Archive for December, 2010

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  1. Why carry out a prepaid cards comparison?

    Posted December 30th, 2010
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    Most prepaid cards are different to each other, so the only way you may know you have the most appropriate one for you may be to carry out a prepaid cards comparison.

    There are a number of features that you may wish to look out for. Here are just a few that may be important.

    The logo

    Different cards carry a different brand or logo. This logo identifies the shops, ATMs, restaurants etc that will accept the card. Some cards carrying a logo like MasterCard, for example, can be used worldwide. Others may be restricted for use only within the UK.

    Transaction fees

    You may typically find that there will be a transaction fee applied to most transactions you carry out with a prepaid card.

    Different suppliers may well charge different fees for their various transactions.

    Having an idea in advance of how you may typically use the card may make sense. So for example:

    • do you intend to use your card mostly for cash withdrawals or online transactions, or at point of sale in shops etc;
    • are you interested in a card to give yourself some flexibility for your holiday spending money;
    • is the card to give your kids a safer option to carrying cash around?

    A prepaid cards comparison can help you identify the most cost effective card for your own particular spending patterns.

    Administration services

    The services supplied by card providers can vary quite a bit. There are cards, for example, that can be linked to an e-bank account that you can manage online. That may offer facilities for fund transfers, setting up standing orders etc.

    You may also find that you can access statements online, as well as arrange for options to receive text messages with statements or details of individual transactions.

    These and other services, like replacements for lost or stolen cards, blocking or unblocking the card or PIN, may have a small fee attached.

    Some of the optional services may be more or less important to you.

    In the final analysis

    The best prepaid card for someone else may not necessarily be the best card for you. A prepaid cards comparison may be a sensible way of finding out which card is going to be suitable.

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  2. New Year’s Eve spending and the payday cash loan

    Posted December 27th, 2010
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    Many people like to see in the New Year with a little celebration – and the payday cash loan may be able to help you achieve that if your finances are a little stretched at the moment.

    Setting the tone

    Even when times are tough and you’ve just had a very tight year, somehow seeing in the New Year in a little style seems a good idea.

    It doesn’t matter whether that’s a meal and celebration, a party or simply a trip to be with family and friends when the bells ring out, doing something a bit different on the last day of the year often appeals.

    Unfortunately, letting your hair down a bit can sometimes cost a little extra money – perhaps more than you have available given you’ve just got through Christmas and there may still be a while until your next payday.

    The payday cash loan

    That’s where the fast payday loan may be able to help.

    It’s a facility that may allow you fast access to a little extra cash (typically £100-£250) until you next get paid.

    You simply have to apply online and you’ll get a very fast decision. If the lender approves your application, they’ll typically send the money directly to your bank account where it may arrive within as little as 2 hours, assuming your bank can accept instant transfers and depending on the payday loan company.

    When you next get paid, you lender typically recovers the loan plus their agreed charges, by debiting your bank account directly.

    It’s all as easy as that!

    The requirements

    You may be eligible for such a loan providing you:

    • have a bank account and debit card associated with it;
    • are over 18 and have a verifiable UK address;
    • are in permanent employment and have a regular income.

    Given the typical size of the loan, you may find that a payday loan provider may be more understanding of any credit history problems you may have.

    The Festive season

    Nobody should spend more than they can sensibly afford over the holiday season, however, sometimes getting the New Year off to a positive start can be important to us psychologically.

    Used responsibly, the payday cash loan may be able to help.

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  3. Getting away over the New Year? How payday loans in the UK may help

    Posted December 25th, 2010
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    Getting away at the New Year is great – if you can afford it. Fortunately, for payday loans, UK providers are available who may be able to help.

    Getting away from it all

    There are a number of reasons why you may just need to get away:

    • perhaps you’ve been exhausted by Christmas and just need a break for a day or so;
    • maybe you’ve family or friends that have invited you to go and see in the New Year with them;
    • possibly you’ve spotted the chance of a couple of days in a hotel at a price that’s just too good to miss.

    However, the chances are that it’s going to cost a little extra money. It may be travel, perhaps a new outfit for a party or just the price of accommodation.

    Normally that may not be a problem for you but if you’ve just got through Christmas and payday doesn’t arrive until the end of January then you may have a problem.

    Payday loans and UK availability

    The good news is that payday loan providers may be able to help.

    Through a very simple online application, you can ask for a fast loan of typically between £100-£250. If your loan is accepted, the provider will send the money immediately to your bank account.

    When you next get paid, you simply pay the loan back in one go plus the provider’s previously agreed charges. In fact, you don’t have to do anything – the loan provider will typically debit your bank account directly.

    So, you have no long-term debt hanging over you.

    Credit history troubles?

    Of course, any loan provider may choose not to offer a loan if you have a very poor credit history. However, you may find that payday loan providers are far more flexible than others given that the sums they’re lending are typically smaller and for shorter periods.

    So a few blemishes on your record may not be an issue.

    Push the boat out

    Loans should always be used responsibly and spending more than you can sensibly afford is never a good idea.

    However, the payday loans UK providers may be able to help you with that special treat over the New Year – and why not? You probably deserve it!

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  4. A cash payday loan for those winter blues

    Posted December 23rd, 2010
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    There’s no disputing the fact that the winter months can be a bit of a long haul financially. With higher fuel bills to think about, any unexpected bills cropping up may just be too much to cope with. However, a cash payday loan may help lighten the load.

    No matter how well you manage your budget, those unexpected or overlooked bills always seem to crop up just when you can least afford them.

    It could be your washing machine that has just stopped working, your car that has failed its MOT and needs some attention or a whole host of other things. Sometimes you just need a little extra cash – and you need it fast.

    If payday is still some time away then a cash payday loan may be the answer.

    You may see cash payday loans commonly also referred to as fast cash advances. The reason for this is that these loans can typically be arranged very quickly indeed.

    Payday loans can be found online. The application process is typically fairly straightforward.

    All you need to apply is to be in employment, over 18, UK resident and have a bank account to which a debit card is attached.

    You’ll typically find that no one is interested in why you want the loan. That’s your business!

    Since these are loans that are paid back in one go on your next or next again payday, it’s important that you are confident of being able to repay the loan as agreed.

    You’ll typically get an almost instant decision on your application. A fast credit check may be carried out but because these loans tend to be for smallish sums of money, previous credit blemishes may not be a showstopper.

    If your application is accepted and your bank can handle the transfer method, the money could be in your account in a couple of hours with some payday loan companies.

    This could allow you to get that bill dealt with.

    Then, on your chosen payday, the loan, together with agreed interest and charges, will be taken from your account by an automatic debit card transaction.

    You can never predict when you are going to need some extra cash to help you deal with the unexpected. A bit of help from a cash payday loan may help you cope with those little traumas.

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  5. Winter sun and prepaid cards

    Posted December 21st, 2010
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    If you have already got that winter break planned and are heading off to warmer climes as soon as the festive period is over, then you may find that prepaid cards are a flexible and convenient way of handling your holiday spending money.

    Taking a cash card with you could mean the end of worrying about travellers cheques or carrying around all of your holiday spending money as cash – then having to find a bureau de change to exchange your sterling into the local currency.

    You can just withdraw cash in the local currency at any ATM where you see your card’s logo displayed.

    You may, in fact, have already used a prepaid cash card to help you stick to your Christmas budget. Having the same kind of flexibility and control while you are on holiday is just as important and just as easy.

    If you haven’t already used one, getting a prepaid cash card couldn’t be easier.

    To be eligible you’ll typically need to be UK resident, over 18 and have some official form of identification like a passport or a driving licence.

    Because you are not applying for any credit facilities, you may typically find that you are eligible for prepaid cards even if you have a less than perfect credit history.

    Once you have completed your application your, card will be prepared and sent out to you.

    Although you’ll typically receive your card within a week or so, it may be sensible not to leave it to the last minute before applying. Remember too that the PIN for your card will be sent out separately for complete security, so it may arrive a couple of days later.

    If you are looking for winter sun then you are obviously looking for a prepaid debit card that can be used outside of the UK. With a cash card carrying a logo like MasterCard, for example, you can be sure that it can be used at millions of outlets and ATMs throughout the world.

    You may wish to bear in mind though, that although you can use prepaid cards pretty much as you can a credit card, they won’t typically be accepted as a guarantee for a car hire for example – no matter how much money you have on them.

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  6. Bad debts and payday instant loans

    Posted December 19th, 2010
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    If you have had debt problems in the past, then you may know all too well how difficult it can be to access traditional forms of credit or lending. Payday instant loans, however, may be an option if you are looking for a short-term cash injection but have a less than perfect credit history.

    This is possible because of the nature of payday instant loans.

    They are based on the assumption that anyone can, from time to time, run a bit short of money just before payday. Not a long-term crisis, just a bill that needs to be paid now or a birthday or Christmas present that needs to be purchased sooner rather than later.

    They are typically loans of small amounts of money. Sums between £100 and £250 are fairly typical.

    There are no lengthy repayment schedules over periods of months or years. There’s just one repayment of the loan amount on a specified day – typically your next payday together with agreed interest and charges.

    For a lender, the risks involved in this type of lending are typically lower than for more traditional loans. A fast credit check may be carried out but this typically may have more flexible criteria than a full in-depth check. This could mean that your application may be accepted even when traditional lenders may turn you down.

    To apply you’ll typically need:

    • to be in employment with regular pay dates;
    • to be UK resident and over 18;
    • an income level that can support the repayment without leaving you short the following month;
    • a bank account which has a debit card.

    If your application is successful, you’ll know very quickly and you may find the loan credited to your bank account in as little as a couple of hours. You may have to wait until the next working day if you bank cannot accept this kind of transfer.

    The repayment (including any interest and other fees) is set up as a debit card transaction and happens automatically on your next payday – so there’s nothing for you to remember.

    Historic bad debt problems may cut you off from many of the traditional forms of credit. This could leave you struggling to cope with a short-term cash flow situation. A simple solution may be to try payday instant loans. However, do bear in mind that good or bad credit history, no one is guaranteed to be accepted for a payday loan.

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  7. Using instant cash payday loans

    Posted December 17th, 2010
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    Instant cash payday loans are a potentially very useful facility that just might help provide you with a little extra control over your financial affairs.

    How they work

    Instant cash payday loans (more commonly called just ‘payday loans’) allow you to borrow smaller amounts of money and get hold of it fast – assuming your loan is approved of course.

    Such approval is typically easier than in many other forms of loan because you’ll be borrowing less (typically £100-£250) and repaying it when you next get paid.

    The loan will be credited directly to your bank account and the loan provider will debit your account to recover the loan, plus their previously agreed charges, on your next payday.

    Why you borrow is entirely up to you – typically the loan providers will consider that to be your business rather than theirs.

    Responsible use

    Payday loans may prove useful if you have a sudden short-term pressing need such as a sudden expense (e.g. a car repair) or spot a great potential bargain – both cases where things aren’t going to hang around until you next get paid.

    What they are not intended for is to help meet ongoing shortfalls in your monthly income against your regular outgoings, neither are they an appropriate tool for use in debt reduction activities.

    Lower risk – easier access

    From the point of view of a typical payday loan provider, the sums involved are small and the loan term short, so their risks are lower than in many other forms of conventional loan situations.

    As a result of that, while a short credit check may be performed as part of your application, they may still advance a payday loan even if you have some glitches and problems on your credit history files.

    Additional control

    What the payday loan provides is potentially fast access to cash when you need it. That may enhance your ability to control your finances and deal with the occasional problem or opportunity when it arises.

    Instant cash payday loans can typically be found online. Finding out more costs nothing and that information may prove useful in future.

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  8. December finances stretched already? Applying for a payday loan today may be a solution

    Posted December 15th, 2010
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    With Christmas just round the corner, you may already be struggling to balance everyday bills with all the additional costs that the festive season brings. Trying to pay for everything out of just one payday is not easy, which is where finding out about a payday loan today may help.

    How they work

    Payday loans are loans of relatively small sums of money. You may, for example, be looking to borrow between £100-250 over a period of a few weeks until you next get paid.

    These are a very much like the old-fashioned salary advance from your employer where you borrowed a little and it was simply deducted from your next pay. The main differences being that if you get a payday loan then it is nobody’s business but your own, and a charge will be made.

    You typically apply for these loans online. If you apply for a payday loan today and your application is approved, you may find that the money could be in your bank account today as well.

    It can all happen as fast as that (if your bank cannot accept these types of fast transfer then you may have to wait until the next day.)

    The loan is repaid in one go, typically on your next payday (repayment on the payday following that may be an option). The repayment is carried out using an automatic debit card transfer on your chosen payday. You don’t have to do anything.

    Who can apply

    To be eligible for a payday loan you typically may have to:

    • have a job with regular paydays;
    • be over 18 and UK resident;
    • have a bank account which has a debit card attached;
    • be asking for an amount that makes sense in terms of your income and your ability to repay it in one lump sum.

    If you’ve spent most of this year watching the pennies then the thought of more budgeting and belt tightening at Christmas time may just not be something you want to consider (possibly in more ways than one!)

    So, if you are finding that your Christmas budget is already a little stretched and need just that little bit extra to see you though until you next get paid, then a payday loan today may be the solution.

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  9. The New Year, students and cheap prepaid cards

    Posted December 13th, 2010
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    If you are a student, the start of a new year and a new term may be a good time to get to grips with your finances. Cheap prepaid cards may make sticking to those new resolutions just that little bit easier.

    Convenient to use

    The convenience of having a plastic card of some sort cannot be overestimated. However, if you have a credit card then hand in hand with that convenience may be the temptation to use your available credit a bit more than you perhaps should.

    Debt can quickly build up and so too can interest charges, if the balance is not cleared every month. Being a student can be stressful enough without the added burden of escalating credit debt.

    Prepaid cards are a form of plastic that offers absolutely no facilities for running up debt. They may also be referred to as cash cards, prepaid debit cards or even prepaid credit – even though there is no credit involved.

    Easy to get hold of

    Online providers typically supply prepaid cards.

    Each one carries a logo like a prepaid MasterCard, which identifies the outlets and shops at which it may be used. You can also use them to withdraw cash at ATMs with the logo (though charges may apply).

    Before you can use your card you have to load money to it. You can do this at any PayPoint outlet or via a standard bank transfer.

    Some cards also may link to their own e-bank account, which can offer many facilities similar to those available with a traditional bank account.

    Budget control

    This means that you are effectively planning your budget in advance. You can then only spend up to this limit. This could make those impulsive spur-of-the-moment purchases, that you may regret later, that bit easier to avoid.

    Fees for use

    Different prepaid cards have different fee and transaction charge structures.

    How you use cheap prepaid cards may be a big determining factor in the amount of charges that may be levied. Everyone’s spending patterns may be different, so what could turn out to be a cheap prepaid card for you may not be best for someone else. Obviously checking these charges out may make sense.

    Cheap prepaid cards may help you regain control of your finances in the New Year. Why not resolve to check them out now?

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  10. Payday loan advances – cost effectiveness

    Posted December 11th, 2010
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    It’s not always easy to grasp the true cost of a loan – though in the case of payday loan advances this may not be the case.

    The costs of a loan

    Virtually all professionally sourced loans will cost the borrower money. That’s how the lender funds their business and their profits enable them to keep lending money to borrowers.

    The way that loan providers describe the cost of the loan to their clients is, in fact, regulated. You will typically see it cited as an APR (annual percentage rate) though some caution may be advisable because sometimes the loan provider may not only charge interest on the loan (the APR) but they may also make various other charges.

    However, with a reputable payday loan company, they will be laid out clearly for the borrower to see before the loan is taken out.

    Approved versus unapproved

    Payday loan advances, like all forms of professional lending, are classified as approved lending. That’s because you apply for a loan and the loan is approved. If the loan is not approved then you cannot borrow the money.

    The same basic principles apply to credit cards where the loan is pre-approved up to a specified level (the ‘credit limit’) or authorised bank overdraft facilities.

    However, this is not universally the case.

    If you have a classic bank account and write a cheque that takes your account overdrawn without the prior agreement of the bank, they may still pay your cheque but they will typically consider this to be an ‘unauthorised overdraft’.

    In fact, the same thing may happen if you use a bank debit card. If you have miscalculated and use the card for a transaction for which there are insufficient funds, the bank’s system may still authorise the transaction. Once again, that would constitute an unauthorised overdraft.

    Making comparisons

    It can be very difficult to make accurate comparisons between loan types.

    You may find though that a payday loan may typically cost less than a bank’s unauthorised overdraft charge, as highlighted in the national newspaper the Daily Mail (click on the link to read more).

    It’s also worth keeping in mind that trying to compare a payday loan’s APR with ales than a month and as a result, the APR may be deeply misleading.

    All loans, including payday loan advances, should be used responsibly.

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