New regulations for the ‘payday’ loans market in the UK

A ‘payday’ loan is a short-term loan, and this is a highly used loan type.  The interest rate on these loans varies widely, but, with the high risk of lending these amounts to people who probably would have difficulty in getting traditional loans from financial institutions such as banks, the high interest rates charged are defended as justifiable.

An investigation was done by the Competition and Markets Authority (CMA), and their findings were published in 2015, with resultant amendments to the regulation of the ‘payday’ loans facilities offered by a large number of lenders across the UK.

A payday loan is defined as a loan of £1000 or less, that has an annual percentage rate (APR) of more than 100%, and is payable over a period of up to, but not longer than, 12 months.

Here are the highlights of that report, and commentary on how this will impact on you, the potential customer of these lending institutions:

  • A key finding was that lending in the ‘payday’ loans market was driven by the speed with which money could be borrowed, rather than the cost of the loan, which affected the competitive nature and the risks to both the lender and the borrower;
  • Most customers find the ‘payday’ loans companies their borrow money from through lead generator websites, and this usually favours the lead generator, rather than the customer, because they will direct potential loan customers to highest bidder to the lead generator company, which does not really afford the customer the opportunity to compare loans with other lenders or choose a loan that best suits their needs;
  • New lenders are restricted in their access to potential customers by the cost of advertising to compete with established lenders.

The Order that was issued and has been phasing in over a period of time, is now fully in force as of August 2016, hence the need to raise the awareness of the customers of all ‘payday’ loans companies, as these new regulations are largely for the benefit of the customers.

The package of remedies put forward in this order are, most notably:

  • An online provider of payday loans has to publish details of their products on at least one Price Comparison Website (PCW), to educate the potential customer regarding the best possible products available in the market that will best suit his / her needs;
  • The information that should be made available to the potential customer is the amount of interest, fees and charges levied on loans, the minimum and maximum value of the loan, the repayment structure, the fees and structures that apply if a loan is not paid on time or at all, or even if it’s paid early.

Also, if you go to the website of any payday lender now, there should be a hyperlink to a FCA-approved PCW.

All these provisions have been implemented to protect you, the consumer, and your best interests, so keep these provisions in mind the next time you go surfing the ‘net for an online payday loan.

Credit Poor – Loans for bad credit

Helps In Improving the Financial Condition

Capital is the main thing that every person needs to fulfill his/her requirements so that he/she can easily live life comfortable. Nowadays most of you people are becoming passionate about comforts and luxuries and want to follow many different styles according to the trend for that you need to have good source of income through which you can have all these things and enjoy at the best comfort level. From all of the above your financial condition should be very good so that you can have good business with handsome earning to overcome all these comforts and high standard of leaving.

Benefits of taking loan;

If suffering from poor financial condition than you can go for the best option is that taking a loan as loan helps you by providing you with some amount that you can easily invest on the place from where you can get the huge profit and that will make your financial condition better. But to get loan on poor credit condition but there is a logbook loan that provides loan easily even on credit poor in exchange of a vehicle so that you can easily come up with the financial condition and make it stable. There are many benefits of taking logbook loan are;

  • Swift money; swift money means that the people who provide with logbook loan does not check any of the credit history and also even don’t check your income details. The person lending will keep your vehicle in exchange of money for that particular of time and after you pay the loan back then your vehicle will owned by you again. Amount of loan will be decided according to the amount of the vehicle at the present time.
  • No added burden; logbook loan saves from many burden returning within short period of time with huge interest as normal loans are difficult to repay within a short period of time but can pay this loan easily within 78 months or above that.
  • In comparison to other loans its cheaper; it is the cheaper loan than any other as it ensures the lender that he will get his money back even in the bad condition so there is no fear of losing money from any of the side.

Easily provided without any hard issues;

Logbook loans are easily provided as it gives many benefits to the people who want to start with a new work or to the homeowners for completing any of the financial situation in hard times because this loan does not check any of your background just lend you with a loan even at a credit poor history and even don’t ask for an income history. The lender will lend you money in exchange of your vehicle and amount according to the vehicle prices but the main thing is that still you can use the vehicle but the original documents of the vehicle will be kept with the lender as he keeps it as a security so that in future if the borrower is unable to repay the loan amount then his/her vehicle will be kept by the lender and if well complete his money from that. Taking is loan is not a lengthy process and is very easy to take with simple document formalities and also you can lend in case of emergency and is easily to pay within the 78 months and also can extend if not able to pay in that. Lending this loan does not need any of the formalities or any issues as it is the simplest process of the loan taking and also help in improving the financial condition.

Benefits of Trading with Binary Options

Trading using Binary Options has become popular with the increase in the number of traders who have switched to this kind of trade because they say that it is much easier compared to other types. This is true, because it can be explained in a very simple way for people to be able to get how this thing works. Just with the correct prediction, you can win on your trade. Although it may seem easy, there is no guarantee that you can win every time because of course, there will be times that you may predict wrongly. But, there is a way where you can be at an advantage, and this is through using strategies that can help you to be able to predict correctly than to just guess. The call and put options can possibly be the easiest type of trading and that is known to a lot of people. Aside from the known advantages that binary options trading has, here are also some of the other benefits of using this kind of trading compared to other types.

One would be the low cost and fast return feature of the binary trading. In this way, one can trade a variety of assets across a lot of markets and then they can also offer greater rewards only in a short span of time. There is only a limited risk as compared to other trading because you can trade with minimal amounts especially when you are still doubting about the legitimacy of the trade. Also, this is because you already know the payout even before you can start betting so you will also know how much you will lose in case you predicted incorrectly.

You are able to calculate how much you would lose and this is something that other trading options do not allow. Another benefit of binary options trading is that it has a low investment needed. The ability to be able to trade small amounts in time makes it affordable however it depends on the broker on how minimal they are allowing for people to invest on the trade. Betting using smaller amounts especially in the beginning is more advisable since you can only trade as much as what you are willing to potentially lose in case you are wrong with your prediction.

Another benefit is that binary options lets you trade anytime and anywhere with their mobile trading platforms. Therefore, it is more accessible to traders so they can trade anytime they want, and also, traders can track their trades as convenient as it can be. There are many other benefits that binary options have and you can see Trading Binary UK. Although this is the simplest way of trading, you should control how you trade because if you end up gambling, it will not be beneficial anymore to you. You need to understand how to control and play the trade, so that it will be more profitable and you can increase your potential to win your bet.

What You Need to Know About the Guarantor and the Borrower

A lot of people have been asking what a guarantor loan is. A guarantor loan is available in the United Kingdom, which makes people who have had a bad credit history, to be able to get a loan again through the help of a guarantor. This which is what you call a guarantor loan is really helpful especially when you really need to get a loan again but companies reject you because of your poor credit performance in the past years. The most important aspect that you need in order to be able to be apply for a guarantor loan would be of course, a guarantor. Without a guarantor, you cannot be considered for a guarantor loan.

For a guarantor to be qualified, you need to be able to have the criteria in which you need to follow. In several companies, the standard may vary but mostly, they require the guarantor to be over 21 years of age, is receiving an income, and also, with a good credit history. Some qualifications resemble that of an ordinary loan application. When this first phase of the guarantor check has been able to be done, then there are other following steps to proceed to be able to check your guarantor. Also, take note that in some companies, they may be using computerized that are scoring systems to be able to credit check your eligible guarantor.

When they pass this, the company will also need to secure some verification checks through asking a number of questions to the guarantor, and that to check that they are amenable to this guarantor loan. The company should be able to verify that the guarantor is willing and that the guarantor will help in this loan application. Also, the company or the lender will also need check whether the guarantor and you, the applicant, can be able to afford the loan that you are trying to get. In this case, you need to be able to do better than your previous bad credit applications.

When in case you, the borrower, would be unable to do the repayment of the loans, no need to worry for the guarantor because they will not be immediately bugged down by the company or the lender. The company or lender will give you time to make up for the necessary actions that you need to do in repayment but in case you fail to do so, the lender will already contact your guarantor in behalf of you and should be able to do and help you with your payments. If in case both the borrower and the guarantor are unable to pay for the needed repayments, then this will be a bad experience as well because there will be measures that will be done to you and your guarantor. On the other hand if you are complying with your repayments then it would have a positive effect in your previously bad credit history and it will continue to give you a good credit now.

The Ultimate Guide to protected trust deeds

The basic idea behind getting you the trust deeds was to ensure that you could pay off your debts in a protected environment. The Scottish Trust deeds are protected as they are a legal binding agreement between the debtor and the creditor to ensure that by the end of the term, the debtor will be completely debt-free and will not owe anything whatsoever to the creditor anymore. Getting such kind of legal protection may affect your credit rating, but if you are really in a difficult situation and you cannot handle so many creditors any longer, you must consider availing the trust deeds as soon as possible.

Here the few steps which you should consider while on the road to availing protected Scottish trust deeds:

  • Consult with the Insolvency Practitioner. Have a proper discussion with them regarding your current financial circumstance. Ultimately they will be the medium between you and your debtors. Also, be honest with them so that they can chalk out a realistic budget for you. This way your debt payments will be affordable and less strenuous. Since the one single monthly payment will be paid off to all the creditors, it will form the basis of your trust deed. If you have any further queries, discuss it with your insolvency practitioner.
  • Once agreed, you will be asked to sign the trust deed, once you do that, your creditors will be notified. Don’t worry; your insolvency practitioner or trustee will take care of this part. This part will be the proposal, whereby your creditors will be notified of the amounts that you wish to pay and how much each creditor can expect to get within the stipulated time. The creditors can then accept or reject your proposal within five weeks from the delivered time. If one third of your creditors have accepted the proposal, then your deed receives a protected status. However, if they do not respond at all, then it is considered accepted by default.
  • Once your deed gets the protected status, you will be fully protected under the terms of the deed and your creditors will be prohibited from taking any legal actions against you. The level of equities you possess, are discussed with you during step 1. If your house has a lot of equities, all or at least some part of it will have to be released to your trustee to pay to the creditors. However, how you wish to release those equities is up to you. Your trustee or the insolvency practitioner will discuss with you on the ways you want to release your equities. Of course, each situation is different, but it is highly unlikely that your insolvency practitioner will force you to give them your equity.
  • All the payments can be made within 3 years, but mostly it takes somewhere between 3 to 4 years to pay off the debts completely. Even if they are not paid off completely after 4 years, your remaining debt is written off by a discharge letter that confirms this. After this takes place, your creditors can never approach you for the balance amounts which were due.

Car Logbook and V5 loan companies

Concept of logbook or V5 loan

First of all you should know what a logbook is. A logbook is a V5 Registration document, and this is the most important piece of paper for the ownership of a car. A car logbook is a document issued by the Driver and Vehicle Licensing Agency (DVLA). This document is used as a proof of ownership of the car. Even though it can be considered that the document is there to track the owner of the car. At the time of sale or purchase of the vehicle, the document is sent to the DVLA and then sent to the new owner. If you do not have a V5 logbook, then you must apply to the DVLA for replacement. A car purchased without a logbook can be considered as a stolen car.

A logbook loan is that loan which you get when you use your car as the security. You have to hand then over the logbook to the moneylender until you repay the loan amount with the interest. Now the borrower becomes liable to repay the loan on time, and if he doesn’t, then the car is sold off. The following are the reasons for which logbook loan is good:

    A better alternative: Logbook loans are better alternatives to overnight loans. Overnight loans will charge you a huge amount of interest rate. Logbook loans, on the other hand, come with very low-interest rate and are much more reliable.

    Even bad credit history is also accepted: Logbook loans do not consider your history because, you have your car to act as a security. When people have a bad credit history no one is ready to lend them, but, in this case, there is an ease of access to the quick loan.

    No early repayment fee: If you have the money to clear the loan amount much more quickly, then you can simply clear your loan. Logbook loans do not charge you extra money for earlier repayment of the loan.

    Your car is still yours: When you take a logbook loan, your car acts as a security but even then you do not need to submit your car with the lenders. You still have the right to use your car.

There are many logbook loan companies. You can visit their website their website anytime to know more about them. You can log on to, Logbook Calculator is not loan company itself, it rather compares all loan providers and refers customers to companies which are registered with the Office of Fair Trading. They also hold a Consumer Credit License.

How does Logbook Calculator help? refers to customers to lenders for logbook loans. They take your logbook loan application and present it to an appropriate lender. They have the best lenders who lend you at a competitive rate. Their website is completely free to use. They do not oblige you by any means to take loans from the recommended lenders. They simply bridge a path between the borrower and the lender.