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What Is the Importance of Social Networking Sites for Businesses?

Do You Need A Credit Check To Get A Car Loan?

Before getting approved for a car loan, there must be a couple of things you would like to know. Most people are not aware about the requirements behind getting a car loan. Depending on your financial standing, you will be offered various packages. You can go for a personal loan, dealer finance or other modes of funding for your loan.

Why is Credit Check Required?

In most cases, lender will scrutinize every single detail of your financial data. Your credit reports will be checked to know your creditworthiness. Various terms and conditions of a loan including interest rate, repayment method, monthly instalment and other quotations will depend on your credit history. Apart from this, your lender might also take more information depending on circumstances.

Many people who borrow money for the first time do not understand the reason behind check of their credit history. Here are some of the most common reasons a credit check is so vital when it comes to getting approved for a loan. Check below:

Evaluation of Past Trends

Lender will conduct a credit check to learn more about your financial history. Your credit report will help in understanding your past trends, financial standing and previous loans. There are around 25 distinct factors that will be taken into consideration to come with a practical decision. The lender will have access to your previous payment history, total unpaid debt and complete credit history in full.

Calculate Credit Score

As per your previous credit history, you will be given a credit score. Lender will be able to calculate risk in number by estimating the total credit score. A higher score signifies less risk and therefore you will be able to get a loan at a reasonable interest rate. Apart from this, you can make an estimate of the deal you are getting. It is recommended to take an estimate of whether or not you are getting the required terms and conditions as per your credit report.

What If You Don’t Have A Good Credit History?

Since it is necessary to get a credit check prior to approval of a car loan, things can be hard for people with poor credit ratings. In case you have a weak credit score, it will become difficult for you to get a loan. However, there are still some things you can still do:

  • Before applying for a loan, you should work on improving your credit score. Make sure you have sufficient time to mend your credit rating before going for car financing. A good credit rating can substantially improve your chance for getting a reasonable payment.
  • You can also try non traditional ways of borrowing money. For example, taking money from credit unions is one of the oldest and most common popular choices for people with poor credit ratings.
  • Apart from this, you can also go for peer to peer lending option to fund your car. Borrowing money from friends and family is also a feasible option in times of dire need.

These are some of the key tips to improve your chance of getting a loan. The best way is to enhance your score to get a positive credit check.…

Is It Acceptable For The Government To Help You Buy A House?

It is absolutely acceptable for the government to help you buy a house. The UK government has launched many schemes that facilitate its citizens to buy houses through low interest loans and ownership laws.

Here are some of the schemes that the government has launched for people willing to buy houses:

Help to buy

This scheme helps people that have a small deposit buy a home. If you have at least a 5% deposit, you can qualify for the help to buy scheme through:

Equity loans

This scheme is available to both fist time buyers and existing homeowners. Anybody willing to buy a new build house can borrow 20% of the purchase price interest-free for the first five years with the 5% deposit. London citizens can borrow up to 40% of the purchase price but for both the cases, the purchase price cannot be more than £600,000.

Mortgage guarantees

In the case that you have taken out a mortgage against an old or new property, the government can take over for covering the losses that the lender may have suffered due to you having a problem in paying it back. However, the mortgage payments in a help to buy plan would continue the same way that the mortgage agreement was signed.

Right to buy

For tenants in Wales, Northern Ireland and England, who have rented their home from the local council, can apply for the right to buy scheme. It allows the tenants to buy the home they’re living in at a discounted rate, but the discounted rates differ from place to place and depending on the size of the house they’re buying.

For tenants who are living in homes that were transferred from the ownership of the local council to let’s say a housing association, would also be eligible for the Right to Acquire scheme. It is necessary that the tenants initially had rented from the public sector for three years which do not have to be consecutive.

Shared Ownership

Shared ownership allows the tenant to buy a share of a house from the landlord and rent the remaining share. The landlord is usually the council or a housing association. A mortgage is required to pay for the share of the house which can be between a quarter and three quarters of the full purchase value.

The tenant now pays a reduced rent on the share they don’t own. Later the tenant has the option to buy another share or the full property for 100% of its value.

Household that have an income of less than £80,000 outside of London and £90,000 inside London are eligible for the shared ownership scheme. Military personnel will be given special preference over others.

Starter Home scheme

The starter home scheme is available to first time buyers under 40. It is a new government plan that is set to build 200,000 new build homes with a minimum of 20% off market price.

The maximum limit on these houses is £250,000 outside of London and £450,000 in London.…

The Symptoms of a Chronic Spender

For most people, planning a budget is one of the least favorite tasks to do. However, little do they realize that ingraining simple money management habits is the first and foremost step towards building a great investment.

There are many factors that relate to overspending—with credit cards being one of the primary reasons in producing chronic spenders! As a matter of fact, plastic cards are said to be the only reason leading to a dissatisfactory financial future in the UK.

Here are 5 emotional and behavioral factors to help you determine a chronic spender (or maybe yourself!)

Compulsive shoppers

These are people who use shopping as an alternative route to escape from unwanted feelings and emotions. You will probably find such people with goods packed and untagged in stock.

Additionally, compulsive shoppers purchase items by living in a fantasy that an item will change their lives, or bring some good luck.

Social status spenders

This group of chronic spenders shop and spend money to show power and status. If someone is buying things just because they are flashy, expensive, has a designer tag to flaunt—then they are probably one.

Image or social status spenders are often the ones trying to establish their presence and standing . They believe in spending well so that they look happy and successful. In other terms, they always want to be the showstoppers in town and love preferential treatments!

Deal grabbers

Or, bargain sale shoppers!

If a person is hooked on getting their hands on the best deals in town, then they definitely fall under this category. This kind of shopper finds immense satisfaction in driving the salesman nuts (getting the best bargain). Interestingly—it’s not about the great deal value, but more about negotiation process!

Heavy spenders

People under this category are often high earners too. Usually referred to as bulimic spenders—savings is not an option for them and they spend excessively only to fall back in the ‘I am broke’ category.

 

So, if you are someone or know a friend, family, or colleague with high earnings with a frequent shopping spree—then you have spotted the BULL-imic spender!

Spending on others

Or, the co-dependent spender!

People falling under this category are often the most emotional when it comes to spending. They will go out of their way to spend in love, care, support or to win over someone. If you rationalize your shopping for a friend, or tend to go resonate your behaviour for your family—then this is you!

Aforementioned are some of the symptoms in terms of behaviour and emotions to help spot yourself or someone with overspending habits.

If you want to commit towards a stronger financial future, think about the future and where you stand one year from now. What financial advice would you give to the future you? What changes are you willing to make today, in order to see yourself in a better financial situation tomorrow?—Gain power on your spending patterns (emotional and behavioural) to make the best investment for your future.

 …

What Is the Importance of Social Networking Sites for Businesses?

Internet has become the leading portal to stay connected to our loved ones, do businesses, hunt for jobs and market products and services. Face Book is the most famous social networking site that has 1.5 billion users. It is Face Book which has inspired the creation of other social networking platforms. In fact, social sites like Face Book, Twitter, Instagram, LinkedIn, etc has changed the way we interact with others. With the social sites, it gets easier to stay connected with everyone. Apart from being important for our personal lives, social sites are effective business tools. It helps in job searches and even in building a professional look. Thus, social media has great role on our professional lives and personal lives. Let us check them out in details.

Role of social networking site in personal lives

With the social media, it gets easier to connect to friends and family members and this is the major draw. By posting statuses, images and videos, you can share exciting news about yourself. In fact, you can share anything, any event of the day. If you stay away from your family, you can stay connected without spending dollars on plane tickets. Face book is the best medium to stay connected. This site combines photos, videos, newsfeeds, and status and thus it is optimal site for sharing events of life. On the other hand, Twitter offers the opportunity of networking and knowing people. Twitter meet-ups are organized and you can attend them.

Role of social sites for businesses

Are you an online business? If yes, then you need to stay on as many social networking sites as possible. You may share business news with millions across the globe. Businesses that are on maximum social sites get the maximum exposure and enjoy greater visibility. If more eyes see your products and services, there will be more purchases. Different site will offer you different kinds of benefits. You may consider using the following sites:

To allow people know your business intimately, you can use Face Book. With the help of photos, images and videos, you can communicate with potentials. Interaction is the key here. If anyone posts comment on your page, your task is to reply. More you reply, more the visitors will talk about your page, share the page and gain more likes. Talk about your latest launches and discuss out the products. By providing useful information to followers, you will engage them to your business even more.

Share news, latest update about your business with Twitter. Through hash tags, you can find the likeminded people and interact with them. Finding new fans and followers for your business was never so easy before.

Instagram is the fantastic social media tool where you can share pictures or images of your products and workplaces. Show off latest arrivals in the most attractive manner with the Instagram tool. Take pictures of the food items served at your bakery store or hotel and attract more people to make purchases.
Thus, we can see social sites have immense role to play. You can choose any as per the needs.…