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Christmas Loans - for a New Year Without Debts
For many people, a lavishly spent Christmas is sure-shot sign of the New Year being tumultuous; at least until the debts have been fully repaid. A study undertaken after the Christmas of 2004 showed that one out of every five people would continue...
Debt Consolidation with Free Government Grants? One Scam to Avoid
Have you ever seen a commercial or an ad promising “free government grant money?” According to these ads, the government and other organizations give away nearly one half a trillion dollars each year, and all you need to do is apply! The ads go...
Debt Counseling For Debt Relief
Debt counseling can be a valuable service, but before you get
that far, there are some things you need to do. First, you will
need to acknowledge that you have debt and or financial
problems. Next, you will need to find the debt...
Debt Stress, The Really Bad Side
In all the information and discussion about credit card debt there is one thing that gets largely ignored. Stress. Credit card debt is extremely stressful and can have a very negative effect on your life if you let it.
It's very difficult to not...
Eight Ways to Consolidate Debt
Next to winning the lottery, a debt consolidation loan is a debtor’s dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments.
In reality, consolidating bills isn’t always...
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Wedding Loans – Marry Your Spouse Not Debts
Weddings in the UK generally last for a day or two; the after-effects however last for months and years after the wedding is over. People have a genuine demand in making the wedding day a posh affair. Since it is once in a lifetime event, all wise counsel to spend within limits goes on deaf ears. The need here is of a buffer that assures the individual that he will be bailed out; whatever is the amount of expenses made.
Wedding loans perform the part well. The organisers can get entire expenses incurred during weddings paid through wedding loans. The list of expenses will be drawn by the couple themselves or whoever be the organisers. The trend has changed as far as the question of organisers goes. Earlier it were the parents who would bear the entire expenses. Now, more and more couples are themselves taking up the task.
Wedding loans are like the other loans. Borrowers get a fixed sum from the loan provider to be used for certain purposes, here wedding. For determining the amount of wedding loan to be drawn, adding the total of expenses will be the easiest method. This also gives the most accurate measure of the loan.
Sale and purchase on credit is the way of life nowadays. Instead of paying for goods and services then and there, the individual promises to pay within a fixed time span. The creditors to whom the individual owes for the wedding expenses may have been rendered a similar promise. Through a wedding loan, the borrower is capable of repaying to the creditors within time.
A slightly different form of wedding loan is also available to the UK residents. While in the first case the borrower draws wedding loans after the expenses have been made, the second form requires the borrower to draw loan before making the expenses. Compared to the first method the latter is more advantageous:
• Purchasing on credit will be costlier than purchasing in cash. By drawing the wedding loan before, the borrower has the necessary cash to exchange money for the goods or services. Consequently, the cost of wedding lessens.
• Since a limited amount is lent under
Wedding loans in the second case, the borrower knows what is his limit, and thus would spend accordingly. In the first case where wedding loans are drawn after the
wedding, the borrower can find him in trouble if the loan provider does not agree to repay all the expenses.
While a wedding loan saves the borrower from the burden of immediate repayment of wedding expenses, there is also no hurry to repay the wedding loan itself. Spread over a period of 15 to 30 years, borrowers will find it easier to repay the loan. For the purpose of repayment, the actual wedding loan amount together with the interest and certain fees is broken up into small instalments. These instalments are to be paid on a monthly or a quarterly basis. Though this is the most often used method of repayment, borrowers are open to a variety of other methods to repay. Principal among these is the interest only method. In this method the borrower is required to pay only the interest during the term of the loan and paying the balance of the loan at the end of the term.
The process of wedding loan approval may not be as fast as the loan providers promise. Depending on the case statistics and the type of loan that the borrower has applied for, the process of approval will be time taking. Wedding loans where the borrower has agreed to back repayments with collateral, an extra step is added to the approval, i.e. valuation of collateral. As far as the promptness of approval goes, unsecured wedding loans are much better than the secured wedding loans. Since no collateral is involved in the unsecured wedding loans, the step involving valuation of collateral can be eliminated to save the borrowers time. Therefore, if you need the wedding loan on time, you need to apply timely.
Application to wedding loans is an easier process and a major part of this can be completed online. Many lenders prefer online applications since it reduces duplication of work and increases the speed of approval.
About the Author: James Taylor holds a Master’s degree in Commerce from JNU he is working as financial consultant for chance for loans.To find a personal loan,bad credit loans that best suits your needs visit http://www.chanceforloans.co.uk
Source: www.isnare.com
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