Taking out a Cash Advance: Essential things to know

Most people find that they need to pay for something but their credit card just isn’t an option. Whether it is an emergency taxi ride or perhaps a trip to your local farmer’s market, sometimes cash is the only form of payment accepted. What happens when you need to pay for something but you can’t use your card and don’t have enough money in your checking account to cover the expense? Another option you have when it comes to getting some fast cash is to take a cash advance out on your credit card.

What exactly is a ‘Cash Advance’?

Cash advances are basically just short-term loans that you can take out against your credit card up to a certain amount. Unlike when you make a purchase with a credit card directly, you are taking the loan in the form of cash. You can do this by going to a ATM or bank, where you will use your credit card, as opposed to your debit card, to get the cash you need.

You will need to keep in mind that most credit card companies will not let you take the whole amount of your credit limit as a cash advance. These advances usually come with a limit of just a few hundred dollars for most people. This means that you should not rely on your credit card to provide you with a lot of money when there is an emergency of some kind.

The Cost of a Cash Advance

While it is true that getting a cash advance is pretty easy and simple, it can be fairly costly. Before you actually go through with getting a cash advance from your credit card, you will need to keep in mind that there are a number of different fees and expenses involves. Every single time you take a cash advance, you are going to be charged a cash advance fee. This is usually anywhere from two to five percent of the amount of the advance. Unless you take a loan via someone like Omacl.co.uk of course.

When to take out a cash advance

Ideally, you should only take out a cash advance on your credit card if you really need the money. If your car has broken down and you need a taxi ride or you’re in some other sort of desperate situation, a cash advance can be a great thing. It is important that you do not get into the habit of taking out cash advances on your credit card.

How to Limit Fees associated with a Cash Advance

There are a number of different ways to go about limiting the fees associated with a cash advance, and it is important that you know what some of them are. Some transaction fees are simply a percentage of the overall advance, in which case you could limit the fee by withdrawing only what you need and not more. Other transactions fees may be a flat rate, in which cause you should take all the cash you think you night need at once.

Unlike with direct credit card purchases where there is a grace period between the purchase and the payment due date, cash advances begin accruing interest right away. This means that you will definitely need to make a point of paying off your cash advance as quickly as possible. Otherwise you are going to end up spending a lot more than you need to.

Should you take out a cash advance?

It is very important that you take the time to think about whether or not you should take out a cash advance at all, as there are other options to explore. You can always try asking a friend or family member for the money you need. While it’s true that a cash advance on your credit card can be very helpful in many situations, it can also be quite costly. The longer you take to pay back the advance, the more you will spend due to compound interest. A lot of people get credit card cash advances, but many of them regret it due to all of the fees. It is highly recommended that you carefully consider all of your options before making a final decision.

Tips to follow when trying to find the right Mortgage Lender

There are numerous considerations that you will need to make when it comes to finding the right mortgage lender. With all of the different lender options available, you will definitely want to make a point of doing some homework before deciding on one lender in particular to borrow from. The lender you choose will ultimately determine what kind of deal you get on your loan, which is why it’s so crucial that you take enough time to select the very best one overall.

Do you need a mortgage broker?

The very first thing that you will want to determine is whether or not you need a mortgage broker. You might just find that a mortgage broker can really help you out when it comes to getting a truly good deal on your home loan. Brokers earn their profits by arranging deals between lenders and new homeowners. If you decide to enlist the help of a broker, you will need to do some research so you can find the right one.

Decide what kind of lender you want

Next you will need to think about what kind of lender you want. Would you prefer a smaller lender or a bigger one? If you are looking for a more personal touch when it comes to customer service, you may want to think about choosing a smaller lender. The fact is that a lot of bigger lenders simply cannot provide you with the same level and overall quality customer service as the smaller ones. A larger lender could help you with getting the right interest rate though, so you should keep that in mind as well.

Ask around

You can always try asking around with family, friends and even co-workers to see if anyone can recommend a good mortgage company. Chances are you know at least a few people who have bought a house before, and they should be able to provide you with a referral. Take the time to ask people in your life for mortgage lender recommendations so you can save yourself as much time and effort as possible.

Talk to your real estate agent

It is also highly recommended that you take the time to speak with your real estate agent, as they may be able to help you by pointing you in the right direction of a good lender. Real estate agents often help out their clients in this sort of way, so don’t be afraid to ask yours.

Find out what kind of reputation each lender has

You will definitely need to take the time to find out what kind of reputation each lender has so that you will be able to choose the right one to borrow from. You certainly don’t want to select a lender who is disreputable or untrustworthy in any way. Check online reviews for different mortgage companies so you can find one that you will be able to rely on. The more of this research you do, the closer you will get to making a good final decision.

Don’t be afraid to ask the lender questions

Also, never be afraid to ask the lenders you are interested in any question you may have. The answers that you get from these lenders can actually tell you quite a bit about each one, so keep this in mind as well. You will definitely want to get to know each lender as much as possible before you select one in particular. Any reputable lender should be more than willing to answer any questions you may have.

Final Thoughts

The lender you choose for your home mortgage loan will be incredibly important for many different reasons. If you want to get a good deal on your loan and avoid paying more interest than you have to, it is crucial that you do the necessary research before reaching a final decision. This research will help you to pinpoint the very best mortgage company so that you get the money you need to buy your dream home without any issues or complications whatsoever. You will be glad that you took the time to find the right lender to match your needs.

Your Complete Guide to getting a Guarantor Loan

A guarantor loan can provide you with the perfect way to get the money you need quick, but there are a number of things that you should know before applying for one. Many people are getting these loans because they can be so helpful in a tight financial spot. The more time you take to learn about guarantor loans, the more likely you will be to make a good informed decision. This is definitely not something that you will want to rush into by any means.

How Guarantor Loans Work

You can get a guarantor loan for anywhere from £1,000 to over £10,000. The repayment period of these loans can range from one year to more than five years, depending on the lender and the amount you borrow. These loans differ from standard unsecured loans in that there are three different parties involved. There is the lender, the borrower and the guarantor. The guarantor is the person who agrees to take over payment of the loan in the event that the borrower cannot pay the money they owe for whatever reason.

It is important to keep in mind that a guarantor can be anyone, provided they do not have a direct financial link with the borrower. A majority of lenders will only consider guarantors who are 21 years of age or older with a good credit history. In some cases, the guarantor must also be a homeowner. You will need to take the time to find someone who matches this description. It’s also crucial to choose someone you really trust to be your guarantor.

Benefits of getting a guarantor loan

There are many different benefits associated with guarantor loans, including the fact that your credit is not a factor. As long as you have someone with a good credit history who is willing to act as your guarantor, it doesn’t really matter what your own credit is like. If you have been rejected for other loans based on the state of your credit, this is definitely an option to consider. You will be able to borrow money at an average interest rate of 45% to 50%. If you need money fast, a guarantor loan could be the solution you need overall.

Guarantor loans are best for those who have weak or poor credit. If you have some type of emergency expense that you need taken care of quick, you will find that this kind of loan could be particularly ideal. A lot of people who don’t qualify for standard loans end up applying for guarantor loans, and most are approved. While it is important to remember that approval is never guaranteed, there is a good chance that you will be able to get one if you meet all of the necessary criteria.

Choosing the right lender

You will need to make a point of choosing the right lender to borrow from so that you will be able to get the absolute best deal possible on your loan. The lender that you decide on will ultimately determine the specific conditions of your loan, so you will therefore need to do some research. Compare interest rates with various lenders until you are able to find the best deal. If you want to save yourself as much money as possible, you will have to make a point of shopping around.

Use the internet to your advantage

The internet is a very powerful resource when it comes to comparing deals on guarantor loans and choosing a reputable lender whom you can trust. Take all the time you need to find the right lender to borrow from so that you don’t end up getting ripped off in any way.

Is a Guarantor Loan right for you?

The fact is that guarantor loans aren’t right for everyone, but it could be perfect for you. If you need money fast and/or have a low credit score, you will certainly want to think about applying for one of these loans right away. The application process won’t take long, and you will get your money fast if you are approved. Keep in mind that the person you choose as your guarantor should have a solid credit history and adequate income.