Money Blog

Why January is the worst month for people in debt

It is fair to say that most of us are aware that the last month of the year, December, ends up costing many of us a considerable amount of money. With so many costs to consider in the run-up to Christmas (as well as preparing for New Year’s too…): buying presents for loved ones, food for the multiple dinners and parties during the festive season, transport costs to see friends and family near and far, many of us end up struggling finance wise.  Taking this into account, why do experts still consider January to be the month that people struggle […]

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No-deal Brexit: what would happen to your savings?

It has only been a few days since Theresa May received the biggest veto in democratic history regarding her withdrawal agreement for the UK to exit the European Union, meaning the UK government and opposition are going back to the drawing table for further discussions regarding Britain’s future, and whether or not Article 50 should be extended or not. At this moment in time, there are a number of potential outcomes, and this includes a no-deal Brexit, especially after the Brexit package was voted down. If this ends up taking place, what could that potentially mean for your savings? We […]

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Brits predicted to spend £1bn on Christmas Day 2018

Christmas is a time of year where most of us Brits get spending big time. Some of us even spend way beyond our means only to have to deal with the consequences later by paying off a hefty credit card bill or paying back a payday loan – this is not advisable. Doing so could leave you in high levels of debt and it is simply not worth it for that extra big turkey or those few extra presents which were out of your budget. It is common that people do not just spend a ton of money leading up […]

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Religions and Lending Money

It may be of interest to know that religions have differing opinions on the subject of lending money. The differing of opinions does not come into play until the subject of interest is brought up, for in no religion is lending money frowned upon, but in some, placing interest on the loan is prohibited. We are going to be looking further into this concept in this guide. Although the debate appears to be rather ancient, it is still ongoing in some capacity today in a variety of areas, which we will detail here. Religious Background Typically speaking usury, defined as […]

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What does subject to status mean?

Subject to status means that your loan application will be subject to credit rating and income to be approved. Therefore, you will need a certain credit score and minimum income to be eligible for a loan. If you have ever applied for credit, you will be very familiar with the three words ‘subject to status’. But what does it actually mean? Alongside the usual marketing jargon, in regard to the features and benefits of credit products, the phrase “subject to status” can often seem out of place. Nonetheless, it appears that one every application page and is actually required by […]

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When are personal loans a good idea?

Personal loans are one of the most sought loans on the market for a number of reasons. They are lent out to people who can prove to the lender that they are very capable of repaying the loans. People who have bad credit often cannot get a personal loan without a struggle. In the majority of cases, lenders will require an applicant to have a salary or at least some form of stable income. The lender will also, like with any other type of loan, check your credit history. If yours is not in the best shape and you do […]

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Are Amigo Loans the new Wonga?

Amigo loans have recently expressed that they have essentially been financially benefitting from the collapse of Wonga after they were forced in administration, following a clampdown on payday lenders.  This has been stated by the chief executive of Amigo loans in the last month or so. Amigo lends up to £10,000 to those who have bad credit histories, provided that the payments can be guaranteed by friends or family. Essentially, they are guarantor loans. The business has claimed that now their pre-tax profits jumped to 66pc after an increase in customer numbers. Why did Wonga collapse? In late August 2018, […]

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How to make your Christmas budget go further

Christmas is but a month away and you have likely already got a budget in place and/or have started making purchases for food and gifts. The last thing you want to see in January is a credit card bill which is going to knock you back due to the amount you have unknowingly spent, so it is best to have a budget in mind or even a separate savings account specially for Christmas. If you have already got a budget in place, great! But how can it go further? If you have not yet got a budget, do not worry […]

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Making the Most of Black Friday Deals

Black Friday is looming and many of the deals have already started kicking off, the temptation to start buying things you didn’t even think you needed is very strong indeed. For many of us, Black Friday and Cyber Monday are both great opportunities to get all of our Christmas gifts sorted for our loved ones at a discounted rate. Meanwhile, other people will be buying that pair of shoes that they do not need just because there is 25% off them, but would never have bought them at full price. At Payday Bad Credit, we want you to be able […]

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What interest free loans are available?

Interest free loans may seem impossible. As you may probably be aware, the interest which is placed on a loan is how the lender will make their profit. However, there are actually interest free loans on the market and a new scheme which has recently been announced by Chancellor of the Exchequer Phillip Hammond, designed to get people out of debt. The interest free deals which circulate the market can help people get their finances back under control by reducing the amount of interest that you are paying on your debts to 0%. We are going to look at four […]

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