Options If Your Student Loan Arrives Late

Even though student fees have tripled in the last few years the number of people applying for university places hasn’t slowed down at the same rate. Rather than easing the pressure on the student financial services some of the problems it faced in the past are continuing.

Every year there are always a number of students who receive their loans late for various different reasons. Sometimes it may be through a fault of their own, at others the student services just struggle to deal with such a great demand. Either way, when you’ve got bills to pay not having the money in your account on time can lead to relying on other sources.

Bridging Loan

The first thing to do if your student loan doesn’t arrive on time is check that you’ve got the right payment date.Ensure your application has been approved, you have done everything and been registered at university, as only then will your loan be paid, before getting in contact with the student finance

If you have and the problem is with them, then applying for a bridging loan from your place of study is a good idea. The purpose of this is to tide you over until your loan arrives and is repaid after two weeks of receiving the full student grant/loan. All that’s required is evidence that you should receive a student loan and a bank statement showing you have below a certain amount in your account.

Student Payday Loan

Having to pay for the first month’s rent on your new student flat, bills and internet installation, along with other essential purchases such as books and equipment for your coursebecomes a real struggle if your expected loan doesn’t arrive. For those who haven’t got enough savings, taking out another quick loan is one option.

Unlike a normal payday loan, short-term personal loans from have been designed by students for students. Available in 60 minutes means you have near instant access to the funds. Ten days without late payment fees and interest which never rises above 50%, mean paying it back should be affordable for most students when their loan arrives.

Borrow from Family

You may think the moment you set off for university is when your full independence and freedom from your family starts. However, most people still return home every holiday and often move back in after their time studying has finished. It can be hard asking to borrow money as this seems like further relying on them.

Borrowing from family or even friends should hopefully result in far fewer interest costs (if any) compared to payday lenders. Plus there’s even more of an incentive to repay on time as you don’t want to ruin these relationships.

Tips on home loans for first time buyers

There are a few challenges associated with buying home for the first time. You may either need to stay on rent or accept the first offer that falls within your budget. Prior to buying a house you’ll need to consider a number of things. It will help you to make the most out of your purchase and simplify the entire buying process. This article will throw some light on what you may expect within your budget and yet can turn your life easier after buying your first home.

Most of your loved ones will agree that they got overwhelmed and excited while buying their home. Arranging for the cash to make their down payment is the first big hurdle that all home buyers need to cross. You may seek guidance from the first time home buyer programs offered by the state and federal govt.

For consumers that don’t have much of a credit history or earn a lower income, it is even more difficult to find a lender. That’s why it is even more important for the first time home buyers to seek financial assistance from private home loan services.

Let’s consider a few types of home loans that the first time home buyers may consider –

First Time Buyer Loans

Lenders that are approved under the FHA (Federal Housing Administration) are known to offer loans that can help the first time home buyers. In comparison with the conventional loans, the down payment and income requirements are lesser for these loans and they offer adjustable or fixed rate of interest besides higher loan-to-value rates. Value of property worth 97% can be borrowed by the first-time home buyers as per the FHA norms. The debt-to-income ratio allowed by the FHA is also a bit higher. This is the ratio of the percentage of your income that you spend towards debt repayments to the rate you’ll achieve under conventional lenders. What you get is a gift to meet your closing costs and your entire down

Down Payment Assistance Loans

First time borrowers may achieve down payment loans from lenders. These borrowers may seek a loan that can assist in meeting the down payment and move up till meeting the entire financing of their first home. The economy is stimulated by these loans and the housing market also gains more customers out of the low income segment.

Graduated Payment Loans

Individuals falling into the low-income segment may opt for the Graduated payment mortgages. It’s a bit different from the conventional loans. These loans are issued to individuals that foresee a growth in terms of earning for the following years. The repayment begins with much lower amounts; such amounts won’t even cove the loan interest initially, but they may be raised each month. A conventional mortgage can help an individual apply for a loan under this program.

This article is aimed at showing you the right way towards living up to challenges. You may try out a number of loan service providers, but you need to be sure that they have been in business for a while. You may try quality loan options like Newcastle Permanent’s home loan for first time buyers and check things out for yourself.

Tips to Pay off Your Home Loan Sooner rather than Later

Having a home loan can bea rather daunting thought for many people, no matter what their income is. Depending on the set-up of your loan, there could be many years ahead of making repayment after repayment. To avoid accumulating interest and becoming stuck with repayments for a lengthy period of time, consider some of the below tips to incorporate into your budget.


When you first bought your house, the loan you signed up for may have been the best option at the time, but is it still the best option now? Interest rates change, house prices fluctuate, and banks adapt their offerings. A great tip that could help get your mortgage down quickly is to speak to a professional such as Heritage Bank about what home loan might suit your circumstances now. Click here to check out their home loan calculator – varying the contributing factors can also help you assess what changes would be ideal to make.

Deposit Spare Cash

Depositing spare cash straight onto your home loan is another great tip to get your mortgage paid off sooner. As tempting as it might be to use that cash elsewhere, think about how much easier your home repayments will become once there’s less to pay and the interest repayments come down. This will be the time to focus on savings again.

Align Your Repayments

Another tip for meeting your repayments is to align them with your income. For example, if you get paid monthly, make the repayments monthly, or if you get paid fortnightly, pay them fortnightly. By incorporating this strategy, you will always find yourself well placed to maximise the amount you are paying, and even make additional payments on occasion.

Have an Offset Account6 Tips for Creating a Better Household Budget

An offset account is something not everyone would think of setting up; however, it is a handy feature to have up your sleeve if you want to pay off your home loan sooner. Because this account is offset daily against your loan balance, your interest payable will be reduced and you can get that loan down quicker.

Don’t Reduce Repayments

It might be tempting to reduce your home loan repayments if you’re not paying the minimum, or even to refinance the loan so the repayment term is extended. This will only bring your home loan to a standstill. Calculate your income and expenses, and stick to what you have already been paying. Reducing will only take you backwards, not forwards.

Nobody wants to be paying off a home loan forever. A home is a huge investment that you may want to be able to pass on to your children one day – and preferably without the debt that comes with it. In order to do this, try utilising some of the above tips and taking a smarter approach to how this investment can work best for you financially.

What are some of your favourite savings tips that could be adapted to help you pay off your home loan quicker? Discuss you answers in the space below.

Three Top Tips for Using a Pawnbroker

For those in need of a short-term cash injection into their bank account, the old-fashioned pawnbroker can be an ideal solution. All that you really need are some assets behind you, and in our possession-rich society, almost all of us have some of those.

The way that pawnbrokers work is to use this personal property as collateral against the money that they lend to you. This process is quick and easy, requiring no credit checks or complicated negotiations on either part. It also means that you’ll receive the money you need promptly i.e. as soon as an agreement over the value of the item is reached.

If you’re considering a pawnbroker as a viable borrowing solution for you, here are a few top tips to bear in mind…

pawnbroking-005Tip One: Spruce Up Your Items

Often, the items that people choose to hand over to a pawnbroker are ones that they don’t use very often, such as antiquated watches, old jewellery or dusty vintage furniture that they’ve dug out of their garage. Covered in dirt and grease, it’s very hard to assess an item’s true value, both for you and your pawnbroker. Taking the time to clean things up is helpful to you both, but to you in particular. The less money that your pawnbroker can offer you, the greater the profit he’ll stand to make if you default on a payment. He’ll be much more experienced at valuations than you, so at least give yourself the opportunity to assess the item in top condition. This will help to lessen the risk of you having the wool pulled over your eyes when it comes to negotiating a price.

Tip Two: Don’t Be Afraid to Negotiate

If it comes to a sale, the pawnbroker wants to make as much profit on an item as he can, so he’s going to offer you as little as he can get away with when it’s time to talk money. This doesn’t mean that the initial value he offers you is the highest that he’s willing to go, so be prepared to negotiate. A good tip is to work out how much you want beforehand. If you need £100 to cover a bill, then try asking for a little above this when you start discussing amounts. If you can provide the pawnbroker with a ballpark figure to work with, he’s less likely to go in as low as possible, and instead will try to save some time by negotiating a figure that suits you both.

Tip Three: Pick Your Item Up Well Before the Due Date

If you’re bartering with an item that you love, then don’t run the risk of losing it. Make a point of reclaiming your possession at least two days before its due date. Things have a bad habit of going wrong at the last minute, and you don’t want to find that traffic, overrunning at work or transport problems stop you from saving something that you love. If you fail to reclaim it on time, then the pawnbroker will have no chance but to sell the item, and that’s a risk that simply isn’t worth running.

Follow our top tips today to ensure that your pawnbroker experience is a positive one.

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Understanding Loans: Working Out How Much to Borrow

There are many types of loans available to those in need, and they’re available from many different types of lenders, such as banks, building societies, and even private companies like Nemo Personal Finance, remember that a Nemo Loan is secured on your home so always make sure you can afford the repayments. People tend to spend a lot of time looking at, and evaluating these options, and yet they often overlook one of the most basic considerations associated with taking out a loan: how much money they’re going to borrow.

If you find yourself in this position, here are a few things to consider:

Do You Actually Need a Loan?

The first thing to do when considering a loan is to sit down and work out how much cash you actually need at your disposal. Let’s say, as an example, that you need £5,000 to put towards home improvements. Before you look at lenders, is it possible that you could find some, or all, of this sum without borrowing?

Many people are loathe to dip into their savings, but these can provide a source of income, and taking funds out of them can save you money in the long run if the interest you earn on them is less than the amount you would pay on a loan.

You may also find that family and friends are willing to lend you money inteloansrest-free, although many might prefer not to ask.

It is also possible that, if the venture you’re saving towards can wait, you can simply save money over the period of a few months or years, and eventually pay outright without borrowing a penny.

Remember, any money you borrow will have interest attached, so it is always worthwhile to consider other ventures before taking the plunge.

How Much Do You Need to Borrow?

As mentioned above, you should think about how much you need before ever actually considering taking out a loan. This amount will be dependent on what you want to use it for, so make sure that you have a good idea before looking at your options. If you need £10,000 to buy a car immediately, for example, and have no other source of raising capital, then borrowing £5,000 will do little to help you. Make sure that your estimates are accurate before looking at different avenues for securing capital.

Consider, also, how much you have the capacity to repay, and factor in interest when you’re doing so. Failure to meet repayments can have very negative consequences, so if you know that you’ll never be able to pay back the amount you need to borrow, a loan isn’t for you, and you may have to put aside dreams of the object or venture that you were going to use the money for.

Assess the Total Cost of the Loan

Once you know how much you need to borrow, plus how much you can afford to repay, it’s time to look at your options, considering the real cost of the different loans available to you. To do so, you’ll need to factor in the following:


APR is the annual rate of interest that you’ll pay on the money you borrow, and can significantly increase the sum you need to repay.


Many loan companies will charge you a number of different fees for using their service, from setup to admin costs. Don’t forget to add them to the overall equation.

The Term of the Loan

The length of the loan you take out will largely determine the amount you pay in interest. If, for example, you borrow £10,000 over a term of two years, your interest payments are likely to be significantly lower overall than if you borrow the same amount, but make repayments over the course of three years.

These must all be added to the amount you borrow to estimate the total amount you will repay.

Loans can be a useful tool for helping people to secure capital that is not immediately available to them; however, as with most things in life, they do have their downsides. It’s very important to be aware of these, and to fully understand what you’re agreeing to, before borrowing money. If you still feel that loaning is for you, do your research to make sure that you choose the best possible option and don’t leave yourself out of pocket in the long run.


Getting a Business Loan for Your Small Business

Small businesses have been badly affected by the recent recession and are now being slowly shut out of getting a bank loan. They have lost several customers due to this and have also reduced the sales of their products. They have also had to lay off some of their employees due to their lack of ability to pay them.


Before the recession took place, many small businesses could easily get business loans and had an excellent relationship with their banks. The recession however changed all of this when it dried up almost all the lines of credit for small businesses. This left small businesses with the only option of going in for alternative sources of funding. A small business has to go in for an alternative business loan in such cases.

Merchant Cash Advances

When you receive a merchant cash advance, you would need to purchase and sell your future credit card income. You do not need to make regular fixed payments in return for the merchant cash advance. The person giving the merchant cash advance only takes a percentage of the income that comes in the form of credit card sales to the company. Taking a merchant cash advance can however be expensive, even though the rate of interest is not fixed. They can still keep a small business afloat.

Peer to Peer Financing

In case of peer to peer financing, you decide how you would return the money. All you need to do is to enter the details of how much cash you want, how you intend to repay it and how much rate of interest you are ready to pay on the peer to peer financing company’s website. Then, prospective lenders will make a bid on your loan. You however need to have a good credit score in order to avail peer to peer financing.


When you are looking to finance your small business and do not have much of a choice, then you need to find your strength in numbers. You can get crowdfunding from some websites by asking people to pool in small investments to help you finance your small business. Before selecting a crowdfunding platform, make sure that you have gone through their fine print and conditions, so that you are on the safe side. When you take advantage of crowdfunding, you need not worry about giving up an equity stake in your business. Very few crowdfunding sites require that you give up your equity stake in your business in order to get money to finance your small business.

Micro loans

Micro loans are loans that are smaller in value than most loans. These loans are generally issued to small businesses that are based in developing countries. Examples of micro loans are loans given to either basket weavers, street vendors or those that raise poultry. If your industry is a small business too, you can get a micro loan. The interest rate charged on an average against this loan is usually 35 percent. Even if this sounds high, it is definitely lower than the rates of interest charged by the other lenders. Since the processing of micro loans is an intensive process, it requires that such high rates of interest be charged. Micro loans are a great option for businessmen or entrepreneurs, who have no credit histories or who have a low credit score. Since small businesses need equipment for running their business, they can buy it using a micro loan. These loans are typically in the range of $6,000 to $23,000. Today, there are also websites that offer micro loans to small business owners.

Venture Capitalists

Venture capitalists offer loans to small businesses that have reached a phase well beyond the start up phase. Companies that grow fast and that have an exit strategy can make millions of dollars and help their company grow, when they borrow money from a venture capitalist. Most venture capitalists tend to concentrate on financing businesses that are already well off. So, they can even offer you advice on whether or not your business would prosper.

Family and Friends

If you have a family member or friends, who have got some cash to spare, then you have yet another way to finance your small business. While borrowing from a bank would require you to have a high credit score, borrowing from friends and family do not require you to have a high credit score at all. However, you need to be as careful with them as you would be with a bank or a lender. If there is some misunderstanding regarding money or if you have not repaid them on time, then it can lead to a sour relationship. Make sure you prepare a written agreement with a promissory note that you would repay them their money in full. You can get many sample promissory notes on the internet, which you can use to prepare one. Make sure you add the terms and conditions of your repayment, how you plan to repay them, by when and why you need the money in the written agreement. You would also need to frequently communicate with them with regards to the repayment of your loan in order to avoid any misunderstandings and in order to prevent any arguments from taking place. Make sure you repay their money in full at the end of the loan period.

Angel Investors

They can be your angels in disguise, when you want some money to finance your small business and have been denied business loans by your bank. Google and Yahoo are examples of entrepreneurs, who have taken help from angel investors and today, both of them are companies worth billions of dollars each. When the company is in its early stages of growth, angel investors put in some money with the expectation of getting back at least twenty to thirty percent of their investment. When you take a loan from an angel investor, you can enjoy working with people in a friendly atmosphere and this will help you with your business.

5 Financial Sins that Can Lead to a Bad Credit Rating

You might have heard of the phrase ‘credit rating’ before, but you might not know exactly what it means. A credit rating is basically an evaluation of how well placed you are to pay back your loans. This may be used in conjunction with an appraisal of your credit report, which is basically a list of all the times you have applied for credit. When you apply for any kind of loan, both of these come into play, and it may be more difficult for you to be approved for a loan if you have a bad credit rating. To prevent this from happening, make sure you avoid the following. Bad Planning

Bad financial planning and budgeting can eventually lead you down the path to a bad credit rating. If you have a mortgage or any kind of big personal loan, make sure you have a long term plan in place to pay it off and try to have a backup plan as well, just in case you fall into any other financial trouble along the way.

2. Credit Card Overuse

If you rely on your credit card a lot to get you to your next payday, beware! This might seem like the way to go now but, unless you are extremely disciplined with your financials, you may find yourself relying on your credit card more and more. If it gets to the point where you are unable to pay back your monthly statement on time, consider limiting your use of the card to desperate times.

3. Loaning Too Much

Many people make the mistake of attempting to pay off their current debts by loaning money from elsewhere, and this can very predictably lead to a snowball effect. This can earn you a bad credit rating, not only because the interest rates accrued from this method are extremely high, but also because this often means you cannot pay off your loans with the money you generate yourself.

4. MissingPayments

If you have missed payments on anything that is considered credit – including credit cards, personal loans or even something as simple as a phone bill, this can affect your credit rating. There is usually a fair amount of leeway given for late payments, but be aware that too many late or missing payments can drastically effect your credit rating.

5. Spending More than You Earn

This goes hand in hand with poor budgeting and overusing your lines of credit. If the amount of money leaving your accounts is greater than the amount entering, this will eventually lead to a bad credit rating. Budget well and you will not have this problem anymore!

If you already have a bad credit rating, do not fear! You are probably still able to get a loan if you need to, especially for important items like electronics and cars;you might want to look into obtaining a bad credit car loan, for example. There are specialists, such as Dreamloans, who can definitely help you on your way. As with everything finance related, make sure you do all the proper research before you commit to anything.

6 Things to Know Before You Get a Business Loan

Every small business owner faces the same problem: they all need more capital to successfully grow their business. No matter how well things are going with sales, marketing, and customer relations, at some point you will need a loan to move forward with the ultimate goals for your business.

However, getting a loan is no small task. It requires careful planning, organization, and a commitment to showing lenders that you are willing to do what it takes to make your business a success. So, if it’s time to move forward with your plans, here are the six areas you need to consider before you can secure those extra funds.


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  1. Know what lenders want: Lenders are ultimately there to help you, but that doesn’t mean that they are going to give you money on the spot just because you say you need it. Getting a loan is a complicated process that requires forms, bureaucracy, and professionalism. Lenders want to see that you’ve done you homework and that you’ve come prepared. This is the best way to start the process off on the right foot.
  2. Know Your Business: As pointed out in an article about securing loans, it’s important that you “Take a very close look at the amount of money you think you will need. Know exactly how much money you need to raise, as you have to be able to justify every penny to a lender.” A big part of determining the exact amount you need is by knowing your business. Take a hard look at your business plan, future projections, and assets. Having detailed records that easily conveys information in these areas will make it easier for you to determine what you need, and what you can put up as collateral.
  3. Know your your assets: According to a helpful article on collateral from Inc, “Most commonly, collateral is real property (i.e. an owner-occupied home), but it can also be represented by your business’s inventory, cash savings or deposits, and equipment.” It’s true that most businesses will find that a secured loan on property is their best option after reviewing their current assets, but be sure too look at all options. Here you can see secured loans explained.
  4. Know the alternatives: If you don’t have any equipment, cash reserves, or property that will work well as collateral, there are also other options to consider for raising funds. The world of peer-to-peer funding is growing both in terms of users and respect. Fine Extra recently reported new marketplace services that will work to help out small businesses that might not be able to secure a traditional loan due to credit or collateral issues.
  5. Know that negotiations Can help: The most important thing is remaining professional and trying to work with your potential lender, but that doesn’t mean you shouldn’t fight for the value of your business. Requesting an appraisal review and feeling comfortable discussing your ideal terms are some of the best ways to make sure you will get the loan you deserve.
  6. Know that a loan is only the beginning: The point of these tips is to help you look more prepared to take on the responsibility of a business loan, but then it will be time to put that money to good use. Take a loan as a great opportunity, and don’t let it go to waste!

Home Loan Tips – 5 Benefits You Get FromHome Loan

For the salaried class home loans is like a trump card which makes them eligible for acquiring the piece of real – estate at a young age with financial leverage. It would have really been a tough time for them, if the facility of home loan is not being available and perhaps one could have only thought of possessing their dream home after retirement or many would have compromised with that desire by prioritizing their social financial obligations and not been left with enough cash to chase their dreams of owning a house

save_moneyHome loans have not only detangled our life from the financial burden but also it comes with certain benefits…who doesn’t prefer an icing on the cake huh…

EMI options to ease your financial liabilities

The home loan shares your financial liabilities since whatever you pay for the monthly EMI, you will still be having your finances to place to maintain a decent life –stlye. Moreover you get the luxury to flaunt to dream house to everyone, thus adding an self actualization value to it…and trust me…it’s priceless

Tenure to decide on

The home loan provides you the option of picking tenure suitable for you. It’s important to pick up the tenure properly since your loan eligibility increases with the longer tenure or the EMI deducted lessens but on the long run, you end up paying more

Flexible options to choose from

Home loans come with different EMI options like fixed rate or variable rate. Fixed rate remained fixed throughout the repayment period of the loans whereas in flexible home loans the interest varies from time to time as per the socio – economic situations as well the Government regulations. If the economic situation is favourable then the interest rate goes down and vice – versa. By the way, if you have a co – applicant who is a senior citizen you get a rebate of .5% and financially strong applicant will add to the eligibility amount of the home loan. If you have opted for fixed rate of interest then the foreclosure of the loan will attract you a percentage of penalties but if you have opted for flexible home – loan interest, then you can repay back the entire outstanding money as per your convenience without any charges

Tax benefits

The home loans EMI attract full Tax Benefits. For instance if you are paying an EMI of Rs. 35,000 per month, it means this amount will earn you tax benefit under section 80 C

Increase your credit ratings if you are repaying it soberly

If you are paying the home loans on scheduled date then your personal credit ratings get improved. Even with time if you have a good loan repayment history you may add top – up on your existing home – loans. You are eligible for top – ups only after a certain period of time as well as repayment of certain percentage of the principal amount

Another important aspect you should not overlook when you are taking your home loan and that is to insure your home loan. It takes care of the unwanted emergencies ensuring that the house stays with your family in case of any, God forbidden, unforeseen and unexpected situations…chill…i am not scaring you, just sensitizing you about the hard face of truth… All the best…

Is student loan forgiveness a helpful way to repay your loans?

You may have heard about student loan forgiveness. But do you have any idea of whether or not it is really possible to get your loan repaid or if you qualify for this forgiveness program? Well, you have come to the right place. We will help you find out answers to all your questions in this regard.

Let’s find all the nitty-gritty of student loan forgiveness.

Education savingsWhat is student loan forgiveness?

It is the cancellation of entire or some part of your existing student loan balance. In other words, it is a program designed for cancellation of your student loan balance. If your existing loan is forgiven through this program, then you won’t be required repaying the loan any more.

Is it possible to get the loan forgiven?

Yes, federal student loans can be forgiven through this program provided you should meet certain eligibility criteria. If you meet the requirement, you must go for investigating matters you need to know in order to get your loan waived.

How to get your loans forgiven?

There are many situations under which you can surely have your loan balance forgiven. Some of them are given in this article. However, you can find information of student loan forgiveness options at You can also find information on repaying your loan at . You must talk to your loan provider for any query regarding forgiveness of your student loan.

Here are some situations in which your federal student loan can be waived.

  • Public Service Loan Forgiveness or PSLF – If you’re a public servant, you may be qualified for waiver of remaining balance of your existing Direct Loans only if you’ve made at least 120 qualifying payments or about 10 long years of payment on those loans. If you’re employed in AmeriCorps or Peace Corps, then also you’re likely to qualify for the forgiveness program. You may refer to Public Service Loan Forgiveness for more information.
  • Teacher Loan Forgiveness – If you’ve been teaching for 5 consecutive and complete academic years in some particular elementary and secondary schools as well as educational services agencies that work for low-income households and meet other required qualifications, you might be eligible for forgiveness up to certain amount on some specific federal student loans.

There are some other situations that may also allow you to apply for waiver of federal student loans. For instance, if you’re completely and permanently disabled, working in the U.S. armed forces that serve in places of hostility, employed at Peace Corps, or corrections or law enforcement office, you may qualify for waiver of a part of existing federal student loan. You may refer to for loan relief programs.

Please note there are many resources that may help you repay your loan. Apart from loan forgiveness and other benefit programs, you may also find some other options if you’re facing hard time or troubles in making loan repayment. You must consult your loan provider for all such options.

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