to always act in their clients’ best interests. Before hiring a financial consultant, you should also make sure that you take a look at their pay structure.

Some financial consultants work on commission, others on a flat fee and others work hourly. Consultants who work on a commission are not very reliable because they may be biased about the direction that you should take, and may advise you to make moves that benefit them rather than you Those who work on a flat fee may be a better option. However, if they earn an annual fee from the assets that they mind for you, there is a possibility of them advising against liquidating your assets, even though it’s the best financial move for you to make at that time. Consultants who work on an hourly rate may be the best fit as they depend on your recommendation for their business to grow.

You should also consider your prospective hire’s background. It’s important to have a consultant who has had a background in finance and you should also inquire about any clients they may have worked for whose financial plans match yours. A background check will also confirm whether their credentials are current and if they have had problems with the law. A financial consultant is important because they offer an objective opinion about the state of your finances. Therefore, it’s important that you hire the best consultant for your financial needs.