Credit News

Loans – Compare Personal Loans At MoneySuperMarket #home #loans

#cheap loans uk

Whatever you need a loan for, our Smart Search can help:


Personal loans

Are you thinking of buying a car? Maybe you need a new washing machine or sofa. Or perhaps you want to jet off to sunnier climes for a well-earned break.

Most of us can t afford to pay for such big-ticket items out of our regular income. Instead we need to borrow the money and a personal loan might be the answer.

Fixed monthly payments

A personal loan, sometimes called an unsecured loan, is different from an overdraft or credit card because it allows you to borrow a fixed amount over a fixed term, usually at a fixed rate of interest.

For example, you might borrow 5,000 over three years at 9%. You therefore know at the outset how much you have to pay back each month, as well as the total cost of the loan, making it easier to budget.

Most banks and building societies offer personal loans. They are also available through the growing number of peer2peer lenders, though these are as yet unregulated.

How much can you borrow?

You can usually borrow up to 25,000 with a personal loan any more and the lender will want you to put up an asset (such as property) as security. Interest rates vary, but generally speaking, the bigger the loan amount, the lower the rate of interest. You might, for instance, pay 12% on a 1,000 loan but only 7% on a loan of 7,000.

It can therefore be more cost-effective to borrow a larger amount, perhaps 7,000 instead of 6,500. But avoid taking out a loan you cannot afford to service or repay. Personal loans might be unsecured, but you still have to pay the money back.

Term of the loan

Lenders typically offer terms of one, three and five years and it can be tempting to opt for a longer term in order to reduce the monthly payments. For example, if you were to borrow 5,000 over three years at 9%, your monthly payments would be about 160, so you would pay total interest of approximately 700.

Extend the term to five years and your monthly payments drop to 104. However, you would pay about 1,240 in total interest, so the loan is ultimately more expensive.

Credit history

The rate you pay will largely depend on your credit score. Most lenders carry out a credit check when you apply for a personal loan and if you have struggled with debts in the past and have a poor credit history, you could be turned down flat or charged a higher rate of interest.

Low advertised rates

Watch out for low advertised rates as they are not guaranteed. By law, the rate on an advert must be given to 51% of successful applicants. In other words, almost half will pay a different probably higher rate. The figures also do not include the people who are refused credit.

Multiple applications

If your application is rejected, it s a good idea to check that your credit record is accurate, or try to improve your score before you contact another lender. You leave a footprint every time you apply for credit and lenders are wary of people who make multiple applications.

Loan fees

Some lenders charge arrangement fees, which can bump up the cost of credit. You should also beware of any early redemption fees should you choose to clear the debt before the end of the loan term.

Debt consolidation

Some borrowers take out a personal loan in order to consolidate other debts. Let s say you have accumulated debts on credit and store cards at high rates of interest. If you take out a low-rate loan to clear the card debts, you could save money. And if you then cut up the cards you can keep your borrowings under control. Check with your potential lender first, though, as some do not allow consolidation.

Alternatives to personal loans

A personal loan can be a sensible option for many borrowers, but it s worth considering the alternatives. For example, if you need a bit of extra cash to tide you over for a few days, you might be better off with an overdraft. You can also use 0% credit cards to your advantage, either to purchase a one-off expensive item, or to consolidate debts.

Compare loan rates

If you are searching for a personal loan, Moneysupermarket can help. Our comparison service carries the details of hundreds of different loans, big and small, short term and long term, so you can be sure to find the best deal

Loans – Personal – Bad Credit #automobile #loan #calculator

#bad credit debt consolidation loans

What is Credit?

    Bad scores can either be caused by a bankruptcy, missed payments, or having little-to-no credit history. This causes higher interest rates and fees and also limits the number of credit cards you can choose from. Average scores are commonly caused by having too much “bad” debt, like carrying high balances that are close to your limit. This affects your trust level with credit lenders and leads to higher interest rates. Good scores allow for lower interest rates and fees and your choices of available credit cards are much greater — including those that offer rewards like cash back on purchases or airline travel miles. Excellent scores allow you to experience the best benefits, lowest interest rates and highest credit limits. In this range, there are many cards that offer great fringe benefits and this is something to compare cards by.
    Also Learn About: Debt Consolidation Loans Pros Cons Credit Cards Personal Loans Credit Reports Credit Monitoring Bad Credit Enigma

Credit refers to the borrowing capacity of an individual or company. What that means in plain English is that financial institutions calculate how much money you can borrow safely. That’s your credit.

Taking this concept a step further, credit scoring agencies issue credit reports that assign individuals a number (from 300 to 850). That number is used by banks, credit cards and other financial businesses to assess your creditworthiness — how likely you are to repay a loan.

A Quick History of Credit

Credit has been used throughout the world since ancient times. Credit as we know it today developed as follows:

1860s: Cooperative credit bureaus emerge in the U.S. and around the world.

1898: Founded by 2 brothers, Equifax is founded, a company that would become one of the largest credit scoring agencies.

1956: Fair Issac Corporation launches FICO scores, numbers between 300-850 that are used by lenders to assess individuals for all kinds of loans.

1997: The Fair Credit Reporting Act (FCRA) was amended to allow individuals to fix incorrect information on their credit reports and removed negative credit events after 7-10 years.

2003: The FCRA was amended once again, providing all people free access to their credit reports from the major 3 credit agencies once a year.

Why is Credit So Important?

For banks to offer a lot of credit, they needed a way to create a system to score everyone who applies for a loan. That’s your credit score and it’s essential to getting a good loan. That’s not to say you can’t qualify for a loan with poor credit. You can, but you’ll probably pay higher interest rates on the loan.

What’s Revolving Credit?

Some lenders will provide what’s called revolving credit or a line of credit. This is a loan that borrowers can draw down when needed and pay back when it works for them. Credit cards are a form of revolving credit, as are home equity lines of credit (HELOCs).

At the end of 2014, there was almost $886 billion in outstanding revolving credit in the U.S. and roughly 26% of all consumer debt is termed revolving credit.

Different Credit Scores

It’s important to recognize that there’s not one true credit score. There are three major consumer credit scoring agencies. Your credit score may fluctuate up to 50 points between them.

There are four different ways your credit score is calculated:

The median credit score (50% have a higher score and 50% less) in America is a 750 FICO score .

Nevada has the lowest credit score at 660 – that’s 27 points below the U.S. average.

Minnesota has the highest at 718 – which is 31 points above the U.S. average.

The spread between the lowest and highest state is 58 points.

Credit scores typically go up as people get older. Older people typically make more money and have longer credit histories than younger.

Here’s how the average credit scores break out by age :

The Advantages to Having Good Credit

One of the major advantages to having good credit is the ability to borrow money at good rates. Lenders will be more likely to lend and do so at good rates if you have good credit.

It’s also easier to qualify for new credit cards when you have good credit. With good credit scores, you’ll also have an easier time qualifying for higher balance limits. You’ll be able to borrow more money at better rates when you have good credit.

Consider Debt Consolidation – Wells Fargo #guaranteed #loans #for #bad #credit

#credit card consolidation loan

Consider Debt Consolidation

Whether you need to lower your monthly payments, or you’re looking for a way to pay off debt faster, you may want to consider consolidating debt. Loan consolidation can help you simplify the repayment process by transferring multiple debts into a single new loan. You may even qualify for lower rates or new terms, which could reduce your monthly payments.

Debt consolidation loans

Unsecured loans and credit cards

Secured loans and lines

Private student loans

Consider borrowing costs

Remember that by extending the term of your loan, you may pay more in interest over the life of the loan and increase your total costs.

What to consider before you apply

To find out whether you’re ready to take on new debt, measure your overall financial situation against the criteria that lenders use when they review your application.

The relationship of rate, payment, and term

Loan interest rates, payments, and terms are closely related. Changing or adjusting one of these factors will result in changes to the others.

For example, with a $10,000 loan at 8%, and a payment term of 2 years, you would pay $452 a month. But if you changed the term to 5 years, you’d lower your monthly payment to $203 per month.

Looking for a lower rate on your loan?

See if you can qualify for a lower rate or access extra cash by borrowing against the equity in your car or your home with a refinance loan.

Bay Equity Home Loans – Mortgage Lender in CA, WA, OR, AZ, HI, NV, UT, TX #pioneer #loans

#home loans

Find a Loan Officer

Bay Equity Home Loans

Bay Equity is a full-service retail mortgage lending institution founded and headquartered in the heart of San Francisco’s Financial District. In 2011 and 2012, San Francisco Business Times named Bay Equity among its “Top 100 Fastest-Growing Private Companies” in the Bay Area. Bay Equity also has operations centers in Concord, California; Corona, California; Lake Forest, California; Portland, Oregon; Tacoma, Washington and Everett, Washington and 64 retail branch offices on the West Coast.

Bay Equity opened in the midst of the recession, as many other mortgage lenders were closing their doors. A group of mortgage professionals led by three brothers, Brett, Jon and Casey McGovern, recognized the need for a new type of mortgage lender. Their new lender had to embrace the highest standards, provide exceptional customer service and be committed to lasting relationships.

Bay Equity opened in San Francisco in April of 2008 and funded its first loan one month later. In its short history, Bay Equity has expanded and is now lending in eleven western states and growing.

Bay Equity has hired accomplished mortgage and financial professionals at all levels and has proudly assembled a highly experienced staff of corporate executives and operations professionals.

For loan information or to apply, select a Loan Officer

Boat Loans – RV Loans – Sterling Associates – UniBank – MA #pay #loans

#boat loans

Boat and RV Loans

Sterling Associates. a subsidiary of UniBank, is a bank service company that provides financing, insurance and documentation services for many types of boats, recreational vehicles, aircraft and manufactured homes.

Sterling Associates has offices in Massachusetts, Connecticut, Maryland, Kentucky, Florida, Texas, and California with representatives ready to assist you with your loan throughout New England, the Southeast, and the Southwest. Please feel free to contact a Sterling Associate representative in our Whitinsville, MA office, with any questions regarding your boat loan.

To contact an associate in one of our other office locations, click here .

Our mission is to exceed our customers’ expectations by providing professional, personalized service on a daily basis. We listen to our customers. It is our commitment to the future.

No one in our industry will work harder for your business. Take the Sterling Challenge. Let us meet or beat your current rate. Tom Smith, President

For more information on our loans, please visit the appropriate website:

Sterling Associates may also be reached by calling 800-286-8073.

Unsecured Debt – Types and Solutions #bankruptcy #loans

#personal unsecured loans

Unsecured Debt

Unsecured debt is any debt that is not tied to an asset. This most commonly means credit card debt, but can also refer to items like personal loans and medical debt. Unsecured debt typically creates less stress and fewer problems than secured debt.

If you fall behind on payments for unsecured debts, your lenders have no claim on your property and cannot repossess items or foreclose on your home. That’s the big difference between unsecured and secured debt. It’s also what allows you to explore debt reduction options such as settlement to help you clear your debt faster and for less money.

Credit Card Debt

Credit card debt is the most pervasive type of unsecured debt, with Americans currently carrying $672 billion on their cards. It is a revolving line of credit, meaning you can continue to borrow each month and carry balances over. As with other loans and debts, it’s best to pay more than the minimum payment each month. However, this is an especially important principle as credit card interest rates can be very high. Paying more than the minimum will get you out of debt faster and save money in interest.

Personal Loans

Private Student Loans

Medical Debt

Medical bills are a unique form of unsecured debt. While you can choose to make purchases on a credit card, and you can choose to fund an education with student loans, no one chooses to fall ill and incur medical bills. Still, studies show that 29 percent of U.S. adults have medical debt and/or problems paying medical bills.

  • Learn more about medical debt.

Apartment Leases

While rent isn’t typically thought of in terms of debt, when you fall behind on paying it, you actually become indebted to your landlord. If this happens, your landlord is likely to take action in order to evict you. However, since you are not at risk of losing any belongings, your debt is considered unsecured.

Cellphone and Utility Bills

As with unpaid rent, unpaid cellphone and utility bills are unsecured debts. If you are late paying your bills, servicing companies may disconnect your phone or utilities. However, they are not entitled to any of your assets or belongings.

Auto Repossession Overage Balances

If you miss enough payments on your auto loan, your lender will likely repossess your car. The lender then sells the car to make back the money you owed. If your car has lost value faster than you’ve repaid the loan, it’s possible the funds from the sale will not cover the entire amount you owe. The difference, called the auto repossession overage balance, is your responsibility. Since your lender has already confiscated the only asset to which it is entitled, this debt is unsecured.

Short Pay Mortgage Balances

A short payoff is one way to sell your home if you are underwater, meaning you owe more than the house is worth. Your mortgage-holder may agree to accept less than you owe. In return, you take on the balance as unsecured debt. This transaction is called a short payoff.

For example, assume your home is worth $100,000 and you owe $120,000 on it.  Your lender may be willing to settle the debt for only $110,000, but this leaves a gap of $10,000 that you owe. You will continue to make payments on this balance even after your home is sold.

Short payoff is usually only an option for borrowers who are current with their mortgage payments and have good credit. It saves money and does not harm your credit score.

Settling Unsecured Debt

Any unsecured debt may be eligible for settlement, a debt-reduction strategy aimed at reducing the total amount you owe. It is a useful strategy for individuals who find themselves with more debt than they can handle and want to get their finances back on track. It is often done with the help of a debt settlement specialist, who can speak to your creditors on your behalf and often negotiate reduced balances.

Wedding Loans – Choosing The Right Option For You #loan #calculator #uk

#wedding loans

Whatever you need a loan for, our Smart Search can help:


Wedding loans guide

A wedding is a joyful occasion (or should be!). But, as all recently married couples know, it can also be a very expensive one.

Most weddings nowadays cost between 18,000 and 22,000, so it is hardly surprising that a lot of loved-up couples need to borrow to cover the cost of their nuptials. A low-interest personal loan is one of the easiest and most convenient ways to fund your big day.

But is it the right way for you? Here is a quick guide to the pros and cons of using a loan to pay for a wedding, as well as some tips on finding the best deal and a few alternative suggestions.

Advantages of a wedding loan

While most people are able to put some money towards the cost of getting married, the average cost of about 20,000 is out of reach for many couples. A personal loan offering the chance to borrow up to 15,000 over five years, for example, is a popular means of making up the shortfall.

You can currently borrow between 7,500 and 15,000 at an interest rate of around 5%. This makes a loan of this kind a relatively cheap way to access extra funds to cover the cost of your wedding.

Another benefit of taking out a personal loan is that your payments are fixed so you can budget accordingly. You can also choose a loan with a term of between one and five (or at least three) years.

Repaying the loan within a shorter timeframe (if you can afford to) means you will pay less interest overall. A longer timeframe means a higher total interest bill, but each monthly repayment will be smaller (there ll just be more of them).

What s more, you can sometimes take a payment holiday of say two or three months at the start of the agreement, giving you a bit of financial breathing space if you need it as you settle into your new life of married bliss.

Disadvantages of a wedding loan

A wedding loan with an interest rate of 5% or thereabouts is a very attractive proposition. However, the rates available for those needing to borrow under 7,500 or more than 15,000 generally tend to be higher.

Lenders take your credit score into account when deciding what interest rate to charge you and how much you can borrow. If you have a poor credit history, this might mean you are unable to borrow at the market-leading rates.

Only people with high credit scores will be accepted for the best deals, while those with black marks will be offered a higher interest rate or refused credit altogether.

If you are unsure about your credit score, it may therefore make sense to sign up for a free credit file checking service before applying for a wedding loan especially as rejected applications will further damage your file.

Remember too that many of the top personal loan deals also require you to fulfil certain criteria for example being a supermarket rewards cardholder to qualify for the headline interest rate.

Alternatives to a wedding loan

Many of the top credit cards available today offer 0% for an introductory period on balance transfers or purchases or, in some cases, both. If you are disciplined enough, you can therefore borrow the money to pay for at least some of your wedding completely free of charge.

This is a great option for anyone needing to borrow a smaller amount particularly given the higher interest rates on personal loans of under 7,500.

Borrowing on a 0% credit card can prove very costly if you get it wrong, though. Not only do you have to remember when the 0% deal comes to an end to avoid being hit with double-digit interest charges, the fact there are no fixed monthly payments can make it harder to manage your repayment plan after the big day. Discipline is required!

Finding the right wedding loan

Whatever type of loan you choose, shopping around for the cheapest deal is the best way to ensure that you pay as little as possible for credit.

You can do this quickly and easily by using the MoneySupermarket loans channel to compare hundreds of different loans from a wide range of lenders.

The Help me find a loan tool can speed up the process of finding the best deals for your individual circumstances even more all you have to do is enter a few details such as your name, your annual income and the amount you want to borrow.

Moneysupermarket is a credit broker this means we ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders though the size of that payment doesn t affect how we show products to customers.

Payday Loans Guaranteed Approval – Getting Approved Is Easy! #loan #calc

#guaranteed payday loan


There can sometimes be times in the month when a little extra unexpected cash is needed. Although we are all careful to look after our money and make such we budget as required, sometimes an expense presents itself which simply could not have been planned for in advance. Take for example an emergency vet bill. In such an instance or situations similar to it, it is understandable that as consumers we may need to consider a form of short term borrowing resource to assist us. The world of online lending has been existence for quite some time now and as a result there is lots of choice for consumers. Making sure you select the right product for your needs is therefore more important than ever. This means taking into account the product, the repayment terms and all the other elements which make up a lending resource which is worth considering.

We hope you will see that in fact, with our website and product we aim to combine all of these factors. We are an experienced lending resource who have developed our product through knowledge and understanding what is needed to meet the needs of consumers. Throughout our time in the market we have come to learn that there are several elements which are important to our potential customers. That’s why we offer a flexible lending resource via our simple and clear to understand application. Depending on the amount which you need to borrow, we believe our loan will provide you with the resource you need. We are able to back this up by offering a product which is flexible and fee free. There are still a lot of lenders who operate in the market and will charge a fee for their service, often this is regardless of whether the application is ultimately successful or not. We like to think we are different. That’s because we do not charge an additional fee for our application process. Whether we are able to help on this occasion or not, we will not charge you a free for our service.

We also think it’s important that you are able to apply easily, which we think means a straight forward application process. Using our experience we have developed an application process which we believe can be completed whenever suits you best. We understand you may not always be able to complete the application during your working day and therefore are pleased to confirm you are able to complete it at a time which suits you. If you do apply outside of working hours, don’t worry, our underwriters will review your application first thing the very next working day.

Warning: Late repayment can cause you serious money problems.

For help, go to

Student Loan Interest Rates – Wells Fargo #defaulted #student #loans

#student loan interest rate

Student Loan Interest Rates

Wells Fargo offers competitive student loan rates with fixed and variable interest rate options.  While variable student loan interest rates usually start lower than fixed rates, a fixed rate option can offer protection if interest rates go up over time.

Fixed interest rates:

  • Remain the same over the life of the loan, and ensure your monthly payments remain stable over time.
  • Allow you to better predict how much total interest you will pay on your student loan.
  • If interest rates fall after locking in a fixed rate, your monthly payments may be higher than with a variable rate for a certain period of time.

Variable interest rates:

  • Generally provides a lower initial rate on student loans than fixed rates.
  • May rise or fall as the Prime rate adjusts over time, which affects your monthly payment amount.
  • Your payments may vary on a monthly basis, which can lead to payments being higher than a fixed rate.

How variable loan rates work

A Wells Fargo variable interest rate student loan is based on two factors:  the Index (Prime rate) which can go up or down depending on market conditions, and the margin, which does not change.  If rates were to increase at a steady pace, you will never exceed our maximum interest rate cap.

Interest rate = Prime rate + Margin

Refinance Mortgage Interest Rate – Interest Rate Refinance – Wells Fargo #small #personal #loan

#home loan interest rate

Trying to decide if you can benefit from reducing your interest rate?

Access the available equity in your home without reapplying (if you qualify)

What are the benefits of refinancing?

Opportunity to access the equity in your home

How can I decide if refinancing may be right for me?

Your home may be the largest asset you have. Before deciding to refinance, be sure to consider the following so you can make an informed decision.

Determine your estimated costs

When you refinance, you may pay:

  • An origination charge . which may include fees such as application or processing.
  • Discount points to lower your interest rate further. (May be tax deductible. Consult your tax advisor regarding deductibility).
  • A prepayment penalty if your current loan has a penalty for early payoff.
  • Other settlement charges such as appraisal, credit report, title search, and title insurance fees.

If you’re an existing Wells Fargo Home Mortgage customer, you may be eligible for a streamlined refinance with no closing costs, application, or appraisal fees.

Find out more about our streamlined refinance.