Unsecured Loans For Getting What You Want

So you’ve been delaying your vacation plans or plans to buy that dream home because you just don’t have enough funds for financing it. Now what? You can either keep on postponing your plans or go looking for better options. Naturally you opt for looking for better options, and one of the best options is taking out an ‘unsecured loan’.

Unsecured loans are personal loans that don’t require any collateral or security. Personal loans are the type that help you take care of personal needs. So there are two main types of personal loans – the ‘secured’ and the ‘unsecured’.

You might be asking yourself why I recommend the unsecured loan rather than the secured one. The reason is that when you get a secured loan you put up your assets as security against the loan. If anything should happen to cause you to default then you lose what you put up, so your assets are at risk with this type of loan.

Unsecured loans are far less risky than secured loans. They don’t put any of your assets at risk. They can be used for a wide variety of things like –

1. Home Improvement – These loans are use for improving or renovating your home to add value to it.

2. Car Finance – These loans are used for buying your dream car that you don’t have enough cash to pay for.

3. Debt Consolidation – These loans are taken out to consolidate existing debts into one single easily manageable loan repayments over a longer term. Continue reading “Unsecured Loans For Getting What You Want”

The Advantages of Payday Loaning

There has been a lot of talk over the practice of payday loaning. The understanding that payday loans often come with extortionately high interest rates, plus the lack of sufficient financial background screening for borrowers has put the institution under much scrutiny.

Allegations made to payday loans company Wonga about loaning money out to children has further fuelled anger towards the practice, with feelings against payday loaning being so strong that protests have been made against the advertisement of payday loan companies. However, there is much to suggest that payday loaning may be doing a lot more good than harm in this current economic climate. Here are the advantages of payday loaning, which we tend not to be reminded of.

Protests against Payday

The numbers of cases in which protests have been levelled against payday loaning are numerous. In effect, any company, business or institution that advertises the services of a payday loan company is in essence tarnished by this and prone to face scrutiny. Thus when Newcastle United Football Club announced a sponsorship deal with Wonga, they expectedly found themselves the subject of intense anger and disappointment.

Furthermore, football fans across the country protested against the association and advertisement of the English Football League with Wonga. This anger was so strong that the Football League had to eventually cut all direct ties with Wonga.

In addition, TV show presenters Ant and Dec were criticised heavily for their association with the ITV show Red and Black which advertised Wonga.

Understandable but NOT Justifiable

Taking into consideration the high interest rates involved in the practice, plus the fact that some payday loan companies (namely Wonga) tend to serve almost anyone, anti-payday loaning sentiment is understandable. In fact, considering the practices of Wonga, some payday loan companies should be heavily criticised.

However, not all payday loan companies are like Wonga and most act within the limits of the law and common morality.
Furthermore, from an economic perspective, there is much to suggest that we actually need payday loaning as a society. In such harsh economic times, many Brits are suffering to make ends meet. Bank lending has been somewhat limited in this period of mild austerity and therefore, and thus poor Brits have little option of debt or financial stress alleviation. Payday loans provide a solution that isn’t loan sharking or even drugs or prostitution.

Extortionately high interest rates aren’t ideal, but they’re a lot more ideal than the alternatives for many Brits in financial distress.