Monday, March 19, 2007

Explore the financial market to get the best personal loans

Your regular income may not be enough to take care of your unlimited personal requirements. With the modern lifestyle and ever-increasing demands, money is assuming all the more importance in this materialistic world. Personal loan is a financial product that takes care of all people who find themselves short of money. If you are looking for best personal loans, you should explore different options as available in the UK financial market.

Personal loans may be secured as well as unsecured. You can get them from high street lenders or from other online lenders. The online financial market is growing at a brisk rate owing to its huge popularity in the UK. The popularity has surely something to do with the benefits accruing to you if you take out loans through online method. Borrowers in the UK can expect the following privileges once they apply for online loans:

  • hundreds of loan plans with varying terms and conditions to suit your requirements
  • quick and fast processing
  • added features that can benefit the borrowers
  • competitive interest rates
  • flexibility in repayment terms
  • different repayment plans
  • low monthly EMIs
  • professional processing of loan application

    Going by the yardstick of loan costing, you can get some of the best personal loans if you properly search online lending market in the UK. As so many offers exist on the Internet, a comparison among them would bring you closer to some of the best personal loans. You should also appraise a loan on the parameters of your suitability and not only on the basis of interest rate. The interest rate may be high in one case, but it still may be the best available option to you if you consider all other aspects of that loan deal. The lower rate of interest alone does not guarantee you a best loan deal, although it is one of the constituents that account for it. The other considerations may be arrangement fees, brokerage fees, early repayment penalty, etc., which may raise the cost of a loan beyond your calculations. So, you should consider these things before finalising any particular personal loan deal.
    About the Author : The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done masters in Business Administration and is currently assisting go4ukloans as a finance specialist.
  • Saturday, March 17, 2007

    10 Tips To Finding The Right Mortgage Loan Broker

    More than half of all borrowers use a broker to arrange their mortgage. But how do you go about finding one? Should you be paying any fees for their services and how do they work?

    #1
    There are literally thousands of mortgage brokers in the UK - well over 10,000! These mortgage brokers will range from large companies with nationwide coverage through to the small one-man bands covering their local area.

    These different companies may use the full range of advertising media to attract your attention such as the internet, newspapers, magazines, radio, television and yellow pages.

    Should you prefer to use a local broker, you can get a shortlist of three financial advisers in your area from Independent Financial Promotions (IFAP) You can also look online at the numerous directories of mortgage brokers online to find one that best suits you.

    #2
    Whenever you have dealings with a mortgage broker, ensure that you find out whether they are authorised by the Financial Services Authority, either directly or as an appointed representative/principle of another company. Regulated brokers are listed on the FSA website: fsa.gov.uk

    #3
    Many mortgage brokers will have access to literally thousands of different lenders and products - this can be hugely beneficial when shopping around. It should be the aim of all mortgage brokers to source the market in order to achieve the best deal for you. Beware however, not every mortgage broker will be as ethical as the next - make sure you do your research!

    If you wish to find out which lenders a mortgage broker has access to on their panel, you simply have to ask them. Brokers will either charge you a flat fee for their services, or charge you nothing whilst receiving a commission from the lender, or of course, a combination of the both. They are legally bound to disclose details of the commission they receive including the figure if this is more than 250.00.

    #4
    Mortgage advice is regulated by the Financial Services Authority. Individuals who give mortgage advice must be professionally qualified.

    #5
    If you are looking for advice on other financial products, for example on pensions, investments and insurance, be aware that these areas are also regulated by the FSA - your mortgage adviser may not be qualified to give advice on these areas. Unlike mortgages, advisers dealing in investment products have to be either tied to one provider or an independent financial adviser who can source the whole of market.

    #6
    The mortgage industry is packed full of confusing words that you may never heard of before - Do not be afraid to ask any questions. If you are not completely sure what you are getting into or signing up to, it is vitally important that make sure every detail is explained fully by your broker or lender. A mortgage is a huge commitment so make sure that you know exactly what is entailed.

    #7
    Using the services of a mortgage broker can offer many different benefits to the borrower. If your mortgage requirements are specialised, a broker can sometimes access specialist lenders that may not be directly available to the public. Having a damaged credit history can mean that can that applying for a mortgage can be a little more troublesome via the conventional routes.

    #8
    As a first time buyer the prospect of using a mortgage broker can be very appealing - even if your needs are very simple. Buying a home and arranging a mortgage for the first time can be a daunting prospect and having a point of contact available can make the process run more smoothly.

    #9
    It is important to be as honest and accurate as possible when applying for a mortgage. In todays market of high house prices, it can be very tempting to inflate your income or downplay your debts and other financial commitments. It is in fact a fraudulent offence to lie about your income on a mortgage application form.

    #10
    If you have a problem with your broker or have reason for complaint, it is necessary for both yourself and the broker involved to meet a satisfactory conclusion. Once this avenue has been exhausted, you may take your complaint to the Financial Ombudsman service. It may be possible to claim compensation from the broker in question via the Ombudsman service.

    Friday, March 16, 2007

    10 Ways to Increase Your Chances of Getting Approved for a Merchant Account Application

    The world of online business has its peculiarities. Unlike brick-and-mortar stores, an e-commerce site cannot provide consumers with a physical point-of-sale (POS) terminal. Internet merchants do have their own version of this nifty device that lets them accept credit cards. Online shopping carts and payment gateway systems are the new ways to collect money off buyers. It's not exactly that uncomplicated though. The first thing any profit-minded merchant would need to start exploring this world of modern commerce is a merchant account. In looking for one, you must prepare yourself to be a competitive applicant. Here are ten ways to increase your chances of getting that merchant account you need to start processing payments and raking in the cash:

    1. Tenure matters.
    Most merchant account providers look at the timespan you've been in the business. This is a way for these service providers to know if you're aware of the risks of the business. It says much about how adept you are to your operating business environment. They will be able to assess your ability to identify and properly handle the hazards that you will be facing.

    2. You credit report is crucial.
    For any financial institution, credit reports are like business bibles. These show how well you handle your accounts, if you've repaid past debt, if you have liens against your business, judgments or bankruptcies filed by and against you. The depth of your credit is an indication of how financially trustworthy you are. If there are hits against your credit that do not belong there, contact the reporting agency (Equifax, Experian or TransUnion) and provide them with proper evidence. It also helps to enclose this documentation with your credit report when submitting your application.

    3. They rely on your relationships.
    How you maintained your last merchant accounts, in part, reflects how you will handle the merchant account that you are now applying for. Terminated mercantile accounts will show up on MATCH reports (Member Alert to Control High-Risk Merchants file) or the Terminated Merchant File kept by credit card associations.

    4. Full disclosure is appreciated
    While all merchant account providers have their own way of looking into your credit history and everything else they need to know about you and your company, full disclosure can help make their job easier. As they say, honesty is still the best policy.

    5. The paperwork that tells them all.
    It begins with an application form. Yes, everyone wants your signature and would like to know your name, but a merchant application form with just these are never easy for the person processing the paperwork. It is a tedious task to fill out everything, but try as hard as you can to resist the temptation of skipping the hard questions.

    6. More documents to submit.
    The completed application is just the beginning. You should also be prepared to submit documentation such as your company's articles of incorporation, bylaws, company profile, proof of identity of the board of directors, and many other legal documents.

    7. Know what you are.
    Being a high-risk merchant has its ups and downs. Knowing where you stand from the onset will help you manage expectations. While high-risk accounts can rake in a ridiculous amount of money, it may also be quite difficult to find a merchant account for them. Again, credit card associations, such as Visa and MasterCard, can be unkind to the high-risk merchant. They are very unforgiving of merchants in the high risk category who often exceed the threshold for chargebacks.

    8. The questions and the answers.
    They've got questions and you've got the answers. Well, let's be fair, you should also get your chance on the other side of the fence. It is perfectly all right to get your turn to ask all your questions. So, to prepare both parties, it is essential that you know what to ask and you know what questions to expect beforehand.

    9. Be prepared for a compromise.
    In an ideal setting, you would be able to get exactly what you want. Great fees. Great service. Reliable security features. But we don't always get that. Again, it is important for us to highlight that if you are a high-risk merchant, it comes with its downsides. First among these are the fees you may be quoted. Normally, high risk industries such as gambling, adult, pharmaceutical, gaming and travel websites are charged higher fees than accounts that pose less risk for the merchant account provider.

    10. Take it as a challenge.
    It will take time to find that perfect merchant account provider that you can trust with your business. If you don't get it right the first time, don't give up. Keep at it until you find a payment processor that you are fully satisfied with.

    The steps outlined here are meant to better prepare merchants to get an approval for their merchant account application. Remember though that while these steps are essential, you should always consider what the merchant can do for you even before starting the application process. Merchants like eMerchantPay (http://www.emerchantpay.com) provide you with all the benefits you need to run your business smoothly. Once you know that the merchant of your choice is the right one, go ahead and apply with confidence.

    By Phillip Carmichael
    www.emerchantpay.com