Tag Archive for loan

Quicksilver Payday Review – Is It A Good Payday Loan Company?

November 16, 2011 admin No comments

Quicksilver is a payday loan broker that helps you find a loan in the UK. They provide a simple application form on their website and you get a decision within minutes of applying. Unlike many other lenders and brokers, they have a callback service, so you can actually speak to someone before deciding to go ahead with the loan.

Quicksilver has partnered with the leading lenders in the UK like Payday Express, Wonga and Txt Loan. And you can receive between £80 and £1000 depending on your personal circumstances.

All they require is that you meet the following minimum requirements to be approved for a payday loan:

  • Be over 18 years old
  • Be in full or part-time employment
  • Earn at least £350 per month
  • Have a bank account with a debit card

Quicksilver has received many positive reviews and ratings for its service. And this is because they provide more than a payday loan service; they also assist you manage your money and help you find the right loan for your needs. So our rating for Quicksilver is 4 out of 5 stars and this is reflected in online customer reviews.

However, Quicksilver has a few drawbacks you should be aware of before signing up. And we’ve included below the pros and cons we’ve found in this loan company:

Pros

1. You can borrow up to £1000 through Quicksilver, and that’s £250 more than you’ll receive from many online payday loan companies.

2. If you are a part-time employed customer, they will find the right loan for you.

3. Most lenders require that you earn at least £750 to apply for a loan. Quicksilver only require you to earn at least £350 per month.

4. You can request a call back from their customer team who help you make the right decision before applying.

5. Your employer will not be contacted.

6. Bad credit won’t affect your loan application. The lenders will only look at your current financial performance to ensure that you have sufficient funds on your payday.

7. They don’t charge you for any of their services.

Cons

1. There can be delays of up to 48 hours before you receive your money depending on the lender who has approved.

2. The fee on your loan will depend on the lender and could be anything between £25 and £30 for every £100 you borrow. So you have little choice on the fee you’ll be charged if you apply through Quicksilver.

Summary

Overall, Quicksilver is a good loan company and we encourage you to apply through them. They have a very helpful website that includes an FAQ section and you get a quick preview of all the lenders they send your application to.

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How Many Options Do I Have for Housing Loan Repayment?

September 16, 2011 admin No comments

An applicant has several choices in terms of finding the most suitable housing loan, similarly there are a number of repayment options too which can be explored as per one’s financial capacity of making timely payments to the bank. Choosing the right mode of repayment allows the applicant to avoid any hassles or stress related to delayed loan installments. Let us have a look at the various choices of repayment:

Accelerated Payment plan – This particular mode of repayment offers an applicant, the freedom to increase his/her EMI (Every month Installment) in order to close the loan as soon as possible. Accelerated Payment Plan is most suitable for those who need monetary assistance from the bank on an immediate basis but posses the ability to repay the loan within a short period of time by increasing their monthly installments.

Step-up Repayment plan – Applicants who have a stable career are most likely to receive this particular repayment option from the bank. Here, the bank verifies, the applicant’s current professional details and accordingly sanctions a certain loan amount for purchase of a residential property. The EMI’s within this plan rise over time as and when the applicant experiences a subsequent growth in his career. Depending on the applicant’s professional career, the bank can also decide on sanctioning a higher loan amount.

Step-down Repayment plan – A complete contrast to the above mentioned repayment option, here the applicant’s EMI’s reduces in time instead of amplifying. Applicants who purchase a house at a later stage of their life normally use this repayment option mainly because of their approaching retirement age. Banks arrange for a Step-down repayment plan for an applicant after careful analysis of his/her current income and the remaining years of employment before retirement. The interest rate is fixed in a manner that the installments are within the payable limits of the applicant even after his/her retirement.

Balloon Repayment plan – This repayment option is very much similar to the Step-up plan, in terms of having to pay lower EMI’s at the initial stages of loan approval, although here the applicant is given a pre-determined repayment date on which the applicant is expected to make a one large payment to the bank which finally closes the loan. Some financial institutions may also allow the applicant to make 3 or more large or medium sized interim payments. In addition to being used frequently for housing loan repayment, this scheme is also considered as a viable option by several applicants for personal and auto loans too. One of the biggest advantages of utilizing the balloon repayment option is that it provides the applicant major relief from worrying about the constantly fluctuating interest rates. Money lenders mostly offer this option to applicants who require monetary assistance on a short term basis so as to be sure about timely repayment. It is recommended to select this repayment plan only if you have a great investment sense in order to gain sure-shot returns to pay-off the loan amount within the provided time limit.

Loans , ,

Commercial Bridging Loans

August 16, 2011 admin No comments

Obtaining financing for a commercial property can be made through conventional lenders, but sometimes bridging loans are needed to make the transaction happen. They allow you to pursue opportunities that are seen as too risky for traditional sources. These are especially popular when the purchase is needed quickly but the existing one is still on the market waiting to be sold. If you’re not sure you will get approved, then a bridging loan may be just what you need.

When does it make sense to apply for bridging finance? It will depend upon each situation, but below are some advantages, as well as disadvantages to help you decide if you should consider it:

Advantages

• Flexibility
• Fast closing
• No credit issues
The biggest reason typically used for these loans in a commercial setting is because of its ability to have a fast closing. When an individual or company is looking to secure profitable opportunities, it is important to have sources to be able to close the deal within a week and not having to wait 30 days as traditional does. Closing quickly and as soon as possible is very appealing to a seller, giving you a better chance to secure the deal.

Disadvantages

• Risky
• High interest rates and points
• Short terms
• Lower loan to value ratio

Bridging Finance versus Conventional

There are certainly reasons where it makes sense to use alternative financing. Conventional can offer lower interest and longer terms, but here are a few of reasons why you would choose a bridging loan:

• Personal credit score problems
• The properties have problems (i.e. low occupancy rate, high cost for repairs, etc)
• Fast closing is needed in days rather than waiting for weeks

Items needed for qualifying
When you are looking to qualify, the lender will be looking at a few things when considering you r deal. It’s important to especially have a solid exit as that’s how a lender will know their investment will be repaid and give them reassurance they’re making the right decision in providing you with the funds. These items are listed below:

• Approximate value (not purchase price)
• Location
• Exit strategy
• Collateral (typically real estate)

Examples of exit strategies

One item that lenders will be interested in and expect will be that you have a clearly defined exit strategy on how you plan to repay. These will differ from situation to situation, but here a few scenarios that a bridging loan will be ideal for:

• Waiting for a buyer to qualify
• Moving to a conventional and waiting for approval
• Closing is near completion and will finalize shortly in the future

Bridging finance is a great way to make a profitable transaction close, if your other options won’t take it. Commercial properties are a perfect place to go this route. There are usually lower loan to value ratios as this is what protects lenders. So if you are looking to close quickly on a deal, need flexible options, and want a source that will provide the needed cash, then this may be your answer.

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