Savings, who remembers them? For those that can’t remember, savings were a unique aspect of a bank account whereby you didn’t owe money, but you actually kept money spare. Sometimes these were referred to as a rainy day fund, the holiday fund or the car fund. Nowadays, if you want a holiday, a wedding, a car or even a new house, you’ll more than likely need a loan to afford those high initial payments.
Who’s to blame for this sad state of affairs where houses are now seemingly unaffordable for first time buyers and savings are an impossible thing of the past? Well, if you’re looking to point fingers, the banks and the annual recession year on year are almost certainly to blame. The entire world economy is on the brink of collapse almost annually at present, and this sees banks less likely to lend, houses too expensive to buy and the ability to save a thing of the past.
So what’s the solution?
You can’t wait forever to do the things in life that you want to do. Weddings, houses and cars all cost money but we just can’t rely on waiting and saving any more. Most youngsters would be in their mid-forties by the time they were able to afford the necessary deposits! The best solution for your financial needs is to look online for different types of loans, for example companies like Positive Lending Solutions specialize in loans for people with bad credit. This has been proven as one of the only options by recent news that credit card and loans have hit a four year high in the UK.
Log book loans are great if you already own your car and you need a quick cash injection to buy something else. Log book loans allow you to take a loan out, even if you have a bad credit rating, have been previously bankrupt or you have CCJs. The reason behind this is the fact that you use your car as security for the loan, reducing the risk for the lender and increasing your chances of obtaining the cash you require.
Pay day loans are another option which allows you to loan money in a very short time period. These loans are often very high interest and therefore have to be very short term. Choose a pay day loan only if you need cash quickly and you’re out of other options.
A homeowner loan is more suited to those that have already started their financial journey by getting on the housing market. Your equity in your home is used as collateral for the loan you require.
A personal loan is another option, either from a bank or a popular shopping supermarket (look online for the best deals). Personal loans can offer some great rates of APR to reduce the amount it costs you to lend the required amount; however, they can be difficult to obtain for those with bad credit ratings.