Taking Your Insurance Software to The Next Level

In these days of increased technology, we need to constantly update absolutely everything. Our phones need to be updated, our computers need to be updated, our tablets need to be updated, and of course, anything business-related also needs to be updated extremely regularly indeed.

What happens if you don’t update your business software tools on a regular basis?

Basically, you are bang out of date, and customers decide to go elsewhere.

Staying ahead of the game, and at least staying up to date with developments, is imperative, and if you fall to tick this very basic box, you are not going to go very far at all. It’s that simple.

Everything is computerised, from booking a holiday to finding our next life partner, and when it comes to insurance software providers, you will know only too well that technology has been seeping its way into the industry for a long time. Nowadays, you cannot survive in the insurance industry if you don’t come to terms with the importance of technology, it simply isn’t going to happen.

Your insurance software therefore needs to be not only up to date at all times, but it also needs to be personalised to your particular business needs.

Don’t Lose The Personal Touch

One of the fears of taking everything online is that you lose touch with your customers and clients on a personal level. Without knocking on doors and picking up the phone, as was the way back in the day, you may worry that you are simply going to be dealing with numbers, rather than people, but if you find the best software for your needs, this isn’t going to happen.

CRM, Customer Relationship Management, is an important and very do-able part of your insurance software, and if you find the best software suite or package for you, you will soon find that the personal touch is not lost in the slightest. High quality packages have the ability to send out regular correspondence to your client database, and provided you keep all their details relevant and accurate (of course you should do this anyway, as per Data Protection Laws), then you can stay in touch without any problem. How? Well, good quality insurance software will send out regular correspondence automatically, quote letters, and offers etc, so you can easily attract new custom, and keep your old clients happy too.

Making Use of The Cloud

You will no doubt have used cloud technology in the past, iTunes make great use of this as one example, but you can also use it when it comes to finding the best insurance software for your business. SaaS (Software as a Service) is a way of searching for the best software for you and then downloading it from the cloud, without needing to purchase costly licenses in the process. This saves you money and it also saves you time, because you can personalise the software package to your particular business, suiting your needs and that of your clients.

Making Everything Smooth And Easy

If you make things difficult, clients are simply going to give up with their dealings of you. Word of mouth is an extremely powerful tool and if you upset several customers over time, you are going to find that your reputation is heading downwards as a result. Now, if you keep your processes transparent, easy, and smooth then you will please your customers, and your employees of course, and this will make it much more likely for customers to come back to you for repeat business, whilst also making it easier to attract new clients and customers too.

Why Does it All Come Down to Software?

Why? Because as we mentioned at the start of this story, everything is computerised these days, and if you are using a computer then you need to use a software package – it’s that simple.

Manual methods do not work, and you will not survive, as we have mentioned. Now, if you keep your software choices up to date and you identify the right one, personalising it as you need to, you will make the whole process of attracting and keeping business easier. On top of this, you are more likely to have happier employees too, because your software package will be easy to use, making their lives easier.

From marketing, to quotes, underwriting, to purchases, every single part of the story needs to be seamless and easy to do, and finding the best software package for your needs will tick all of these boxes, whilst also making you more competitive and efficient as a result.

Stay Ahead of The Game

Your competition have probably already figured this out, and that means they are currently searching for the best software package for their needs, downloading it, keeping it updated and personalising it to their needs. Now, if you find a customer who is on the fence about who they are going to choose between – you or them, which do you think they will go with?

Of course, they are going to choose your competition, because they are more able to provide the top quality service the customer wants, whereas you can only provide a sub-standard service, because your software does not allow you to do anything else, regardless of how good your insurance policies are.

Don’t allow cost effectiveness and profit to fly out of the window, place the right amount of importance on your insurance software and dedicate the right amount of time to getting the decision right. From there, the story doesn’t end, because you need to make sure it is up to date at all times. This might sound like a mountain to climb, but it’s not that strenuous if you make the right decision from the get-go, and it’s a mountain that has a wonderful view from the top.

Save Your Way to Wealth (But Don’t Forget To Live)

canstockphoto21503128You can learn how to save your way to wealth and still enjoy life in the process. Nobody is born with an understanding of budgeting, investing, or even money itself, and we all learn at our own pace how to best handle our finances. Everybody knows that it is important to save money, but few people successfully save enough money to develop a sense of financial security. This is due to a lack of understanding about how to approach personal finance. With a few basic rules to guide you, you can dramatically improve your savings and start building your net worth.

The first principle of personal finance is to keep track of your incoming and outgoing money. To be aware of your money is to spend it wisely. How will you improve your spending and saving habits if you don’t even pay attention to how you use your cash?

A simple way to practice this principle in the real world is to track all your expenditures for a week. Every dollar you spend must be written down. After a week, add up the costs of various spending categories like food or travel. This will help you see areas for improvement, such as cutting down on fast food spending or reducing how many miles you drive per week.

Another important rule of thumb is to save at least 10% of your paycheck in a long-term savings account. This isn’t money that you save to buy something with, like saving up for a TV. This savings account, or investment portfolio, is your retirement fund. Many families, even those with healthy incomes, have little or no savings put away for retirement. If you want to be able to retire with dignity, you will need to start saving as early in your life as you can.

At first, saving 10% of your paycheck may sound impossible with all of the living expenses and bills you need to pay. It is reasonable to start with five percent going towards savings. Aim to increase this amount to 10% over the course of a year, or with your next pay increase. Remember that this is money you are paying to your future self, with interest. Consider the opinion of financial thought leaders like VTA Publications CEO Jim Hunt, who advocates self-discipline as a crucial habit for success. Use the habit of self-discipline to put away that money into savings and never touch it again.

The final principle is to put aside another five to ten percent of your income for purely recreational spending. Don’t forget to live your life today in addition to keeping an eye on the future. Most of us already spend at least 10% of our income on some form of recreation, so this is more of a reminder than a hard and fast rule. No matter how frugal you get, be sure to enjoy yourself and reap a few rewards for all of your hard work.

How To File A Claim For A PPI Check

canstockphoto17103176PPI or Payment Protection Insurance is a great idea and can help policy owners out of financial debt in the event of permanently or temporarily being out of work, accident, sickness or death.

When you have PPI you have peace of mind when the unexpected comes around. However, there are times when PPI is sold to customers without them knowing it. This quite often can cause financial issues. Always make sure when you apply for a loan, mortgage, credit card or other financial products that you read all the entire contract before yo sign it. In the event that you pay for PPI and don’t want it, there are a few ways you can get that money back.

The first thing you should do is file a claim through a PPI claims expert for a PPI check. They will advise you on how to go through the process. Claims experts can set you up with cheaper ways of making a claim. Many people who had PPI and didn’t want it were able to recover their money with taking any type of legal action. When you handle this type of matter with the legal system you’re going to save a lot of money especially when you don’t seek the expertise of a PPI claims expert which can usually incur a hiring fee.

Another thing to consider when getting a PPI policy is exactly how much protection do you have over an extended period of time. If you have a traumatic experience such as a death in your family, loss of a job, accident, sickness or disability that has caused your to lapse in payments you can put the protection of your PPI into effect. The problems many people have is that they have been paying for PPI and don’t know they have it to help them through difficult times.

Most claims experts can help you get that money back or they can help put the protection into effect just when you need help the most.

To make sure you’re not confused about PPI or how to get a PPI check be sure to ask your insurance provider. Be sure you understand exactly what PPI covers and how much it costs. Be sure you have all the documents you need that support you have PPI. For more information visit www.ppicheckcompany.co.uk

London Living Costs Compared to Major World Cities

canstockphoto15303917We all know that to live, or indeed be a tourist, in London is far from a cheap exercise. We’ve all winced when a restaurant bill arrives or a bar tab is rung up. However, how does this compare to other world cities? Is London the most expensive city or do world centres take that title?  

This was a question that ‎digital lender 247Moneybox posed themselves and after conducting their own research including using crowdsourced data from Numbeo, it seems that London is not quite the hardest on your pocket.

Having turned the results into an infographic which you can see below, it does confirm the generally held notion that London is an expensive place to call home, however it’s certainly not the most expensive with New York taking that title in the products and services sampled by the firm.

Indeed, given the strain on our pockets these days, it is probably only a crumb of comfort to know that there are more expensive cities out there. That being said there are also a lot more where the cost of living is less. No wonder Vancouver comes out on top in surveys of great cities to live in where the cost of a 1 bed apartment in a central location is £762 less than the London equivalent! That’s a lot of extra Canadian beers and trips to the cinema!


Don’t Get Caught by a Binary Brokers Scam

canstockphoto9933347While there are great benefits that can be achieved for investors who use binary options trading, there are also a number of scams that are currently in play within the world of binary options. Some of these come from unscrupulous brokerage firms that avoid mentioning the risks associated with binary options, fail to disclose their trading practices and fees, or make it intensely difficult to access your funds after trades are made.


Here are some of the ways that you can watch out for binary options scams as you participate in the binary options market:


  • Independently Research Your Firms: Because binary options can be purchased through a number of countries, it can sometimes be easier for scam firms to slip through the cracks of regulations. Always do your own research into a company before you decide to employ their strategies or services.
  • Watch for Firms that Downplay Risk Factors: While a number of firms promise the moon, the reality is that there will never be 100% perfect returns with any brokerage firm. It is true that there are riskier and less risky investments within the world of binary options, so look for companies that are more transparent about their strategies and techniques.
  • Always Read the Fine Print: A lot of details can be hidden in the terms that you accept when you sign up to use a firm. It is easy to just skim through these and click on an option to accept the terms, but it is vital to take the time to truly understand what you are signing. Financially, all of the details that you need about a company are often in the conditions presented at the start of services, including payouts and bonus. Watch out for companies whose withdrawals require high limits or are not delivered for long periods of time in particular.
  • Security Protections: In an age where digital information can be used in a multitude of ways, it is important to verify that any financial firm is prepared to protect your privacy and your investments. You can also do a search for any past reported breaches in security or user information sold.
  • Check References: It is fairly simple to obtain reviews from other investors as to the quality of a given brokerage firm. Look for positive reviews from a number of platforms, never relying on the results listed only on a single platform, to get the best overall picture of the kinds of service that you are likely to receive from a provider.

Binary Options Signals

success-1093889_640What do we mean speaking about binary options signals? They can be defined as the recommendations of the experts, made as easy-to-understand rules which can be implemented by traders. The reasons for traders to listen to these recommendations and to follow them may differ. They may suffer from the lack of trading skills or may have not enough time for thorough and effective financial analysis. We are glad to give you more information on signals in binary options and the main signal providers.

Not all the signal providers are equally worth recommendations. We have chosen the most reliable ones and bring them to your notice. You may check them out. We have paid our attention to the services which are free and provide auto delivery.  And these are the services where we could verify the received results.

Signals as a Way to Enlarge Gains

The main binary option problem of an average investor is to identify trading opportunities and to derive profit from them. The solution can be provided by the fundamental and technical analyses, the methods which can be of great use for any trader. Technical analysis can be understood as a method of analyzing the market activities aiming to predict further price movements. Fundamental analysis can be regarded as a method which involves the examining the long-term qualitative and quantitative factors of growth.

But it’s not all as easy as it sounds, and it is necessary to be highly experienced to use these methods in a proper way. Signals may be helpful if a trader has not enough time for thorough information examining and evaluation. Financial specialists predict potential development scenarios and make advice on what way to choose. In general this advice deals with the option expiry time, strike price, or the direction of trading. The chance of success in trading increases because these tips were given by specialists. And very often this chance is higher than if the traders did it themselves.

How Is It Possible to Take Profit of Signals?

The customers can get the signals in different ways.

The trades are to be placed instantaneously, if the signal is formed as a software instruction. In this case you need just to click the button.

You need to copy textual signals into the trading system.

“Auto-trading” service implies that the binary signal is delivered directly to the trading system. It may be rather interesting and helpful for you to know that auto trading software for binary options allows you to avoid placing trades. Everything will be done by the programme. Usually you even needn’t special trading interface.

Earlier the signal service were needed to be paid for. Today the things have changed, and it is a usual practice that such services are free of charge. You should remember about binary options signals expiration within definite time. The ways of signal delivery may differ, they may be delivered via various means of communication.

What Is the Way to Form Binary Signals?

Fundamental and technical analyses viewed above may be used as a base for the signal creating. Diverse trend line strategies and different indicators are also used in trading.

If a trader is good at the market analysis, he/she may try to manage it himself/herself. But even in this case they may take advantage of signals. Signals may be of great help for those who are rather sophisticated in trading, because signals may help to cover more opportunities.

Types of Binary Signals

The types of binary options signals are rather variable. Providers may base them on about any type of the underlying assets. The system takes into account the variety of assets available to the trader, and it is a commonly used classification based on the interests of traders. Also traders can classify the signals according to the types of deals he/she feels most comfortable with. And the signals may be also classified due to the source they come from, or if they are free or paid.

What Is the Difference between Push and Act Signals?

“Push” signals and “act” signals are the main types of binary option signals. “Push” signals mean that traders receive a notification via means of communication, which in the most cases is to be acted upon immediately. “Act” signals mean that a trader should wait for the asset price to progress to the point noted in the message and then follow the instructions.

In fact both variants of signals may have their advantages as well as disadvantages. “Push” signals seem more favorable, though they have time of expiry. The “act-type” signals’ advantage allows to deal without unnecessary haste, but sometimes necessity to wait becomes a trouble.

Signal Providers

To find a proper service provider is half the battle. Pay attention to the most reputed ones. With their help you will be able to increase the winning probability by 65% according to the statistics. In some cases auto trading software solutions can demonstrate good results, but specialists with financial experience are better anyway.


The Small and Unknown Mistakes That Are Adversely Affecting Your Credit

canstockphoto14045744Millions of people have bad credit scores. Every year, hundreds of thousands are turned down when they apply for loans, credit cards or even mobile phone contracts because something on their record is acting as a red flag for the banks and other mainstream lenders. Those black marks could include things as serious as county court judgements (CCJs) or something relatively minor like a couple of late repayments on a credit card.

Having a good credit score undoubtedly makes life easier, giving you access to a large number of mortgages, personal loans and credit cards. Having a blemish-free record will also allow you to get the best interest rates when applying for loans and also mean that the banks and other lenders are willing to loan you larger amounts.

Those who have show financial responsibility throughout their lives are more likely to have excellent credit scores than those who have not. In order to ensure that you have a good score, you should pay all of your bills on time every time, not go overdrawn at the bank without first getting approved for an overdraft, not falling behind on your mortgage payments and ensuring that all of your utility bill payments are kept up to date.

But there are a number of smaller and relatively little known mistakes that many people make and are unaware that these can actually count against you when being assessed for credit:


You may have moved recently and not had a chance to get your name on the electoral roll. But not doing so won’t just mean that you won’t be able to vote: it will also make it much more difficult for you to access credit. One of the first things that lenders do is look to see if a new applicant is on the electoral roll. If somebody isn’t, then this might suggest that this person has had money problems in the past and is trying to hide from their debts by keeping their address hidden. People who tend to move a lot – like contractors and members of the armed forces etc. – are also shunned by some lenders.

Always make sure that you are registered to vote at your new address.

Never using credit

If you couldn’t afford to put aside the money for a few months to pay for an item, then you can’t afford it. This is an old saying but remains a truism: nobody should simply use credit as a way to live beyond their means. For many people – older generations in particular – this means that they never use credit cards, loans or other forms of borrowing. They prefer to save for items and never go overdrawn at the bank.

Other people will only use a single credit card and just for regular purchases that they would otherwise use a debit card for. These people always repay their entire balance each month so that they avoid all interest charges.

Both of these sets of people sound like they would be the perfect borrowers and would be actively courted by the lenders. But, perhaps perversely, behaving this prudently can actually harm a person’s chances of obtaining credit. Lenders, as well as assessing somebody’s credit score, also like to know that they will make some profit from taking somebody on as a borrower. If you never use credit or repay all your borrowing every month, then no lender will ever make a profit from you. You will, in effect, be seen as too cautious to be offered credit.

Applying for credit too often

There are hundreds of credit cards and thousands of loan products available and most of them can be applied for online with decisions in seconds. The rise of the web has made applying for borrowing incredibly easy and quick. That makes the temptation to apply for a new card every time you see an offer almost overwhelming. While it may seem sound financial management to constantly shop around for loans and cards to get the best deal, this can actually damage your credit score.

Each time that you apply for credit, a credit search will be run on you and this will be registered against your credit record with the three main credit reference agencies. Lenders don’t like to see a lot of credit searches on a person’s record, particularly when those are in a short space of time. It suggests somebody who is having trouble managing when, in many cases, this is the opposite of reality.

Having too much credit available

We’ve already looked at how not using credit only having a single card can reduce your chances of getting approved for a loan or card. But having a bunch of credit cards and never using them can also have an adverse effect on your credit score.

Lenders don’t like people who take out cards but then don’t use them. These people will not make much in the way of interest for lenders and do are viewed as too responsible. They will, in effect, end up costing the lenders money rather than making them more. So if you have some credit cards which you never use, it is a good idea to close some of them and just keep one or two in case something unexpected crops up. Closed accounts will be shown as settled on your credit record, and increase the likelihood that you will get accepted for more credit in the future.

Being linked to a debtor

You may run your finances perfectly but if your partner, son or daughter or anybody who lives in the same house or is linked to you financially in some way behaves irresponsibly with money, then this might mean you are declined when applying for credit. Find out who you are linked to financially by applying for your credit record and then writing to the agencies to correct any mistakes.

Article provided by Mike James, an independent content writer working together with technology-led finance broker Solution Loans, who were consulted over the information in this post.

Binary Options Trading Basics

canstockphoto19654068The binary options trading, which took a firm position in the American market since 2008, has rapidly turned into a prosperous financial instrument. The line of demarcation between binary and conventional trading options lies through the idea that the former do not demand any assets’ ownership. The central idea of using binary options is foreseeing the future movement of a product in the market rather than making an actual investment.

From the naming of the options, it follows that they presuppose selecting from two available variants. Basically, binary options trading represents two extremities with no in-between alternatives. The procedure of the binary investing starts with foreseeing the movement of an asset in terms of pricing. After the returning sum is outlined, the investor has to define the amount of money, which is risked, as well as the timeline of the performed operation. All factors considered, the trading act may start.

Therefore, one of the primary advantages of binary options trading is that it offers the most complete marketing awareness, which concerns a full access to information about the outcomes of trading, as well as the timeframes and the monetary estimation of the performed act.

Leading binary trading is extremely comfortable in terms of the largeness of the traded assets and place-based benefits. Specifically, the assortment of the production embraces financial currencies, indices, marketing stocks, etc.

Moreover, the sustaining any trading operation is not aligned with a specific geographical area, according to which the products of international companies may be traded from one locality and through the assistance of one broker. The system of broking options is easy in use since it operates a single web basement for all trading opportunities, which ensures conducting multilevel marketing operations.

Easy Guidelines for Online Stock Broking

canstockphoto12803990With the advent of the internet, stock trading has become much easier than before. With only a few clicks, you can now compare the stock rates, the broker rates and everything else related to this type of trading. However, if you are a beginner, then you need to understand the concept of online stock broking before you invest anything. There are certain basic skills that you have to understand and apply so that the chances of getting lesser returns are minimum. Buying and selling stocks may seem to be an easy thing for veterans, but things can become confusing if you are not used to the terms. So, as a beginner, you need to be well accustomed to all the terms that are used in this trade. But, first you must have an online brokerage before you start investing and collect your returns. This will be an easy step because of the numerous online brokering firms that are willing to help you. They have the latest software systems that are specially designed for these purposes.

Things to consider

Once you have opened your online brokerage account, you have to see what your options to make money are. Initially, the entire process may seem to be very complex, but as soon as you get used to the software tools that regulate this market, you will start becoming a pro. Knowing the tricks of the trade is essential for online stock trading. You can visit their site to know more about the current rates. In online stock broking, you have to work with brokers. The best way to search for online brokers is to visit the websites that are involved in this kind of trade. Before working with the broker, you can compare the rates so that you can work with a reliable one at an affordable price. Brokers who allow investors to practice virtue trading are the ones to trust and rely on. This will be very helpful in your early days as you will be able to use play money or virtual money. Practicing with virtual accounts is very important before you actually start investing for real. So, before starting, you should research with your virtual account and get used to all the terms and tools that are used in stock broking.

Defining the capital

This is the first step towards online stock marketing. Deciding how much money you want to start with is very important. There are people who want to go all guns blazing and spend everything they have. On the other hand, there are people who start small and end big. This helps them to get an idea about the market. If you are new to the trade, it will be better to go for the latter option. You should have some knowledge on the industry you choose. Once you spend a small amount of money and see the rate of return, you can start spending some more money. This is the ideal way to start for anyone so that you do not lose everything on one shot. Centralizing your finance and meeting the transactions one by one is the way to go for online stock broking.

Choosing online brokers carefully

This is another trick that you need to master before spending big. Take as much time as you want to decide which online broker you will work with. If you ask around, people will tell you not to be influenced by the attractive online advertisements. Ideally, you should be working with someone who will be able to simplify the online stock trading concept to you. As a beginner you would be highly excited when you get incentives and attractive packages. A brokerage that provides such offers should be chosen over the ones who offer fake deals.

Terms and conditions

Probably the easiest thing to do, it is absolutely compulsory to read all the terms and conditions carefully. Once you are sure about the brokerage agency, you can visit their site and go through all the terms and conditions before signing up. If you are not able to understand anything, you can ask the broker to explain in detail so that you do not have any confusion later.

5 Loans You Could Get if You Have a Bad Credit History

canstockphoto9959220When you get turned down for credit it can come as a major shock. If you’re already struggling with your repayments because of combined high interest rates and were banking on getting a new loan to reduce your monthly outgoings and stabilize things, it can feel like a disaster to be rejected.

But if you have got a bad credit history or a list of financial mistakes registered against you, getting credit from one of the traditional lenders is always going to be a struggle. The major banks and other financial institutions all have fairly strict criteria when it comes to lending money. And that means that most people with poor or simply impaired credit records are not going to be successful when applying to these institutions.

Thankfully, there are other options provided by a growing number of alternative lenders who specifically cater for people in this situation. While there are no guarantees that you’ll be successful when applying for one of these loans, there is a much higher likelihood of obtaining credit this way:

  1. Guarantor loans

Before the 1980’s and the rapid growth of credit scoring, it was fairly typical for a potential borrower to make an appointment to see their bank manager at the local branch. If they were new to borrowing or if they had not held an account at the bank for very long, the manager would often ask for some form of security before agreeing to issue a loan. That security would often be a third party – a guarantor – who would agree to making the loan repayments should the borrower get into difficulty or otherwise fail to keep up with the schedule.

Guarantor loans are a newer version of this age-old form of lending. They work because the lender uses the credit rating of a third party when making a decision on whether to issue a loan to an applicant. That third party becomes legally bound to the credit agreement and responsible for making repayments in the event that the borrower gets behind. The guarantor can be a friend, a family member or even somebody at work.

  1. Homeowner loans

If you own your own house either outright or with a mortgage, then you may be able to successfully apply for a homeowner loan. These come with lower rates of interest than unsecured loans and, very often, have much higher capital sums on offer. It all depends on how much equity you have in your property (the difference between a home’s value and the outstanding balance of the mortgage). When you successfully apply for a homeowner loan, the credit balance is secured against your house meaning that if you fall behind with repayments or default, the lender will be able to apply to a court to take possession of the home and sell it to cover the outstanding loan amount and any interest.

Homeowner loans are similar to mortgages with sums of up to £250,000 (sometimes more) available and very long repayment schedules which can stretch to 25 or even 30 years.

  1. Payday loans

While payday loans have had a bad press in recent years, new rules imposed by the Financial Conduct Authority mean that all lenders now have to adhere to strict limits on the amount of interest they can charge and the number of times they can allow a borrower to ‘roll over’ repayment of the loan to a subsequent month. The APRs advertised on payday loans can still appear to be very high but it’s worth remembering that these are short term loans and APRs are a representative annual rate. Most payday loans are just for a month or two meaning that you will only ever have to be a small fraction of the total amount that you borrowed. Payday loans are available for sums ranging from £100 up to £1,000 and are a safe option for those confident that they will be able to make the repayment comfortably on time. For example, somebody who borrows £200 at an APR of around 1,400%, will then will only repay £250 – meaning that the total interest will be 25%, not the APR advertised in the headline figure. 

  1. Sub prime personal loans

While the banks may not want to offer somebody with a poor credit rating an unsecured loan, there are plenty of other lenders who do exactly that. Unsecured personal loans are usually shorter term loans than secured ones and will come with shorter repayment schedules and smaller capital amounts. They also come with higher interest charges because the lender is taking a bigger risk when lending to people who have a record of financial mismanagement. The sums involved are smaller than with homeowner loans and are usually amounts between £1,000 and £10,000. A small group of lenders are able to offer large amounts – up to £25,000 – although people with seriously impaired credit may be unsuccessful when applying for one of these. Repayment schedules are usually anything between one and seven years although some lenders do have plans which stretch out to 10 years.

  1. Credit unions

Credit unions represent a small but growing part of the lending market in the UK. They are mutual organisations – meaning that they are owned by their members – similar to the ownership structure of the old building societies. Credit unions serve the communities that they are based in and offer savings accounts and loans to people who live or work in the area. The major downside to borrowing from a credit union is that most will ask new members to become savers before considering them for credit. This is because the money that they lend is based on the capital that they hold on deposit. While the amounts that credit unions used to offer was small, loans are now growing in value with many now offering larger sums – sometimes up to £10,000. The interest rates on offer are often lower than for sub prime loans.

Article provided by Mike James, an independent content writer working together with technology-led finance broker Solution Loans – a company with many years’ experience in advising clients of their most suitable type of credit.