Secured loans Finance

Secured loans

Secured loans require collateral to act as a form of security on the loan, with examples of secured loans including mortgages and vehicle loans. These tend to have lower rates of interest than their unsecured counterparts, but they do come with the risk of losing your home, vehicle or other possessions if you are unable to repay the loan on time.
Unsecured loans Finance

Unsecured loans

Unsecured loans are a form of finance that does not require any collateral such as a home or any other personal property. Due to the higher risk that lenders take on with these loans, the interest rate tends to be higher. Should you default on this kind of loan then the lender has no legal method of claiming back the money that you owe them.
Types of Personal Loans Finance

Types of Personal Loans

There are numerous different types of personal loans available, and the most suitable for you depends on your financial situation and the reason for needing a loan. Unsecured loans Unsecured loans are a form of finance that does not require any collateral such as a home or any other personal property. Due to the higher risk that lenders take on with these loans, the interest rate tends to be higher. Should you default on this kind of loan then the lender has no legal method of claiming back the money that you owe them. Secured loans Secured loans require collateral to act as a form of security on the loan, with examples of secured...
Credit rating Finance

Credit rating

Credit rating refers to the evaluation of a prospective debtor’s credit risk, to establish the likelihood of them successfully repaying the debt and avoiding defaulting. It can be a confusing topic, but it is very important for your future, so ensure you read through our guide to bring yourself up to speed with credit ratings. ’Universal credit ratings’ do not exist You may have heard of universal credit ratings and blacklists, but the truth is that neither of these exist. Every lender scores you on different criteria, so rejection from one lender does not necessarily mean all lenders will. As well as using your credit file,...
A Beginners’ Guide to Loans Finance

A Beginners’ Guide to Loans

The concept of a loan is very simple: you agree with a lender to borrow a certain amount of money from them, and then pay it back (plus interest) over an agreed period of time. There are many different types of loan available, as well as other credit sources, so it’s important you know how to shop around thoroughly to save yourself money. Personal loans (also known as unsecured loans) are the most typical choice of loan. The money you receive is not secured against any property or asset, and typical rates are between 6 and 13 per cent. Secured loans are when you borrow money and it is secured against an asset, which the lender...
Starting a Pension Finance

Starting a Pension

A pension is simply a way of saving money for your future retirement. As we live longer and the retirement years increase it is advisable to start saving early. How do I start a pension? There are two main ways of starting a pension, setting one up independently (personal pension) or getting one through your employer. You are not restricted in having one or the other, you can have both. With so many options on the market, choosing a pension can seem daunting. What about my circumstances? You can set up a personal pension whether you are employed, self-employed or unemployed. How much you save depends on your individual...
State Pensions Finance

State Pensions

A state pension is a payment people receive from the state when they reach pensionable age, which is currently set at 65 for both men and women. The amount of state pension you get depends on how many qualifying years of national insurance you have built up. For most people a state pension represents a substantial fall in living standards. This is why it is recommended that you supplement your state pension with a personal pension scheme either through your employer or independently. If you are thinking of reviewing your retirement planning then first thing you should do is work out the value of your current retirement savings....
SIPP Pensions Finance

SIPP Pensions

Self Invested Personal Pension (SIPP) is a do-it-yourself pension scheme that allows you to choose exactly how your retirement savings are invested. Unlike the traditional pension schemes the Sipp gives you complete control of your pension pot. You choose your investment for better or worse. SIPP portfolio The SIPP portfolio of investments is vast, including stocks and shares in the UK and overseas, government securities, investment trust, unit trusts, insurance company funds, traded endowment policies, deposit accounts, commercial property to name but a few. Benefits of a SIPP One of the main benefits of a SIPP is that it has the...
Pensions Finance

Pensions

It is a fact that we are all living much longer and it is all a well known fact that the State can’t afford to keep us in comfort and pay for our care in old age. When you consider that we could be reliant on a pensionable income for upwards of 30 years, it brings home the importance of saving a pension for our later years. With so many different options and plans available for pension planning, it can be difficult to choose the right one for your circumstance, hence why it is always advisable to use a pensions advisor. Contact our FSA regulated pension advisors today for free independent advice on your retirement planning. Simply...
Opting Out of a State Pension Finance

Opting Out of a State Pension

The state pension is made up of two parts: the basic state pension which currently stands at £102.15 and the additional pension which is earnings related. It is this additional pension which was formerly known as State Earnings Related Pension Scheme (SERPS) and now known the State Second Pension (S2P) which you can opt out. The opting out process is known as contracting out. Contracting out Contracting out of the state pension simply involves joining a private or company pension instead of paying into the Second State Pension. This shifts the responsibility of the additional second pension to you or your employer. The advantages...
Pension Transfers Finance

Pension Transfers

A pension transfer is a process of switching pension contributions from one pension scheme to another. The reason why people switch pensions vary, with some looking for better fund performance and lower charges and others whose circumstances have changed such as redundancy. Whatever the reasons, if you are thinking of transferring your pension, it’s important that you seek expert impartial advice, to ensure you don’t lose out financially. Pension transfer basics Before you consider transferring your pension it is worth knowing some basics. There are 2 main types of basic pensions, the final salary pension scheme and the money...
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