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Showing posts with label Credit Repair. Show all posts
Showing posts with label Credit Repair. Show all posts

Monday 9 January 2017

Improving and Boosting Credit Score Quickly 2018 – 20 Secrets to Repair Credit File and History

While this site may be about millionaires who give money I do get a lot of questions from subscribers about improving credit history. Before we start looking at all the different ways to improve credit score we must understand that this process takes time. There are a lot of unscrupulous internet marketers who promise to raise your score profoundly overnight in exchange for vast sums of money. These offers are scams designed to extract money from poor people.

Improving your credit score can open many financial doors. You will get access to cheaper finance. You can avoid expensive payday loans. You could even invest the borrowed money to buy assets which pay income thereby improving your financial situation. It goes without saying that improving your credit score can have a dramatic impact on your financial lives.

In this guide, we look at 20 ways to repair a credit file. Some of the suggestions are actions you can take today. Some tips are actions you need to repeat over a period of time. You need to be patient when you start improving your credit score. Over a period of 24 months, you could remove all the stains on your record and put in place a robust credit history so your credit score rises considerably.

1: Get a Free Copy of Your Credit File


The first step towards improving your credit score is getting a free copy of your credit file. There are a number of financial companies who offer a credit report for free. These companies also offer credit repair tools to help you improve the credit score. Any additional service requires a fee which is why you should only take up the offer for free credit file. Once you have your report go through every page to understand your financial history. Understand how the creditors see you. Are you seen as a risk? Study the report properly

2:  Reduce the Number of Creditors


People receive a bad credit score if they have too many creditors. Look through your credit report and instantly improve your credit score by paying off the smaller balances, therefore, reducing the number of creditors you really have. If you have 2 major debts and 10 smaller debts pay off the smaller debts. Contact the creditor once you paid off the debt and ask them to put a note on your file to show the account has been paid in full.

3: Wrong Information of Credit Reports


There are times when you’ve paid off your debt yet the debt remains active on your credit file. During these times the creditors forget to clear the debt from on your credit file. If you find any anomalies on your file you need to challenge the creditor and demand that they fix the information. You can also contact your ombudsman if they refuse your credit score. Removing debt that’s been paid off will improve your credit score significantly.

4: Consolidate Your Debt


If you are able to consolidate your debt it is better to have 2 major debts compared to 10 minor ones. Consolidation will also lead to lower monthly payments which mean that you can pay off your debt quicker. Creditors will also view this as a positive move in the right direction. Call up all your creditors and ask them for an opportunity to consolidate your debt. Work out what you’re average interest rate is and try to slash this significantly. Transfer the balance and they lock away your other cards to avoid getting into more debt.

5: Ask for a Rate Reduction


When you’ve made payments on time you can call your credit card company and ask them for a rate reduction. Explain that you’ve managed your account well and now want to be rewarded. There are many cards which have offers and once your credit score reaches a certain threshold you get access to these offers. By asking for a rate reduction you will save money. The creditor will also reflect this on your credit file. When total APR on a file is low the credit score rises because you are considered lower risk.

6: Close Superfluous Credit Accounts


You can improve your credit score by closing down superfluous credit accounts. If you have excessive plastic close these accounts down especially if they’ve been dormant for a while. Not only will this stop you from getting into further debt this step will also be viewed as positive on your credit file. Superfluous credit accounts are seen as a risk which is why the creditworthiness drops.

7: Improving Credit Score by Paying Balance off in Full


Never let a balance linger on. Do your monthly shopping on your credit card and then pay it off straight away. Personally, I do all my shopping using my credit card and then pay it off as soon as I get home using online banking. Creditors love debtors who pay their balance off in full. This is rewarded by raising the credit score on your file. For greater convenience use mobile banking to pay off your credit card as soon as you have an outstanding balance.

8: Pay Balance Off Immediately when Improving Credit Score


This might sound anal but paying off your credit card balance immediately has an impact on the credit score. Don’t let the statement come and don’t pay a few hours before the due date. Instead, pay the balance off the very same day of the next day. This shows commitment and urgency to pay off debt which ultimately improves your credit score.

9: Always Use a Few Credit Cards


It is better to have a few credit cards with large facilities compared to lots of cards with small facilities. Only keep 3 accounts and shut down the rest. Work to improve the facilities three cards rather than 10 cards. Companies which determine creditworthiness prefer debtors to have fewer cards with higher facilities. This shows that debtors are able to manage their accounts effectively and are less likely to get into financial trouble.

10: Improving Credit Score by Having a Small Credit on Account


Paying off your balance in full with a slight credit can help when improving your credit score. When speaking to a lot of credit analyst this seems to have a positive effect on credit history. Regardless of whether this has a positive impact or not, it doesn’t hurt to pay off the balance with a few extra dollars.

11: Send Financial Statement to Creditors


When your financial position changes positively let your creditors know. Send them a financial statement showing your income and expenses. Find ways to increase income perhaps by working more hours or starting a side business. Find ways to trim expenses. Ask the creditors to act on this information. Ask the credit history companies to reflect the information on your credit score. What you will notice is your limit in increased and your rate falls which is taken as a positive sign by credit companies

12: Disassociate With People with Bad Credit


 If you live under the same roof with someone with bad credit their creditworthiness has an effect on your score. You can financially disassociate yourself from these people which go very far when improving your credit score. If people have lived with you in the past you need to financially disassociate them too.

13: Set Up Automatic Payment System from Bank Account


When you first apply for a credit card you can set up an automatic payment system from your bank account. You can choose to pay the balance off in full or the minimum payment. Always set up an automatic payment as this will prevent you from forgetting to make payments. Choose to pay the balance off in full. This action is seen as an additional layer of safety which also contributes towards improving your credit score.

14: Use Pre-Paid Cards to Improve Credit Score


Prepaid cards are offered by MasterCard and Visa. You can load these cards with money and then spend like normal plastic. There is an annual fee associated with these prepaid cards however it’s a fee worth paying to build creditworthiness. Using these cards religiously will show credit history companies that you are disciplined and can manage your money effectively.

15: Use Buy Now Pay Later Catalogs to Build Credit


You can also build credit worthiness by applying for buy now pay later accounts from online catalogs such as Fingerhut and Sears. These accounts offer small financial facilities and are perfect for raising credit scores. These accounts have easy credit application process which means there’s a greater chance of being accepted. Once you’ve been approved start shopping on essential items and then pay the balance off in full. You could even purchase items and then pay for them and return them for a full refund. Your credit score will be marked as positive.

16: Remove Overdraft Facility from Bank Account


If you’re always living in your overdraft you need to stop this. Pay off the balance and remove the facility. Always keep a respectable balance on your bank account. If you go overdrawn then call your bank immediately and explain. If there is a legitimate one off reason the mark could be prevented and your credit score will remain intact.

17: Never Miss Mortgage Payment


A missed mortgage payment has a profound effect on your credit score. It is imperative to ensure that you keep in pace with your mortgage payments. If you miss one accidently then call your credit immediately and explain what’s happened. Again if it is a one off you could get away with a slap on the wrist. Try to make a few overpayments to show that you're committed to removing this debt quickly. Overpayments are your friend when you’re improving your credit score.

18: Living Within Your Means to Improve Credit Score


Living within your means and understanding affordability is important when improving credit score. When you have clear daylight between expenses and income you’ll always make payments on time thereby ensuring your credit score is constantly improving. People get in trouble when their lifestyle exceeds their income. Whenever you feel like uplifting your lifestyle you need to reflect this with a raise in income.

19: Invest in Financial Software to Keep Organised


Being organized is the key when improving your credit score. Use software such as Quicken Intuit to know exactly what your financial state is at any given time. You’ll see your balance, your debt and payments coming in and going out. This will help to keep you in control. Let your creditors know how you manage your money and there is a chance this might be reflected in the credit file.

20: Maintain Good Relationship with Banks and Credit Card Companies


Always have a great relationship with the financial institution you are dealing with. Let them know if they’re doing a great job and keep them fully informed of your financial position. The bank manager and credit manager have the use of discretion and keeping a good relationship might be useful when you get into a tight spot with regards to your credit history.

Debt Spiraling Out of Control


When you have debt spiraling out of control you need to contact the credit company immediately. Let them know that you can no longer service the debt and request that they stop the interest on the account. The creditors will want to see your financial statement. You need to show them. Once the interest is stopped you need to seek the services of a free debt counseling service which will help you determine how to pay off your balance. The excess income that you have will be spread among the creditor on a pro rata basis. Do not be afraid to contact your creditors. Financial institutions are required to help people who get themselves into debt.

For more ideas on credit repair check out 100 ways to repair your credit quickly in 2017.

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Monday 23 March 2015

Improving Credit Score Using Prepaid Credit Cards - Help I'm DESPERATE!

You can use prepaid credit cards to rebuild your credit score. While this blog may be about millionaires giving money away I like to help my readers out as much as possible. One recurring question that has popped up is ways to improve credit score. Prepaid credit cards are great if you have bad credit and allow a person to show that they are creditworthy over a period of time. Prepaid credit cards are available from Visa and MasterCard. 

In this guide, we look at how to apply for prepaid credit cards specifically to repair bad credit. One point to remember is this is not an overnight process. Damaging credit is very hard, however, repairing credit takes time. The process will take at least 6 to 24 months before you see any significant improvement. Do not get duped by companies who claim to repair your credit overnight. These people are out to deceive you and will take money from you at every opportunity.

1: Get a Free Credit Report


The first step is to find the extent of the problem. I always advise people to get a free credit report which shows their credit history in detail. You could pay more to get more financial information on your credit report but this is not necessary. A free credit report will give you your latest score and all the debt which is recorded with your credit reference agency. You should get free credit reference reports from agencies such as Experian and Equifax which are approved by the Government.

2: Fix Mistakes on Credit Report


Your credit report is a snapshot of your financial health. However, credit reports are sometimes inaccurate. You should go through your report with a fine tooth comb to find any discrepancies. When you find mistakes contact your creditor and credit reference agency to rectify the mistake. Taking the time to correct the information on your credit history will raise your credit score.

3: Consolidate, Close, Pay More, Pay Early


Once you’ve got a list of all your debt your next step should be to consolidate all the outstanding balance on one account. Call all your creditors and ask them for a consolidation rate. Credit reference agencies like to see low-interest rates and fewer creditors in order to raise the credit score. You should also try to make payments that exceed the minimum payments. You should also try to pay a couple of weeks in advance. Both these actions show that you are committed to paying off the debt.

4: Apply for One Prepaid Credit Card


Applying for too many prepaid credit cards will have an adverse effect on your credit history. Every time you apply for credit there is a footprint on your credit report. Applying for too many accounts will show that you are desperate for money. Apply for one prepaid credit card at a time. Find a card which has a low annual charge and then apply for it. Some of the prepaid credit cards that you can consider include American Prepaid Credit Card, American Express Bluebird Prepaid Credit Card, Green Dot Card, and The Approved Card from Suze Orman. These cards are preferred for credit building. You should obviously find a prepaid credit card which has a lenient application process and low annual and monthly fees.

5: Top-Up Your Pre-Credit Card   


Once you’ve received your prepaid credit card you should think about how much money you spend on a monthly basis. If you spend $500 per month on groceries then top your card up with $500. You should try and increase the amount you top your card with every month to build credit. Suppose you top up with $500 in month 1 you should try to increase this to $520 in month 2. This continual increase shows credit reference agencies that you can handle the higher credit limits without going crazy.

6: Spend Your Money Evenly Throughout the Month


You should space your purchases out evenly. Don’t blow your budget in the first week. Credit reference agencies want to see that you’re disciplined with your money. You should be able to control your impulses and spend slowly and surely.

7: Spend Less Every Month


Suppose you increase your prepaid top up by $20 per month. You should also try and reduce your shopping by $20 per month or more. By having an increasing monthly credit on your prepaid credit card you are showing credit reference agencies that you controlling your spending while increasing the amount you have available to you. This action will also help to improve your credit score.

8: Make Sure Every Payment Goes Through


Not only is it embarrassing when payments don’t go through it is also recorded by prepaid credit card companies who pass the information to credit reference agencies. Always know in advance how much you have and never ever exceed the limit otherwise you will be destroying your credit not improving it. Check your spending online to keep close tabs on the balances.

9: Recheck Credit Score after 6 Months


After 6 months you need to get another free credit report to check your score. If you’ve been disciplined you should notice an improvement in your creditworthiness. If there is an improvement you can apply for another card and then repeat the process. Find some other expense that you need to make and use prepaid credit cards to make the payments. As always increase the amount you top up every month and try to reduce the payments every month too. Recheck your credit every 6 months to check the progress.

10: Apply for Credit Cards


After 12 to 24 months of repeating this process, you should notice a significant improvement in your score. You need to try and apply for 1 credit card to see if you are approved. The chances are that you will be approved. Try to keep no more than 3 credit accounts open and maximize these cards. From time to time call your credit card company to ask for a rate reduction and limit increase.

You can improve your credit score using prepaid credit cards. By using this same procedure I was able to increase my credit score when I went through a bad patch with my credit accounts. Patience is the key. Spending 24 months to repair your creditworthiness is worth it because you’ll be saving money for the rest of your life.

Monday 18 August 2014

Best Payday Loan USA 2014: 3 of 10: FaxFreeCash.com

This Post is the third Part of the 10 Part Mini Series where I look at the best payday loan companies in the USA (United States). Some of the most frequent questions I get asked on the Millionaires Giving Money Blog is (1) Where can I get an online payday loan? and, (2) What is the highest rated payday loans company? I have responding to a handful of these emails and was inspired to write a series of post reviewing the 10 best payday loans lenders in the United States. In this post I will be reviewing FaxFreeCash.com which is a credit broker and not a direct payday lender. Before you take out any kind of short term loan it is important to determine whether you can afford to make the repayment on the specified date otherwise you risk the loan amount spiralling out of control. So now without further ado here is the review on FaxFreeCash.com.

Best Payday Loans: FaxFreeCash.com


Key Features of a Typical Payday Loan


The maximum short term loan offered by FaxFreeCash.com is $1000. New borrowers might be eligible for less and existing customers who have a proven track record to repay loans will be able to apply for the full amount. The annual percentage rate (APR) varies between 384% and 789% because FaxFreeCash.com has a panel of lenders which is searches to find the best deal for the borrower. This instant payday loans company is not a direct payday lender and has a panel of payday loans companies which it searches to find the most competitive short term loan. The cost of borrowing $100 varies between $10 and $30 depending on the lender used. There are 46 states in which this company operates, the non participating states include AZ, AR, GA, and NC.

Application Process for FaxFreeCash.com


The application process for a FaxFreeCash.com loan is very simple and can be completed online or via the phone. The approval timeframe is 90 seconds which means you can find out if you’re eligible for a loan in less than 2 minutes. The waiting frame for the next loan is the same day you pay off your existing loan. You can have the proceeds of your short term loan deposited direct to your checking account and can opt for same day or next day deposit depending on the lender that is used from the panel. You can also apply and be approved over the phone.
Repayment Information for the Payday Loan Lenders

The maximum term of the loan varies and because there is a wide variety of payday lenders on the panel. You can choose to have your loan on automatic withdrawal from your bank account which means that you won’t have to worry about missing a payment. You can apply for payment extension however there may be extra charges and interest added. You can roll your loan over however this is not recommended as the loan amount will increase through additional charges and loans depending on the lender that is used. Another great feature is you can pay off the loan early without incurring any charges.

Customer Service for FaxFreeCash.com


The customer service for FaxFreeCash.com is very good however it is not as good as 100 Day Loans and Net Loan USA. FaxFreeCash.com offers service via email/web, telephone and FAQs however it does not have any live chat facility which lets the pay day loan broker down.
Requirements to Apply for a FaxFreeCash.com Instant Payday Loan

There is no minimum monthly income which is required to apply for the payday advance loan online and current income requirements vary from lender to lender. You will need to have a valid checking account and a reliable pay check schedule as well as an email address and social security number. You will have to be over the age of 18 and will need a driver license and photo ID. 

FaxFreeCash.com do not undertake any credit checks however the direct payday loan lenders might undertake their own checks before they approve the loan. Another great feature is you do not need to fax any documents over and you will not be disqualified for being bankrupt.

Best Payday Loan Companies FaxFreeCash.com


FaxFreeCash.com was founded in 2005 in the state of Arizona and has been offering borrowers short term loans even since. It has a variety lenders in its panel which means that borrowers can just fill out one application form and then FaxFreeCash.com find the best lender with the most competitive rate. You will not be charged to use the service and 

FaxFreeCash.com is compensated through the direct payday lenders through commission and fees. FaxFreeCash.com is one of the highest rated payday loans company as well as the best payday loans company because it offers the most competitive rate with the least hassle.

Thursday 14 August 2014

Best Payday Loan USA 2014: 2 of 10: NetLoanUSA.com Review


This Post is the second instalment in the 10 Part Mini Series where I look at the Best Payday Loan companies in the United States (USA). Some of the questions I get asked the most by the Millionaires Giving Money Community in USA is (1) where can I get an online payday loan? and, (2) What is the highest rated payday loans? After responding to some of these emails I decided to make a list of the top ten best payday loan lenders so borrowers could make better informed decisions. In this post I will be reviewing the Payday loan broker NetLoanUSA.com which is considered to be one of the trusted credit brokers in the USA.

Best Payday Loans: NetLoanUSA.com


Key Features of a Typical Payday Loan


The maximum loan amount that NetLoanUSA.com offers is $1000. As a new customer you may not be eligible to the full amount. Existing customers can slowly build their creditworthiness and then be eligible for the full amount. The cost of borrowing $100 varies between $10 and $30. 

The annual percentage rate (APR) varies between 384% and 789%. The reason for the variation in APR and cost of credit is because NetLoanUSA.com have a comprehensive panel of direct payday loan companies all offering different rates and products. 

There are 42 participating states which offer payday loans. The States in which these loans are prohibited include AZ, AR, GA and NC.

Application Process for NetLoanUSA.com


NetLoanUSA.com offers a very simple application process which makes it one of the best payday loan lenders. 95% of the application process is online and the approval timeframe is 90 seconds. The timeframe you have to wait to take out another loan is the same day. 

This means that once you’ve paid off your existing loan you can borrow another instant payday loan the very same day. Direct deposit to checking account is available once you’ve been approved for the loan. You can also opt for same day deposit often by paying a little extra however this varies from lender to lender. 

You can also be approved for the short term loan over the phone which makes it convenient for the less technology savvy borrower.

Repayment Information for the Payday Loan Lenders


The maximum term of the loan varies and you can choose long term and short term loan terms. You can also opt into automatic withdrawal repayment which means that your repayment will be taken direct from your bank account so you don’t have to worry about missing or delaying a payment. 

You can also apply for payment extension. If you cannot make the payment on time you can ask for an extension however this may involve more interest payment and charges. The interest payment and charges vary from lender to lender so it’s important you look at the small print before you agree to the loan. 

You can also roll your loan over however you will be liable for charges and more interest. There is no penalty for paying your loan off early.

Customer Service for NetLoanUSA.com Payday Loan Lenders


NetLoanUSA.com has an exceptional help and support customer service team. You can contact the credit broker via telephone, email, web form and live chat. You can also look through the extensive FAQs to find the answer to your question. NetLoanUSA.com places a lot of emphasis on providing world class customer service to attract new customer and keep existing customers happy.

Requirement to Apply for NetLoanUSA.com Instant Payday Loans


There are some key loan application requirements that must be present if you want to apply for an instant payday loan. You will need a valid checking bank account and a regular pay check schedule. You will also require a social security number and a valid email address. You must be aged 18 or over and have a valid driver license and photo ID. 

There is no need to have a minimum monthly income and the current income requirements vary from lender to lender. No credit checks will be done by NetLoanUSA.com however other direct payday lenders might do their own checks before they lend the money out. There is no need to fax documents over and there is no rule which disqualifies bankrupt and delinquent individuals.

Best Payday Loan Companies NetLoanUSA.com


NetLoanUSA.com is undoubtedly one of the best payday loan brokers. All you have to do is fill out one form in detail which takes around 7 minutes and then NetLoanUSA.com will search their extensive panel of direct payday loan lenders to find you the best deal. The company was founded in Arizona in 2005 and has built a solid reputation as one of the best payday loans company. If you need short term cash and want the best deal it is worth going through NetLoanUSA.com.

Wednesday 13 August 2014

Best Payday Loans USA 2014: 1 of 10: 100DayLoans.com Review


This Post is the first Part of the 10 Part Series where I look at the Best Pay Day Loans companies in the USA (United States). Two frequent questions which I get asked by the Millionaires Giving Money Community in the USA is (1) where can I get an online payday loan? And, (2) what is the highest rated payday loans in the USA. After responding to a handful of these emails I was inspired to make a list of the ten best payday loan companies. In this post I will be reviewing 100 Day Loans which is one of the best payday loans in the United States.

Best Payday Loans: 100DayLoans.com


Key Features of Typical Loan


100DayLoans.com offers a maximum loan amount of $1,000 where the cost of borrowing $100 credit ranges from $10 and $30. When you apply for a payday loan for the first time it is unlikely you will get the maximum. Your status and state regulations will determine the amount of loan 100DayLoans.com can offer. Once you make payments on time 100DayLoans.com will offer you more credit. The APR or annual percentage rate is between 59% and 789% which depends on your status. There are 42 participating states out of 46. Payday loans are prohibited in the following states of AZ, AR, GA and NC.

Application Process for 100DayLoans.com


100DayLoans.com is one of the best payday loan lenders because it has a greatest flexibility and ease of use. The application process is all done online and there is no need to fill out long application forms and post them out. The approval time for instant payday loans is 90 seconds and you can have the money deposited into your checking account the very same day. The waiting time frame if you want to apply for another loan is next day which means once you’ve paid off your existing short term loan you can apply for another one the next day. You can also apply and get approval over the phone for borrowers who are not able to get online.

Repaying the Payday Loan Lenders


100DayLoans.com is one of the best payday loan lenders because of the repayment terms and how it goes out if its way to help its customers. You can borrow money for a maximum term of 100 days which suits borrowers who need more time to repay the short term loan. You can also opt into automatic-withdrawal repayments which means you don’t have to worry about making the payment. You can also apply for a payment extension which allows you to rollover your loan. When you rollover the amount borrowed you will be required to pay more interest on the balance. One of the best features of 100DayLoans.com is there is no penalty for early repayment.

Customer Service for 100DayLoans.com


100DayLoans.com is one of the highest rated payday loans company because of the service it offers to borrowers. You can contact the company any time of the day via telephone, email, web form, FAQs and Live Chat. The operators for 100DayLoans.com are very friendly and strive to help their customers out so they come back for more short term lending needs.

Requirements to Apply for 100DayLoans.com Loan


100DayLoans.com is one of the best instant payday loan companies because it has a very lenient requirement when it comes to applying for the loan. There is no minimum income requirement however your income level will determine the amount you can borrow. All you need to apply for a short term cash advance is a valid checking account, a reliable pay check schedule, valid email, and social security number. You will also need to be over 18 years of age and have a driver license and photo ID. What separates 100DayLoans.com from the short term lending companies is there is no credit check however other third party lenders may conduct their own searches. There is also no need to fax documents over and you will not get disqualified for bankruptcy.

Best Payday Loan Companies


While 100DayLoans.com may be a licensed brokerage company it has a fantastic panel of the highest rated payday loans company which means that they will search and find the most competitive loan for all borrowers. The company is headquartered in Arizona and was founded in 2005. The overall application process, customer service and ease of use make this one of the best payday loan company in the USA in 2014.

Tuesday 12 August 2014

Best Short Term Loans UK: Review 14 of 16: 100 Day Loans UK Pay Day Loans

This Post is the Fourteenth (14th) Part of the Popular 16 Part Series where I look at 16 of the best short term loan companies in the United Kingdom. I plan to also review 20 of the best short term loan companies in the USA soon so watch this space. Two of the most frequent questions asked by the Millionaires Giving Money Community in the UK is (1) What is the best short term loan company, and (2) What the most reputable payday companies in the UK? After replying to a handful of these emails I was inspired by create a 16 part review on the best short term loan companies in the UK. In this the 14th Part I look at 100 Day Loan Company.

Important Information: Short term loans should only be used during emergencies and you should be certain you can pay off the loan at the next payday. When you miss a payment you short term loan may be extended and you will be liable for further interest and charges. Your missed payments are also reflected on your credit file and your credit score will slowly fall. If you refuse to pay off the money debt collectors may be introduced to recover the money. It is very important to fill out a financial questionnaire to determine whether or not you can afford the short term loan.

Review 14: Best Short Term Loans UK: 100 Day Loans UK


100dayloans.co.uk is a licensed credit brokerage company which makes introductions between borrowers and lenders for short term loans which can last up to 100 days. 100dayloans.co.uk is not a direct pay day lender and has a panel of approved short term lenders which they use to find borrowers the best deal. 100dayloans.co.uk is not regulated by the Financial Conduct Authority (FCA) however does have a credit license which means it must adhere to all the rules of treating customers fairly.

100dayloans.co.uk has a comprehensive network of lenders and takes a few minutes to apply for the 100 day loan. 100dayloans.co.uk has a very solid reputation according to their website where they explain they have helped thousands of borrowers get the short term cash they need. The lender also claims 100% acceptance and that all applications are reviewed by the lending partners.  100dayloans.co.uk use a Verisign encrypted technology which means that your personal financial information is kept guarded online.

Once you provide your details to 100dayloans.co.uk they pass the details onto their network of short term loan companies which then do their checks to determine whether you can afford the loan. Once the information is processed proposals are sent back to 100dayloans.co.uk and the most competitive loan is chosen and sent to you.

Once you’ve accepted the loan agreement you can go to the direct payday lenders website and fill out the remaining information and have the money transferred to your bank account. The amount of time it takes for the money to arrive may vary as 100dayloans.co.uk use a number of payday loan lenders who all have different turnaround times. There are no application fees, no fast funding fees, no monthly account charges, no collection fees or postal charges.

If you do miss a payment your loan may be extended and you could be charged anything between £15 and £20. Some payday lenders may charge this on a daily basis. 100 Day Loans lenders abide by the Consumer Credit Act of 1974 as well as any other regulatory measures of England and Wales.

Example of 100dayloans.co.uk Short Term Loans


100dayloans.co.uk has an APR representative of 1,734 and lends any amount between £50 and £1000 over a maximum term of 100 days. If you borrow £100 over 30 days you will need to repay £129.50 on the final day of the term which is usually after payday.

100dayloans.co.uk is a payday loan broker which searches their network of direct payday loan lenders to get you the best deal. You must also be aware that there may be a faster payment fee involved if you want the money in your bank account quickly.

100dayloans.co.uk has an APR representative of 1,734% and is worked out as follows. When you borrow £50 over 30 days at a rate of 359% p.a. Fixed you will repay £64.75 in total repayments.

Is 100dayloans.co.uk the Best Short Term Loan Company in the UK?


100dayloans.co.uk is convenient because you have 100 days to pay off the loan. 100dayloans.co.uk does all the hard work and searches it’s network of short term lending companies to get you the best deal. 100dayloans.co.uk is not regulated by the FCA however is part of the Consumer Credit Act of 1974 so you will get protection as a borrower.

This lending company is more for borrowers who have bad credit and need an extended short term loan. 100 Day Loans is a reputable credit broker and has helped thousands of borrowers which short term loans.

Best Short Term Loans UK: Review 13 of 16: Pay Day Express Loan

This Post is the Thirteenth (13th) installment to the popular 16 Part Mini Series where I look at the 16 best short term loans in the United Kingdom. Some of the most frequent questions asked by the Millionaires Giving Money Community in the UK are, (1) What is the best short term loan company in the UK, and, (2) What is the most reputable payday loan company? After responding to a handful of these emails I was inspired to review 16 of the best short term loan companies so the readers of Millionaires Giving Money Blog could make a better informed decision. In this the 13th review post I will be looking at Pay Day Express Loan.

Some IMPORTANT Points: Before you take out a short term loan it’s important to understand the implications of missing scheduled payments. If you miss a payment there is a chance that your short term loan could be extended which means you will face more interest and charges. Failure to make a payment on time will also be reflected on your credit file and your credit score will fall as a result. Finally if you refuse to pay off your loan the collection agencies could be called in to recover the money. So now, without further ado, here is the review on Pay Day Express.

Review 13: Best Short Term Loans UK: Pay Day Express Loan


PayDayExpress.co.uk has been helping borrowers since 1999. PayDayExpress.co.uk is the trading name for Express Finance Limited and is authorised and regulated by the Financial Conduct Authority. The lending company is also part of the responsible lending community where lenders only lend money to borrowers who can afford to pay the money back. Pay Day express is also the founding member of the Consumer Finance Association (CFA) and is committed to abiding by the CFA Charter. Borrowers can rest assured that they will be treated fairly by this lending company.

To apply for a loan from PayDayExpress.co.uk all you have to do is complete a straightforward application form. Pay Day Express then carry out an affordability and credit check and inform you of the outcome as soon as the checks are completed. If you are approved you fill out the remaining parts of the application which includes the bank account details and then the funds are transferred into your account.

As a responsible lender PayDayExpress.co.uk give specific information on what to use your short term loan money for. PayDayExpress.co.uk designs their loans to provide relief for short term financial emergencies which must be paid the following pay day. Some of the uses for the loan include an unexpected bill, fixing a broken down car, emergency child care, repairing a broken boiler or washing machine.

The loan repayment process is also very simple. PayDayExpress.co.uk take details of your debit card and bank details and you sign an authority to allow PayDayExpress.co.uk to take the money on the specified date. If there is insufficient money on that date PayDayExpress.co.uk will make subsequent attempts to take the money.

Example of PayDayExpress.co.uk Short Term Loans


PayDayExpress.co.uk has a representative APR of 4,720% and you can borrow anything between £100 and £500 for a maximum term of 37 days. Existing borrowers can borrow up to £750 depending on their status. If you were to borrow £100 over 28 days you would need to pay back £129 when the term expires.

The APR representative as mentioned earlier is 4,720% and is calculated as follows. When you borrow £200 over 28 days at a variable rate of 378% PA you will have to repay £258 in total repayments.

Is PayDayExpress.co.uk the Best Short Term Loan Company in the UK?


PayDayExpress.co.uk is a reputable short term loan company which is authorised and regulated by the FCA. The lending company is also part of regulatory bodies which are designed to protect borrowers. By using PayDayExpress.co.uk you can rest assured that you will be treated fairly. Pay Day Express also believes in responsible lending which means it will not lend money to borrowers who cant afford repayments.


You can apply for a short term loan or pay day loan even if you have bad credit. PayDayExpress.co.uk has a very high APR representative which suggests that they have lenient credit as long as you pass the affordability checks. PayDayExpress.co.uk is a very reputable company with a high APR representative and should be used as a backup when other lenders refuse credit. 

Other short term lenders such as Sunny.co.uk and Wonga have better deals and should be approached first. PayDayExpress.co.uk is one of the best short term loan companies in the UK and is worth considering because they treat their customers fairly.

Monday 11 August 2014

Best Short Term Loans UK: Review 12 of 16: MyMate Payday Loan Review

This post is the twelfth (12th) Part of the 16 Part Mini Series where I look at 16 of the best short term loan companies in the UK. This series was inspired by the Millionaires Giving Money community who kept on asking two questions over and over again. The first question was (1) What is the best short term loan company in the UK? and (2) What is the most reputable payday loan company in Britain. After responding to a handful of these emails I decided to write a series of post reviewing the best short term loan companies so readers could make an informed decision. In this twelfth review I look at MyMate Payday Loans.

Important Notes: Before continuing with the review of MyMate Payday Loans I wanted to share some important information which is often overlooked when borrowers take out short term loans. Making payments on time is the key to managing short term loans effectively. If you miss a payment your loan may be automatically extended and you will be required to pay more interest and charges. Missed payments also lead to lower credit scores and a default on your credit file. Collection agencies may also be introduced to recover payments if you fail to make successive payments. It is of utmost importance that you complete a financial questionnaire to assess your income and expenses so you know in advance how much you can afford. Now without further ado here is here is the review on MyMate short term loans.

Review 12: Best Short Term Loans UK: My Mate Pay Day Loans


MyMate.co.uk is a direct short term loan payday lender. My Mate Financial Solutions is regulated by the Financial Conduct Authority and has its registered offices in Knutsford United Kingdom. MyMate.co.uk is a responsible lender and always lends money according to how much the customer can repay based on their affordability.

MyMate.co.uk prides themselves’ on working hard to confirm that the selected loan is right for the borrower. The application process is relatively straightforward and requires information such as personal details, address, employment status, and how much and how often you are paid. The information given is private and confidential and the site has a secure server so no information is purposefully divulged.

MyMate.co.uk does not specify how long it takes for the application process to be approved. Once the information is gather a credit check is undertaken and further underwriting requirements and manual reviews may be completed to check the suitability of the borrower. MyMate.co.uk has a very strict approval process and their loan defaults are very low.

Once the loan has been agreed in principal all you have to do is accept the agreement and then the money will be transferred directly to your account usually same day. MyMate.co.uk has no hidden fees, no hidden charges and will inform you from the very start how much you owe and when you are required to make the payment. The direct payday lender is also available 24/7 online and via phone so you can keep your account up to date.

MyMate.co.uk also has a list of 10 promises which they use to keep customers satisfied. Some of these promises include


(1) Acting fairly, reasonable and responsibly whenever they deal with customers.
(2) To ensure your situation is understood properly so responsible lending can take place
(3) Carry out credit and affordability checks to help borrowers avoid financial difficulties
(4) To act ethically and responsibly in all dealings.

MyMate.co.uk is a very strict lender who offers competitive rates however if you have bad credit you will be required to jump through hoops to get the credit you need.

Example of MyMate.co.uk Short Term Loans


MyMate.co.uk has an APR representative of 1,451% and loans amounts between £150 and £1000 over a maximum term of 6 months. To take out a loan you need to pay an arrangement fee of £5.50 and other fees may apply.

The APR representative of 1,451% is worked out as follows. When you borrow £200 over 5 months at a rate of 292% PA fixed you will repay £67.37 per month and £337 in total after the completion of the term.

Is MyMate.co.uk the Best Short Term Loan Company in the UK?


MyMate.co.uk is a strict short term loan company which has an emphasis on making sure borrowers can afford to repay a loan. MyMate.co.uk checks the borrower financial statement and undertakes credit checks and further underwriting and manual checks if required. 


MyMate.co.uk does offer very competitive rates because it does its due diligence on the borrower so loan default levels are low. If you are after a short term loan in the UK and have good credit then it is worth applying for a short term loan from MyMate.co.uk so you get a competitive rate.

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