Tag Archives: loans
Motorbike Loans: Ride your dream bike home tomorrow
Style, speed and mileage are the factors that have made the youth crazy about motorbikes. They are just absolutely mad after bikes. Bikes are stylish, trendy, have great mileage which saves definitely saves petrol and have mind blowing speed which acquires the heart of million youngsters. But, due to inflation it is not at all possible for common man to afford a motorbike from his fixed monthly income when he has many other emergency expenses also. Thus, he certainly requires some financial help. To help out people motorbike loans have been introduced in the financial market which helps people in buying a motorbike of their own choice. These loans are less time consuming as the paper-work is skipped-off.
There are two types of motorbike loans and they are secured and unsecured. While availing the secured loans, the borrower has to pledge any of his valuable assets as collateral against the loan which ultimately benefits the borrower with lower interest rate and larger loan amount. This is so for the reason that the lender feels secure in this case if the borrower fails to repay the entire loan amount by the time as he can recover his money on the basis of the security. But, while availing the unsecured loan, the borrower is not required to pledge any of his valuable assets as security against the loan due to which the lender imposes higher interest rate on the loan and provides the borrower with lesser loan amount. This is so for the reason that the lender in this case is at risk if the borrower fails to repay the entire loan by the fixed time. Thus, to secure himself to some extent, he charges higher interest rate on the loan. The repayment time for these loans ranges from 18 to 84 months. And, one can finance up to 90-100 % of the cost of the motorbike which has to be bought against the loan. These loans can be used to buy new as well as old motorbike. The only condition is that the motorbike should not be more than 5 years old. The borrowers with bad credit score like CCJs, bankruptcy, arrears, defaults, late payments etc. can also avail these loans. Thus, as an advantage they get a chance to improve their credit history by repaying the loan in fixed time period. The borrower must satisfy some conditions before applying for these loans like he must have age above 18 years, he must possess an active bank account, and must have a trustworthy UK citizenship and employment proof. But, if somehow the borrower fails to repay the loan in regular instalments every month, then the lender takes away the motorbike and returns it only when the whole amount of money is returned back. The loan amount, interest rate and repayment term differs with various factors like type of loan, model of bike, regular or modified, new or used bike, monthly income, repayment capability and amount of down payment made.
The borrowers can search online and compare the interest rates of various lenders. This way they can get the reasonable deal and that too while sitting at home only. Moreover, online searching saves ones time. The required amount will be transferred to the borrowers respective account the same day when the loan is applied or the next business day.
Payday Loans in the UK are Convenient
Payday loans are a vital source of credit for many low income earners and others in the UK who dont qualify for loans or who have poor credit. A payday loan is a quick convenient form of borrowing that meets the real needs of UK consumers.
That has traditionally meant that most Brits would have to turn to family for emergency funds. In modern times however, people dont like turning to family for short term loans and many dont have family local. We all encourage others to be independent and to be conservative with money and live within ones means.
In reality, our monthly bills can come unexpectedly. Bills for car repairs, medical treatments, clothing, or home repairs cant be put off even though we have no money. Because of the global recession banks are even less reluctant to fulfill the short loan requirements of UK consumers and workers. The banks however dont necessarily want to let competitive financial services provider enter the lending business.
New payday loan lenders have arrived on the scene to fill this loan market void. Detractors of payday loan lending cite high interest rates as a big problem. Each payday lender has their own set interest rate and borrowers are advised to look for the best loan interest rate they can get along with lower transaction fee costs. Payday loan lending rates vary from 738% to 2200% on a yearly basis if they debt is carried forward each month. If the loan is taken for short terms, the actual cost is fairly reasonable.
The payday loan application process is straight forward. This is an area where borrowers should pay attention to as well. Some UK payday loan companies are open to make applicant a customer but this isnt wise. Many people who apply for payday loans have been turned down many times before because they dont qualify. Someone who is about to move or lose their job often a bad candidate for a loan. A responsible and ethical payday loan company will only take the best available candidates. A company that caters to these trouble account often end up having aggressive interest rates and collection practices that give the industry a bad reputation. They are the problem.
If you apply for a payday loan, be aware of the companys credibility and how they conduct themselves. If they treat you with disrespect and dont conduct due diligence on your acceptability as a borrower then you can expect they will be inundated with bad borrowers. Some has to pay for all those delinquent loans and their customer service too will be geared toward dealing with soon to default borrowers. A payday lending company that takes a few days to accept you and asks you to fill out and send in forms is obviously a better bet. That short extra time means youll be in good company and youll get the best payday loan rates possible.
If you have to fill out forms to complete a payday loan account and are required to wait a day or two, do it. Do business with a payday loan company you can trust.