Getting to Know a Savings Account – A Detailed Guide

Saving money is among some of the most important aspects of life. It may be easier when you are unmarried and young, but as you grow older, every other step of life starts demanding more money. Raising a child, paying for their tuition, buying a house, and retirement, all major decisions require money. Unless you have any saved up, it is very difficult to manage through these stages of life.

This is where a saving account comes in. These accounts help you save money as well as earn from them to accumulate a greater amount.

Savings Account

These are deposit accounts which allow you to deposit a certain sum in them while sealing them from withdrawal for a particular period of time. Normally, the withdrawal is barred for a few years while you keep earning interest over your deposited amount.

However, you can still withdraw your money from these accounts in case of an emergency, but it requires paying a penalty charge. On the other hand, you can always deposit additional amounts in your savings account.

There are several different financial institutions with whom you can open a savings account. These financial institutions include Credit Unions, Mutual Saving Banks, Commercial Banks, and Savings and Loan Associations.

Special Savings Account

In the United Kingdom, there is a Special Savings Account which acts as a normal savings account, but allows you to make a transaction if the authority is informed ninety days before the date of transaction. They are great for people who want to withdraw a certain amount of money every few months for things like semi-annual tuition fee.


Apart from the withdrawal, there are several other restrictions over a savings account. To start off, you are not allowed to do more than six transfers from your account per month, otherwise you have to pay extra fee. However, you are allowed to change a savings account into a current account in case you are willing to perform more transactions with the same account over time.

Features of Savings Accounts

There are several features of a Savings account that consumers must know about. Some of them are:

  • You cannot withdraw money regularly from it unless you pay expensive charges.
  • The longer the period of a savings account, the higher will be its interest rate.
  • These accounts have some of the highest interest rates to offer.
  • Certain savings accounts in the UK even allow you to conduct regular transactions. However, these transactions are limited as compared to the freedom you get with current accounts.
  • The minimum and maximum balances of different savings accounts vary from each other.

Types of Savings Accounts

There are a lot of different types of savings accounts in the United Kingdom. Following are some of the best ones for you to opt from.

  • Regular Saving Account
  • E-Saver Account
  • Instant Saver Account
  • Champion Saver
  • Everyday Saver
  • Easy saver

Opting for a savings account is one of the best ways to save up for your future. It is easy to handle and allows you the mental satisfaction of having firm financial support in life.

What are the Risks of Unsecured Loans?

Why do more people opt for unsecured loans? It’s quite clear that people don’t want to take risks when it comes to borrowing money from banks and lenders. When we talk about unsecured loans, these are the loans that are not backed by collateral, meaning, they do not put your home or vehicle at the risk of foreclosure.

Borrowers are more relaxed with unsecured loans because they know they will not end up losing their assets. Unsecured loans might be less risky for you, but you need to figure out how much it costs at the end of the loan period and whether it is risky or not.

In this article, you will know the many risks associated with unsecured loans. Let’s begin!

do you need a loan

·      High Fees

When it comes to an unsecured loan, your lender will ask you to pay a big fee upfront so they feel secure in lending you the money. An unsecured loan is not secured by collateral, which means the lender needs full guarantee that you will be able to repay the loan in time. They need to be certain that they will not lose their money.

·      Higher Interest Rate

An unsecured loan is risky for lenders. Therefore, these types of loans have higher interest rates that end up making the loan costlier. If you are not ready to pay a higher cost for the loan, this is not the type of loan you should choose. Of course, your home will not be used as collateral, but you will be paying a lot money each month in the form of interest.

So, before you opt for an unsecured loan, make sure you understand how interest works. You can get lower interest rate if you have an exceptional credit score. Your credit score is a representation of how punctual and responsible you are in making payments.

A bad credit score shows that you are not punctual in paying your monthly fees. Therefore, if you have a good credit score, you can negotiate lower interest on your unsecured loan. When you are borrowing an unsecured loan, make sure you look at the total amount you will be paying at the end of the loan period instead of the annual percentage rate (APR).

·      The Insurance Trap

There’s so much that comes with unsecured loans including additional sales pitch. Lenders might get you to buy additional things with your loan including insurance. The insurance is sold to borrowers to protect the loan and the borrower from any disability or accident.

Although it might be useful to consider insurance, you do not necessarily need to buy it from your lender. Lenders usually charge higher on insurance. It is best to feel confident that you will repay the loan in time than questioning yourself over a sales pitch. Therefore, when you go to a lender for an unsecured loan, stay prepared to hear lots of sales pitches.

·      Early-Payoff Fines

Some unsecured loans don’t allow you to pay them off early. The reason for it is that the lenders have a certain amount of money they earn in the form of interest. Paying off the loan early means taking away that opportunity, which is the reason it is penalised by lenders. Therefore, it is best to make sure that your lender doesn’t put a fine on you if you pay off the loan early. In case you want to pay it off early from the beginning, talk to your lender before you sign the loan agreement so you can avoid trouble.

·      Additional Offers

You go to a bank or a lender and ask for an unsecured loan. The lender shares with you their requirements and you decide whether you want to opt for the loan or not. It’s as simple as that. However, some lenders might try to sell you additional things like cashback offers, insurance, etc., to earn more. If this happens, do not get into the trap. Buying extra things means letting the lender make a fool out of you. Just get the loan and leave. That’s all.

·      Interest Type

One of the things that can make it troubling for borrowers is the type of interest they have on their loans. If you have taken out an unsecured loan, you need to make sure that your interest in not precomputed. A precomputed interest is one which calculates interest based on your original payment schedule regardless of the status of your loan. This might take your interest higher, ending up in an increased loan amount at the end of the term. So, know what type of interest you are paying on your unsecured loan and make sure it is simple interest.

No matter what type of loan you are borrowing, it is important to understand its risks. Unsecured loans might make you feel relieved that your asset will not be at stake, but they have their fair share of risks that need to be calculated before time.

Questions to Ask before getting an Unsecured Loan

Loans are a great option when you need money. When it comes to unsecured loans, even with high interest rates, they are quite helpful. However, taking out a loan without doing proper research and weighing the pros and cons is something no one should do. There are so many things to look at when signing a loan agreement. If you want to make sure you are making the right move and not taking a big risk, below is a list of questions to ask before opting for an unsecured loan:

1.      How much do I need?

Before you rush to a lender to get an unsecured loan, sit down and calculate how much you need. Borrowing too much might make it hard for you to pay it back. The thing with borrowing money from lenders is that they put interest on the amount you borrow.

This means that you won’t be paying back the amount you borrowed, but that amount plus the interest. Since it is an unsecured loan that we are talking about, they have high interest. So, at the end of the loan term, you will be paying a lot more. That’s why it is best to borrow exactly what you need and nothing extra.

2.      What is the Repayment Term?

When you borrow money, you need to return it within the time specified by the lender. In most cases, lenders and borrowers negotiate the loan term that is suitable for both. One of the most important things to know is whether it is okay to repay the loan before the specified time or not. Many times, lenders penalise borrowers if they pay the loan off early. This happens because they miss their chance of earning additional interest so they put a fine on the borrower.

These things are a must to know before you opt for an unsecured loan or any type of loan for that matter. You should also take care of the monthly payments and never miss them.

3.      How does Interest Rate Work?

Regardless of the type of loan you are borrowing, it is essential to learn about the interest on it. If you talk about unsecured loans, it is not the ideal loan to get a lower interest rate. In fact, an unsecured loan has the highest interest rate due to its nature.

Unsecured loans aren’t backed by collateral, which means that the lender is taking full risk. In a bid to protect themselves from loss, lenders of unsecured loans charge high interest. So, if you are not willing to pay a high amount each month, this is not the type of loan you should opt for.

When you understand this, it is time to talk to your lender about the interest rate. Ask him how the interest is calculated and charged. Ask him if it is variable or fixed. Your lender might be flexible in choosing an interest rate type. So, always negotiate better terms with your lender.

4.      What happens when I Fail to make Monthly Payment on Time?

Lenders take monthly payments very seriously and so should the borrowers. When you take out a loan, you pay a monthly fee plus the interest rate. However, if you fail to make the payment, you will get in trouble. How much trouble you get in depends on your lender. So, when getting a loan, make sure you talk to your lender about late payments and ask them about the penalty.

Many borrowers fail to read the agreement document before signing it and end up paying hefty fines for late payments. In many cases, interest rate changes when you are late in paying your dues.

5.      What Documents do I need?

No matter what type of loan you are applying for, you need to make sure you have gathered the right documents beforehand. Without proper documentation, you might lose your chance of getting approved for any loan at all. If you are applying for an unsecured loan, you will need to provide your income statement, employer’s letter, credit score, etc.

These things are required by the lender to ensure you are safe to lend money. If any of the things don’t add up, your application will be denied.

6.      Should I be worried about my Credit Score?

If you are borrowing an unsecured loan, you should be worried about your credit score. Unsecured loans do not require collateral, which means that your loan isn’t secured by anything. Lenders look at borrowers’ credit score to ensure they are not giving money to someone who cannot afford to pay it back.

It is best to request a copy of your credit report from one of the three credit bureaus. After receiving the copy, you must check it to make sure that all the information is accurate. In case there’s an error in any entry, you can get in touch with any of the three credit bureaus to request a correction.

Remember, your chances of getting an unsecured loan will increase only if you have a good credit score. What’s more; those with a good credit score can enjoy lower interest rates.

unsecured loan cash

What’s Good about Unsecured Loans?

Unsecured loans are costlier, but they are less risky. These loans do not keep you feeling stressed over losing your home or vehicle. An unsecured loan can be a personal loan, a business loan, or a student loan.

Since you do not back the funds with collateral, you pay a high price for it. But that’s not all. Unsecured loans can be quite beneficial, especially if you want to spend the money as you desire. The lenders of unsecured loans do not ask how you plan to use the money. All they are interested in is that you make the monthly payments regularly.

Unsecured loans can be borrowed by businesses as well. Unsecured business loans are not different. All the lender needs to know is that your business is successful and you earn good money every month. The lender will look at your credit report and credit card sales to ensure you have the capability to pay it off in time. These loans are low risk for businesses since they do not use collateral, keeping them stress free.

The Bottom Line

Loans are divided into two main categories; secured loans and unsecured loans. If you are not thrilled by the idea of using your assets as collateral, it is surely an unsecured loan that you should opt for. But be prepared because unsecured loans are quite expensive. The amount you borrow increases over time with the addition of interest.

An unsecured loan is mostly beneficial, but can turn risky if you do not inquire about it and sign the agreement without knowing it inside out. With the help of the tips mentioned in this article, we hope you can make the best choice.

The Definition of Bridge Loan

Bridge loan is a temporary, short-term loan that is used for financing a greater expense. Like buying a car for example. It bridges a financial gap during the provisional stages of buying and selling property, building or expanding a business, or developing a product.

Like all loans, a purpose for funds is usually established before a lender will offer terms of agreement. However, a bridge loan is typically put together very quickly, with little waiting time between requesting the funds, and receiving the funds. Because of this, interest rates on bridge loans are usually higher than other types of loans. Essentially, there must be major profit incentive for a lender to take on the risk, otherwise there is no point in lending money.

Many lenders do not set minimum credit requirements, or complete extensive, time consuming reviews of an applicant’s income to debt proportion; as long as the requested amount is within the lender’s comfort zone. This is indicative of the nature of the situations in which bridge loans are requested. Usually, there is a looming monetary deadline, or a requirement on the borrower’s behalf that must be met immediately.

A software developer needs a little more research and development funding before the first prototypes are built.  So he decides to request a bridge loan. A family closing on a new home, while still owing on an existing mortgage. What else to do but to request a bridge loan. A successful business decides to try expanding their client base, or the owner wants to market their own brand – they’ll request a bridge loan. So you see the connection between the name and purpose – you take cash in order to buy/pay for something and bridge the financial gap between. Very clever, isn’t it ?

Bridge loan fees

Fees for a bridge loan are fairly significant. The appraisal and administrative fees alone will run about a thousand of dollars. Both the escrow and title policy fees come to just under a thousand dollars. Following these expenses, the origination fees can range from $500 dollars and upward, depending on the loan amount. Borrowers should pay special attention to conceptualizing the total cost of a bridge loan before interest.

There are no immediate payments due for three to four months. The interest, which is usually around 10-15%, gives the borrower much incentive to repay as fast as possible. To give some perspective on borrower risk for a bridge loan. There are a number of private student loans that have interest rates hovering around 9.5%. Interest rates this high, are crushing for a student fresh out of college. For a borrower with equity and a good plan, 10% is a temporary burden that is manageable, if they are careful.

In the end, we can say that bridge loans are very grateful for people who have regular job. Although is not for students also, due to often high interests. Students are able to claim bridge loans If they have some sort of income, which is needed for repayment of the loan.


A No Annual Fee Credit Card

Everyone has seen this elusive line many times over when they are shopping around for a credit card. But, what most people don’t know is that these cards are usually only for those with excellent credit, and not for people who have good, OK, or poor credit. Yet, for consumers who have established credit, few types of credit cards are more rewarding than a no annual fee card. These cards offer most of the same perks of other credit cards with the exception to the annual fees charged by some banks for issuing a card and managing a card account.

A no annual fee credit card is just that – a credit card that does not charge you a yearly fee to keep their card in your wallet. So what are these annual fees and how do they come up with what fee they will charge you?

Well, an annual fee is something that the bank or credit card company will charge you each year, usually on the anniversary of the month you signed up for the card, to keep your account open and in good standing with their company. These annual fees are usually figured one of two ways: they are either a set amount for each and every card or they are based on a percentage of the average balance that you carry throughout the year. So, you either know what your fee will be each year or you can get blindsided with the annual fee if you don’t keep on top of your balance with that certain card.

What’s mean no annual fee?

So, when people hear about a “no annual fee” credit card, they usually flock to the company to try and get one for themselves. Yet, it’s usually only those people with excellent credit who actually get this great deal. Those with less than perfect credit usually get their fee for the first year waived or something along those lines. You should make sure when you are signing up for a no annual fee credit card that you know if you have actually gotten this great deal or not.

A no annual fee credit card is great for those who are accepted for one. But, there is usually a catch somewhere in the mix. You should read all the fine print on your credit card application so you are in the know about any miscellaneous fees or penalties that can apply or any other restrictions on the card or your spending limit. This way, you are fully aware of all the dips and turns before you sign up and start spending your money. It will also keep you from getting blindsided with outrageous fees or penalties that can end up ruining your credit score.

So, before you jump on board with a credit card company who is offering a no annual fee credit card, you should make sure that you know everything about the card and the terms before you sign up the contract and take the card.


Payday Loans And Emergencies

Payday loans are also sometimes known to be payday advances. These are unsecured and short term loans that usually give small amounts of loans. The only collateral that you need for these loans are employment records and proof of income to show that you are indeed earning an income. These loans basically rely on the next paycheck of an individual.

The booming business of payday loans

Payday Loan and EmergenciesPayday lenders have definitely experienced a booming business worldwide. They credit their success to the fact that they have managed to establish a convenient service that was not widely available initially. They have also stated that emergency cash loans are a great alternative to people who are not looking to get conventional loans. The loans are also easily accessible and can really come in handy for a majority of the applicants.

Payday loans vs. other loan types

There are many short term loans than might seem a little more expensive when all the other fees are considered. For this reason, the payday lenders want to keep their business as separate from traditional banks as possible and they want to make sure that the lenders are connected with potential borrowers over the internet without any hassle.

You can get payday loans 24/7

Payday loans are accessible to all potential borrowers, no matter what time of day or night it is. While traditional loans require huge loads of paperwork and are potentially tougher to find, payday advances are comparatively easier avenues for borrowers. They are also accessible throughout the week and in most of the instances, the process is completely automated. After the applicants have submitted their track record which proves that they will be able to pay back their loans, they get access to the money instantly.  Check over here to learn more about payday loans.

Why pay the added interest rates?

In most of the cases, borrowers who wish to acquire payday loans borrow money in cases of emergency or they might have received an unexpected opportunity that they simply could not pass on. However, no matter what the reason is, the basic essence is that a person short on cash for the moment wishes to borrow money. This especially becomes crucial if the borrower does not have credit cards or family and friends who can help them out.

Since they carry a higher risk as opposed to the other types of loans, they come with added interest rates. It is a way for compensating the lender where they have not asked for any sort of collateral in exchange of lending money.

There are numerous companies that have started offering payday loans. However, despite the convenience, you should still compare the rules and regulations for different companies when it comes to these types of loans. After all, you want to benefit from the best possible rate for your particular financial situation. Interest rates may also differ with different companies and the more you are alert, the better it will be for you.


Payday Loans without the Company’sCertification: Is it possible?? Yes!

There are sites that are made especially for people who have credit rating that is bad; thus, they have difficulties to get any loan type. The most usual questions when applying for a loan in bank is if you are registered for permanent or not. Many people were employed on fixed-term and it is a big problem to raise payday loans.

Terms of these sites are minimal. This means that you can raise payday loans with no problem and without the company’s certification.By this, you can raise money in fifteen minutes after you requested a loan. I believe that all of us have at least once had no money in our pockets, and unpredictable costs have only made problems. So, money that we need so much in those kind of moments moments seem like miles away.
You are not a slave of your employer; what makes you being not credit worthy is the employers who do not hire you on permanent, and who pay you just a half of a salary to a bank account. So, why not contacting these sites?They will give you the payday loan amounting up to $900 without the company’s certification.

• Get a loan without certification of the company in 15 minutes after the request!

Since there is no waiting in lines, standing at counters, unnecessary crowds and knocking from door to door, minimum time is required when borrowing money urgently. It is not important where you are since you can submit a request for an urgent borrowing of money using a computer, phone, tablet whenever you wish. It will take you two minutest o register and fill in the necessary data; the rest is up to them!

When sending a request, they will approve it very quickly. But, the consumer who wants to borrow money needs to fit the minimum conditions. Due to business online, there is no need for any additional checks, public notary’s certification, company’s certification and some other additional paperwork.Also, the payment of payday loans to your bank account is done only electronically. This is the safest and quickest possible way to receive your money.

• Why should you request a pay day loan without the certification of a company?

You should contact them because they are a part of Ferratum Group, which is a leading provider of mobile financial services in the world. They have worked with over two million clients that are fully satisfied. They provide secrete and easy access to payday loans via the Internet or a phone.

Since they work with clients online, this means that you can apply for a payday loan from wherever you are, whenever – via tablet, PC or mobile phone. Furthermore, they will not ask you if you are employed temporarily or permanently. The company’s verification is not needed. What is important is the number of valid bank account and the last payroll.

Here are the Best Ways of Treat Payday Loans Appropriately!

Try borrowing from your bank or try using your credit card.

So, if there is a need for a petite loan for some of your expenses that are unexpected, you can always take out a small loan from your bank that has much lower interest rates than any other payday loans. In addition, you could save up great amounts of money just by using a credit card instead of raising a payday loan.pensionsmoneycash
Also, always take an opportunity of reading the fine print and be sure that you comprehend precisely how much money you will owe, regardless of the way you borrow money. Next, some of the loans taken from the bank are in fact not more inexpensive than any other payday loan.
Furthermore, try using all types of credit carefully. Also, never borrow more money than you can actually pay back. Do this in case there is a true emergency.

• Begin saving up money.

Firstly, pay back the loan. Secondly, put aside at least a small amount of money to be sure that at no time you will have a need of taking out a loan again. A sum of $10 weekly can transform into $520 annually. However, you should try going beyond that some if it is even possible.
Try and stick to a specified budget so as to make your saving even easier. So, you can begin with a blank paper piece and start writing all your income per month in a column. Then, write down all your monthly expenses into another column. So, the difference between your 1st column-income and the 2nd column-expenses is the some that you can start saving.

Beautiful woman holding cash with piggy bank in front

• Put a stop to emergencies.

You simply cannot avoid or be foresee all the emergencies that come across your way, however, you can always plan a bit. This can help in protecting your from financial crisis.
Try to put off big purchases until you have plenty of money to pay for them.
For example, you should keep the routine car maintenance up to date in order to pay for major repairs less likely.

• Do not forget to talk to a financial adviser or credit counselor!

Searching for professional help can assist you in avoiding having to raise loans out in the future. This is a good thing to do if you have troubles with creating a budget for yourself or managing your money.
Also, there is a great number of counseling agencies that do not even charge fees, and also those that charge minimal fees. Look for a credit counselor in your region online, or contact him/her via phone call.

• Pay back to yourself.

In case of “borrowing” against your own savings of money to pay for expenses that are unexpected, you should expand your rate of savings at least until it’s paid back to its initial level.

Women Taking Over Wealth Management ?

Wealth management since its beginning has efficiently evolved over the years, and this is all thanks to peoples’ business prosperity. Wealth management therefore follows its clients and their successes because the job of one wealth manager is to protect the clients’ wealth and organize tax and other types of planning for future savings of the same client.

Many wealth managers deal with all kinds of challenges on their jobs, this is why it is expected from them to be firm and calm in many situations as possible. There will be times when the client’s financial status is hit negatively, and wealth managers will have to advise them on what should be done in that situation. This is why being the wealth manager means being a professional; only a professional can help you out in these types of situations.

They are also people you can trust, because they work with the bank, although there are many private wealth management firms and consultants. No one says that trusting a private wealth manager is bad, but there are certain risks if those private firms are not checked with banks. They always need to be connected because you can’t trust someone who has no affiliation with the bank. Wealth manager needs to take your money seriously, not in any way steal from you.

Men were (in the not-so-distant past) were the ones responsible for the wealth in their families. This was in most cases true; they would come to that certain amount of money by working hard, involving themselves in various types of businesses and the women were the ones who were taking care of the home and kids. Over the recent years, this is not the case. More and more women are those who make more money because of their ambition and drive to succeed in a ‘man’s world’. It is said that women control half the wealth in the US.

What about other countries?

Financial success has become more important to women, this is why many wealth managers get more women as their clientele, which is not bad, only unusual because this sort of thing didn’t happen in the past. By 2020 it is estimated that women will be in control of two-thirds of the worlds wealth! Many women are facing success in wealth over men because they tend to inherit the large amounts of money either from their parents or their partners.

Women also have longer longevity of life and this results in longer retirements. Because of their analytical thinking, women are not prone to spending money on unesecary things like men do; they are better savers of money than men. Although this is not always the case. Wealth manager because of this advises woman differently then advising a man. When there is a married couple, wealth manager advises them differently as well. This shows how one wealth manager needs to be flexible in the terms of their client’s needs, always be willing to fulfill whatever is asked out of them.