Tricks and Tips to Reduce the Rising Cost Of Living

We, humans, have the habit of searching for more and more comfort and luxury and this is something that never ends. As time passes by our life tends to become more expensive due to the extravagant activities that we indulge ourselves into. Be it clothing, groceries or any other area, our expenses keep on increasing and the inflation rate is not the only factor to be blamed here. It is we who always go for something better every time when we do any purchase of a commodity. From paying the internet bills, going restaurants every weekend, shopping when event there is a no need, sometimes we end up raising our living standard without even realising it.

Well, the problem arises when your cost of living is improving at a much faster pace than your income and more than you can afford. However, there are ways that you can follow in order to reduce the cost of living without making many sacrifices. Here, in this blog, we will be discussing some of the most effective ones. So, let us get started.

How to cut your cost of living without compromising much

Try to conserve as much as possible

Most people don’t realise that utility bills have a major role in our daily expenses, especially when you are living in a joint family where the home is full of multiple appliances. Fortunately, there are ways that you can help you reduce these bills that you can use on your saving fund. First and foremost, always turn off the appliance when not in use especially when it’s the AC, lights, room heater. Same goes for the TV, make sure that it is turned off when you are not in the home. Conserving will not help you personally but doing so will contribute to the betterment of our planet as well.

Limit your credit card usage

Most people have developed a bad habit of swiping their credit cards even it’s for a small expense, let alone the big ones. It is important to realise that you don’t owe the money that you spend on purchasing items via your credit card and in the end, you will have to pay up for it along with the interest. Therefore, try to use your credit card on a limit and by that, it doesn’t mean you should reduce completely to zero. Unfortunately, if you are under the burden of too many debts due to the over usage of your credit card, then you can take the help of  a reputed lender in the UK like Loan Store, Instant Bad Credit , New Horizons and others who can provide you with bad credit loans online at an instant decision.

Don’t fall for the social media trap

Well, this might surprise you but social media plays a hidden but a big role in raising the living cost of a person. For instance, you see one of your friends posting photos of his/her vacation trip, brand new phone, or a new car, etc. Now, seeing this, a sudden urge also develops into your mind that you should also buy this thing or go the vacation trip as well. So, you see this is just similar to peer pressure but the only difference is that here the posts have been doing the encouraging part. Therefore, try to control this urge of yours and try to limit the use of social media if possible.  You should try to understand the psychological factor here that your friend sure is posting his/her vacation photos but the not the bills and expenses that incurred during the trip.

Prepare a killer budget

Lastly, analyse all your spending and source of income and create a perfect budget that can help you live a balanced life free of any financial worries. While creating the budget, try to maximise your saving and reduce the discretionary expenses as much as possible. This will help you a lot in managing your finance and reduce your expenses that are soaring high day by day. And somehow, if you already have a budget, but you are finding it difficult to follow it, look for ways to adjust your budget and see what you can do to achieve your goal.

Wrapping up, so these were the useful tips that can help you reduce your cost of living. However, while implementing these steps make sure that you don’t have to make any sacrifice that is very much needed in your life.

Can A Borrower With CcJ Apply For Loans with No Guarantor?

The cases related to CCJ needs an important attention so that people could reach towards the banks and the direct lenders without any hesitation. You must understand the fact that there is no escape from the mark of CCJ. Once you are recorded under the mark of this category, then you have to return the amount by following the given date and time. Unfortunately, emergencies do not give a knock on the door before it arrives that is the reason why people say, you need to be cautious while earning money if you do not know how to  save then time can be difficult for you.

Therefore, your first job should be to pay of all your debts so that you can carry forward to another purchase. You must be wondering what if you can afford to borrow some amount along the mark of CCJ. Your wish has granted under the name of CCJ loans with no guarantor from the direct lenders. It is the time, which you can use it for small as well as long investments. The call is totally yours.

 What is the full form of CCJ?

The term, County Court Judgement is used when you fail to return the amount on time and ignores all the reminders given by the lender. It is a call for you to payback the amount by following the dates given by the court.

Can I apply for any unsecured borrowings?

To get the precise answer, you need to visit the page of the different lenders because every direct lender stores different eligibility criterion. You must not be aware of the fact that the CCJ loans are available to assist you in full circle. It can also be noticed that you can borrow the amount as per your need and you can return the amount with an easy repayment.

Will I be charged because of CCJ stamp?

No, the direct lenders adhere to its terms and conditions religiously that is the reason why they do not charge any upfront fees from the borrowers at the time of filling the application procedure. They deal with their policies in a flexible manner so that any borrower can apply to it and use it win the crisis.

Do I need to present a guarantor?

No, the direct lenders have lifted this constraint by keeping the critical situation of the borrower in mind. Now, you are not in under any obligation to present a guarantor. It means that applying for the extra funds is easy and you just have to project towards the preparation of returning the amount.

Can a bad credit borrower apply for a loan?

The direct lender can seek to give the amount to the person having a low credit score. For that, a borrower must have a good source of income which can help the direct lender that the amount can be returned.

Note– It would be great if you apply for the small amount so that you do not fall under any pressure of CCJ and current loan.

Is it legal to borrow from the direct lender?

It is 100% legal to borrow the amount from the direct lender. Only that situation gets drag to court when a borrower does not return the borrowed amount and in that case, the direct lender has to take a strict action against the borrower.

What is the importance of easy repayment mode?

As easy repayment mode stores lots of power that inculcates your burden and allows you to set the date and time so that you can return the amount with an ease. Sometimes borrowers take this step leniently and that is the reason they fall in the trap of debt and lead towards low credit score. Therefore, this step captures an essence of loan period and it is always advice to borrow small amount, which you can return easily.

Conclusion

If you are bound to a CCJ stamp and you need urgent money, then you must seek for a direct lender. With the help of flexible policy, you can shelter your need and resume for your project.

Are Long Term Loans Less Effective Than Short Term Loans for Bad Credit?

Whenever you initiate for borrowing, the bad credit score often appears as the barrier. Crossing this barrier seems a tough challenge because most of traditional lenders deny lending to poor credit borrowers. The concerns for mountings debts in the UK are being raised with more power from more platforms. Worried lenders have already put the brakes on borrowing binge. The news in last of 2017 is about the less saving by the consumers and more dependence on borrowing. People in lower or middle-income group heavily rely on short-term loans granted by direct online loan stores. As the bad credit is a fast spreading problem, the UK borrower prefers to deal with only the lenders dealing in short term loans for bad credit.

Short-Term and Long-Term Loans – The Difference:

As the terms denote, short-term loans are administered for a short period that may be one month or up to 12 months. Long-term loans are sanctioned even for the 5 years period. In both the cases, the repayment is often made through monthly instant loans. Besides the difference in repayment period, both the terms loans have other differences also that you should knew to choose the best one:

Short-term personal loans:

• Small amount
• Short repayment period
• Higher interest rate
• Mainly available for individuals rather than businesses
  
• Almost less process
• Quick same day approval
• Secured and unsecured both; in most cases, people apply for unsecured short-term personal loan
• Bad credit is acceptable

Long -term personal loans:

• High Amount
• Tax Benefits under IT Act
• Low Interest Rate
• Available for businesses 
• Needs documentation
• Secured by Collateral
• Long term small amount installments
• Credit score matters

When Should You Approach Direct Lender?

The availability is no more a concern because of growing presence of lenders but the cost matters because the successful repayment depends upon several factors like amount, income, steadiness in monthly income, interest rate etc. Most of the personal loans are connected with borrower’s bank account to make the repayment automated. Short-term loans are offered at higher interest rate than the long-term loans but still some circumstances make the small loans a better choice:   

• You need small amount loan
• You can pay back entire loan amount plus interest amount within 12 months
• You have poor credit score
• You don’t have anyone as a guarantor
• You don’t see it feasible to mortgage your asset for small amount loan
•  You can’t get cash help from traditional financial institutions
• You can’t withdraw cash from credit card           

How To Plan, Get and Use The Short-Term Personal Loan The Best:

A common myth is that short-term loans trap you in the “cycle of debts”. The fact is that the short-term personal loans, if used responsibly for a justified reason, provide much-needed financial help to manage unexpected situations.  The numbers of households feel helpless in paying the monthly bills at the end of month; if they don’t pay the bills before the scheduled date, these bills may reflect on credit report to bring down the credit score down further. 

The payday loan may be an alternative but the high APR and single installment repayment within 28 days or on coming salary date don’t make this option a good choice unless all the doors for installments based borrowing are closed.    

Homework, homework and homework is success mantra to get reasonably priced bad credit short-term personal loan for an online direct lender. Write down the requirements and justify the need with perspective of cost, hurdles and affect on credit report. If it seems necessary, approach only FCA regulated lenders dealing in no credit check or bad credit lending. Minimise the required amount and settle a comfortable repayment period; never compromise with repayment period that doesn’t suit to your paying capability. Penalty free early payment is a good option even if you choose the longer than sufficient repayment period.

Concluding Note

Compare and negotiate at your best taking the advantage of competition in the UK lending marketplace. If you need financial help at a cost; the lender too need a client to earn. Knowing the options always helps to get better deal for short term loans for bad credit irrespective to required amount.

How To Solve Immediate Car Breakdowns?

Did your car breakdown in the way of travelling? Are you stranded in a place with no people around? Do not worry! There are a lot of solutions to save both your car and yourself. The initial step to be done is to check the reason for the breakdown of the car. Initially check for the fuel levels and other forms of problems. After checking the basic problems, use the internet or ask for other persons nearby for a mechanic who can initially find the underlying problem in the car. If the problem is small and can be solved within minutes, then it is not a problem. But if you are facing a bigger problem like battery breakdown or something else it better to use the help of the mechanic and move the car to a safer place. You can also avail the help of tow trucks to move the car away.
These services require some money, and if you have cash at hand, it is good else get an instant loan with the help of payday loans for bad credit from direct lender. After getting the loan instantly through online, move the car and start thinking about the next steps.

Moving automobile repair services

Nowadays most of the car companies have their own ‘on the road’ repair services available. Making a complaint through their customer service portal will connect you to the local and nearest ‘on the road’ service centre and the executives will come and collect the client’s car within minutes. Once the car is under safety and under the care of people from the company, the person can relax. The service provided by professional dealers will be much cheaper and better than the normal mechanic will.
Also, if the problem is with the battery fitted in the car, then the best way is to call both the car and battery service people. Battery service people are also available in all the areas and they also help during these times of emergencies. The client can replace the battery with a new one if the batteries have worn out costly and have crossed their warranty period. If the battery still has the warranty available, the client can apply for a new replacement battery and they can request for a temporary battery for the time being. All the battery companies have temporary replacement batteries available so that the clients can immediately continue their disrupted journey. The replacement batteries will reach their home and they can change it whenever possible.
If the problem is not with the batteries and there are some other underlying problems in the car that would take more days than expected to get it repaired and the solution is to leave the car with your original address to the dealers and find another mode of transportation to continue the journey. The car will be repaired and delivered to the person’s home address as soon as possible. The bill can also be paid at the time of delivery.

Other forms of transportations

To continue the discontinued journey, there are various other facilities available like trains, buses, and taxi services. If the person is carrying a low amount of luggage, then they can use public transportation services. Else they can use private taxis which charge based on the number of kilometres travelled. If you have any known persons nearby, you can also get their help to solve the problem. It is always a better option to avail the help of the company people than the other private ones to reduce the extra charges and to maintain the warranty and condition of the vehicle.

Read Also:-4 Qualities You Must Have to Be a Responsible Borrower

How Bad Credit Loans Help Improve Your Credit Score

“Building a credit score is paramount if you do not want to pay high interest.”

Financing short-term needs have become easier now because direct lenders provide you with funds regardless of your credit history. You just need to put in an application online and money will be in your account within a couple of minutes. Whereas the short-term loan process is easy, paying back the debt is difficult because of high interest.

If you have taken out bad credit loans for CCJ, you will pay much more interest as your credit history is beyond poor. However, bad credit loans provide you with a good opportunity to improve your credit score.

Your credit report shows every tiny detail about your credits. If you apply for a loan and you pay it back on time, your score will go up. Your credit report manifests the details of settlement of your account. Next time when you take out the loan, a lender will look over your report and transfer funds at lower interest because of a lower default risk. The more the defaults you make, the lower the score is, and the lower the defaults you make, the higher the score is.

You must pay your debt timely to build up your credit rating. However, you need to manage your finances to ensure timely reimbursement. Building a credit score involves more than you expected.

Develop good credit habits

If you do not stop your credit damaging habits, your score will not elevate. Timely payment is possible only when you frugally use your money. It is crucial that you do not use your credit card for buying things you cannot afford. You should stay below your credit limit and pay all bills on time. Try to avoid using them for buying unwanted things. Make sure that you do not consume more than 30% of your card limit and no bill is overdue.

Pay on time

Payment history is one of the most significant factors considered to grant you a credit rating. Make sure that you clear all your dues on time. Whether it is your credit card bill, utility expense, loan instalment, pay it on time. Any delinquency may pull your score and you will not be able to have the loan at lower interest in future. You should set aside money for your loan instalment as you receive your monthly income. Make sure that you cut down on your expenses unless you have settled your account.

Create a realistic budget

Many borrowers fail to pay back debts on time because they do not get a line on their spending. A practical budget throws light on your outgoings and incomings. To begin with, you should jot down all of your fixed expenses including your debt instalment. Add up the figures to know the total amount and put that aside when you receive your salary. Rest money you will utilise toward your variable expenses. Since these expenses are in your control, you make sure that you do not spend more than you can afford.

Know your credit score

Your credit report will show a good rating if you have settled all of your due accounts. However, you should have clearly known about your credit score. Before you apply for a new loan, you should go through your credit report. Chances are your report shows some defaults that you have not made or it shows a pending account that does not belong to you. Make sure that these errors do not reflect in your report.

Bad credit loans will undoubtedly perk up your credit score if you manage to pay off timely.