Archive for May 2012

Payday Loans – Do You Need Instant Cash?

May 31, 2012

Payday loans are an increasingly popular way of borrowing small amounts of cash, usually between £100-£1000. Payday loans are essentially unsecured short term loans designed to tie you over until your next payday, hence the name. The way they work is that you borrow an amount which you repay, plus interest, when your next pay cheque comes through.

Payday loans can be an important lifeline for those caught in a tight spot. You should only take out a payday loan for a short term emergency situation. For example, you might have received a bill that you can’t afford to pay, you have to pay for urgent home or car repairs, or you just need some extra cash to deal with your daily living expenses. If you need to pay for something and you cannot wait until your pay cheque comes through then payday loans can be very handy. In some instances, they can even work out cheaper than overdraft charges or going over your credit limit but this is not always the case.

Payday Loans are so popular because they are easy to get hold of and you can have the money often the sameday you apply and some lenders claim to be able to get the money to you in under an hour. The application process can be completed online in a matter of minutes. Payday loans are very accessible because if you have bad credit, have been refused a loan elsewhere or even been bankrupt you can still take out a payday loan because there are minimal credit checks involved. Usually you will find that the minimum requirements are that you are over 18, are a UK citizen and have a bank account.

As Payday loans are so easy to get hold of the interest is considerably higher compared to other loans. This makes them more risky, especially for those who are already in debt and the payday loan industry has been heavily criticised as lenders have been blamed for escalating people’s debt problems. When you take out a payday loan if you fail to repay what you owe plus the interest, the debt can be rolled over to the next month but you could end up paying interest for both months. Each month that you miss repayments you could keep paying the interest making the loan very expensive very fast. This could in turn spiral into a serious debt problem. Payday loans should never be taken out to solve any long term financial problems you may be experiencing. Also note that if you fail to pay back the loan you could damage your credit score which can affect you in the future when applying for financial products.

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Going on holiday? Make Sure You Have The Right Travel Insurance

May 24, 2012

Holidays can take a lot of time to plan and can cost a lot of money. To protect what can be a major purchase you should think about taking out travel insurance. Unfortunately, the unexpected can happen and failing to take out travel insurance can turn a holiday into a costly financial nightmare. A comprehensive travel insurance policy can be a great help if you have to deal with any number of problems while you abroad. Travel insurance can cover you if you experience travel delays, cancellations, missed departures, lost, delayed or stolen items including your belongings, money and transport, emergency medical treatment and repatriation, personal liability and legal expenses. You can also get additional cover options including winter sports, hazardous sports and leisure activities, terrorist incidents and if your airline goes out of business. You can buy travel insurance for a single trip or an annual policy for all trips taken in a year.

When deciding on the right policy for you bear in mind that different travel insurance policies cover different things and the risks that are covered will vary from policy to policy. With this in mind always make sure you know exactly what is and isn’t covered before you sign anything. You need to decide what is important to you and make sure that the policy you choose provides the right level of cover for your circumstances. This will help you avoid any unexpected surprises if you are unfortunate enough to make a claim.  Remember that price isn’t everything because the cheapest insurance is not necessarily the best as it will offer the least amount of cover.  

There are a huge range of policies and so it is essential that you take the time to find the best cover to suit your pocket and your travelling needs. Buying travel insurance through a tour operator or travel agent is typically much higher than what is available elsewhere and you shouldn’t be fooled by holiday operators who insist that you take out their own insurance. The best way to find travel insurance is to compare policies online. Sites like Which Way To Pay offer easy to use yet comprehensive comparison tables so you can compare different travel insurance policies looking at aspects such as the cost, excess and level of cover. This will help you find some of the best deal of the market saving you time and money.