Tag Archives: loans
Borrowing Levels 'Are High'
Britons are borrowing an increasing amount of money, new research shows.
In the latest Savings Brake study carried out by Unbiased, lending through the likes of credit cards, loans and overdrafts accounted for some 11.7 billion pounds between July and September, a figure about double of that recorded during the preceding quarter. Meanwhile, findings from the firm also indicated that savings decreased by more than 11 billion pounds over the course of the third quarter of 2007. Overall, for every pound the typical Briton saved during the third quarter of the year, some 35 pence was borrowed. According to the company this represents a “significant increase” from the 13 pence per pound borrowed during the previous three-month period.
According to the company, the recent climate of high interest rates has seen many Britons dip into their savings accounts or take out a loan in an attempt to help cope with various financial constraints over the summer, including holidays. In addition, the credit crunch and its subsequent impact on the availability of cheap UK loans was also reported to have had an impact on consumers’ capacity to handle their money.
Commenting on the figures, David Elms, chief executive of Unbiased, said: “We have seen a lot of activity in the financial markets in the third quarter of 2007, which marked the beginning of the Northern Rock crisis. Interest rates over the summer were still at a high level of 5.75 per cent and many people will have felt the impact of the credit crunch starting to bite their disposable income.
“While the high level of borrowing and a drop in savings for this quarter may come as no surprise, it is a worrying development. And with the cost of Christmas about to hit the nation’s pockets over the next couple of months it is unlikely that we will see a significant improvement in the Savings Brake ratio.”
As a result, Mr Elms advised it is crucial that consumers take the time to take steps to take control of their financial situation. And that their level of savings and borrowing, whether this is through loans, plastic cards or other means, remains at “a healthy level”.
For those concerned about either their ability to save adequately for later life or about the level of money owed in personal loans, overdrafts, store cards and other forms of borrowing, taking out a loan for debt consolidation purposes may prove to be useful. And applying for such a loan may be useful for a rising number of people. A recent study carried out by Alliance & Leicester showed that following the series of interest rate increases since August 2006, households are feeling “less comfortable” in managing various areas of their finances, as the subsequent rise in mortgage costs impinges upon their ability to pay back loans and other monetary demands.
The study also indicated consumers put just 2.1 per cent of their salary into a savings scheme during the first quarter of this year, a record low. Although this proportion increased to 3.1 per cent between April and June, the financial services firm stated that is still below the decade-average of six per cent. As a result, applying for a cheap consolidation loan could help consumers drastically reduce their borrowing and free up more money to invest into savings accounts.
Online Guaranteed Loans Up To $10,000 Available
The news out of Wall Street and Washington is getting worse every day. It seems that our country is headed in a downward cycle financially, and it affects everyone – not just those who own stocks and bonds. The common man on Main Street is feeling the pinch too, as creditors lock up their vaults and hold on to their money, waiting to see what is going to happen next in the financial crisis. There are lenders, however, that offer online guaranteed personal loans for those who qualify.
Lenders Willing To Take A Chance
You may be hesitant to believe that there are lenders who are loaning money right now, but it is true. These lenders are doing business online where they literally have thousands of customers. This means that they have more business than the banker down the street who is refusing to write any new loans during the financial crisis, and thus they have more money to loan. These lenders have a confidence in the ability of the economy to correct itself – and they are willing to take a chance on you.
Loans Of $10,000 Or More
You can obtain an online guaranteed personal loan in amounts up to $10,000 – more in some cases depending on your income and ability to repay the lender. There are a myriad of purposes you may have for cash now in these hard economic times – perhaps you are falling behind on your mortgage or rent payments, or even monthly utilities like electricity, water, natural gas, or even your cell phone bill. Even buying groceries can be challenging due to skyrocketing food prices. Whether you need cash for these expenses, or need to consolidate loans that have gotten out of hand, purchase a vehicle, pay for your education or that of your children – an online guaranteed loan can be the answer to ending your financial worries and headaches.
Apply With Collateral Or Cosigner
To help speed up the processing of your online guaranteed loan, you can pledge collateral that will secure the loan with your lender. Collateral may be in the form of your home or automobile – basically any property that you own and have a clear and legal title or deed that can be submitted as proof of ownership to the lender. Your lender will place a lien upon this property that will be removed once you have paid in full.
Additionally, for those without the benefit of adequate collateral, a creditworthy cosigner can help you speed up your approval. A cosigner can be your parent, relative, coworker, friend, or other individual who has established credit and is willing to make your loan payments if you fail to do so. Most lenders offer an early release option for cosigners that will relieve them from all liability once you have paid on your online guaranteed personal loan for a period of time -usually a year or two.
For those without collateral or a cosigner, there are still many lenders who are willing to loan money for their personal use. By doing a bit of comparison shopping, you can find the perfect online guaranteed loan to help you make it through the hard times that have hit our country.