How Can I Pay My Student Loans Off Faster

Higher education may be invaluable when it comes to securing a future, but it also comes at a premium and requires many to take out student loans. In fact, Over £121bn is owed in student debt across the UK as of March 2019. That number is growing at a rapid rate.

Are you looking for ways to pay off your student loans faster? We’ve rounded up a list of methods you can utilize to repay your loans so that you can move on and enjoy your life debt-free.

Extra Cash

You might be thinking…what extra cash. There are a few creative ways you can stretch and maximize your income to have extra money to put towards your loans each month. Try practising a “no spend month.” This might sound daunting but really it’s quite simple. Take care of all of your basic needs like rent, food, bills etc. then don’t spend a penny more. No going to coffee shops or out for a drink. Set all of the money aside that you would ordinarily spend on clothing or out on the town and instead pay it towards your loans at the end of the month. While it might not seem like fun at the moment, you’ll be so glad you sacrificed when your loans are paid off.

Automatic Bill Pay

Did you know most student loan services offer incentives if you enrol in auto-pay? Not only will this decrease the stress of having to remember to make payments on time each month, but it could also make you eligible in a slight interest charge decrease. On average, loan services will decrease your interest rate by 0.25. So for instance, if your loan is at 5%, then it would drop to 4.75%. While that might not seem like a massive change, it can make a huge difference in the long run.

Pay Twice Monthly

Try splitting your payments into two for the month. Most companies pay their employees bi-monthly(or twice a month). If you split your payments in two chunks, your bigger payment might feel more manageable. For instance, if you owe £500 in loans each month, then pay £250 at the beginning of the month and £250 at the end of the month. Also, you’ll be secretly tricking yourself into making an extra payment by the end of each calendar year. Making one whole extra payment each year can help you pay off your debt much faster. You’ll also save on interest.

Refinance Your Loans

Last but certainly not least, do you have multiple student loans and/or a high-interest rate? If you have a decent paying job and a good credit score, you may be eligible to refinance. Take a look at Nowloan.co.uk to find the best lender for your unique debt situation. Now Loan compares over 20 different lenders across the web to ensure you find the best rates. Your credit score will also not be affected by applying for information. When you consolidate your debt and secure a lower interest rate, you’ll pay much less over time.

In Conclusion

You have the power to take control of your student loans. Keep in mind, the sacrifices you’re making now will be well worth it when you’re debt-free.

Sources

https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN01079

Logbook Loans for Motorbikes in the United Kingdom

Many people are aware in the United Kingdom that it is possible for them to take loans by pledging their cars as security for those loans. The loans are known as logbook loans. Yet, not many are aware of the fact that besides cars and vans, they can now avail of logbook motorbike loans at places such as LogbookCalculator.uk. Now, logbook loans are also relevant to motorbikes. These logbook bike loans may just be the financial answer that people may have been waiting for in times of cash shortfall due to emergencies. There is no reason why people owning motorbikes be left out when they want to pursue logbook loans. Modern motorbikes have values that are equivalent to or more than small cars. Places like Motorbike Logbook Loans are more than willing to use these motorbikes as collateral for extending their logbook loans.

What are Logbook Motorbike Loans?

A logbook motorbike loan uses motorcycles as security for loans. Motorbike Logbook Loans show the borrowers a way by which they can unlock values of their motorbikes without the need for selling them in order to avail of fast cash for financial emergencies. For the purpose of logbook bike loans, Motorbike Logbook Loans retain the logbook of V5C of the motorcycle during the tenure of the loan. This is the document for the registration of that motorcycle. The borrower is allowed to make full use of the motorcycle while the loan is being repaid regularly. Once the loan amount is settled in full, the logbook of the motorcycle is returned to the borrower.

Motorbike Logbook Loans allow borrowers to access amounts ranging between £250 and £50,000. This depends on the market worth of the motorcycle that is being pledged and the repayment amount that would be affordable to the concerned borrower. The logbook loan calculator that is provided on the website of Motorbike Logbook Loans will give a fair idea of how much the borrowers would be in a position to borrow as long as their bikes are roadworthy, comprehensively insured, fully taxed and have passed the Ministry of Transport (MOT) Test.

How to Apply for a Motorbike Logbook Loan?

Beginning the process of application for a motorbike logbook loan is a simple task. Motorbike Logbook Loans have made the entire end to end process a simple one, ranging from an application for a logbook loan to receiving the cash in the bank accounts. The whole process is a straightforward one. As borrowers need the money fast, the logbook loan is processed as quickly as it possibly could. Borrowers may expect the cash in their banks on the very same day that they apply for the loan. The loan gets approved fast when the requirements are met without any delay. The items required are a V5C Registration Document for the Motorcycle, a valid Ministry of Transport Certificate which has not expired and proof of comprehensive insurance coverage.

The loan amount can be repaid on weekly, fortnightly or monthly basis. It could be settled by means of a bank transfer or a debit card swipe or a cheque. The tenure of the logbook loan may stretch anywhere from twelve months to thirty-six months. If borrowers want to settle the loan amount earlier than the stipulated tenure, they will not be charged any penalties for doing so.

How do Motorbike Logbook Loans work?

There is a process that has to be followed when borrowers apply for motorbike logbook loans. There are a few things that the lenders check about the motorcycle that is being pledged. After this check, the application will be processed and finances will get arranged. The motorcycle has to be roadworthy and must have a minimum market value of £500 for it to qualify. The borrower also has to prove his or her ownership of the motorcycle.

Applying for Short Term Payday Loans in Scotland

Are you looking for affordable and fair loan portals in Scotland? Loans in Scotland will help you as they are aware that there are occasions when people need that little extra help on the cash front. In such times of financial emergencies, Loans in Scotland can offer loans from £50 up to £1000.

This is not a big issue as there are many mobile underwriters that have been based throughout Scotland for borrowers to apply for payday loans today and receive money mostly on the same day that they apply for the loans.

Today, Glasgow itself has more payday loan companies than anywhere else in Great Britain. This city has the highest number of instant cash shops in the country. It has also been reported that more than six thousand students have used payday loans in Scotland to make their ends meet while studying, as per the United Students Insight Report.

From Edinburgh to Glasgow to the Scottish highlands, Loans in Scotland will provide loans to all eligible borrowers, who need to be above eighteen years of age, be residents of United Kingdom and be actively employed for the last three months.

If you are seeking a personal loan but have a poor credit rating and are not able to get other kinds of credit from other lenders, then a payday short term loan from Loans in Scotland is a fine solution.

A good credit rating is not a mandatory requirement to get a payday loan in Scotland. Logbook Calculator.net is a part of the largest group of short term loan lenders in the United Kingdom. It has already served many customers with loan amounts ranging from £250 to £50,000.

Payday Loans and their Management is being Monitored by Citizen’s Advice Scotland

Citizen’s Advice Scotland has handled hundreds of payday loan cases every week where customers have been charged exorbitant rates of interest by few irresponsible payday loan lenders.

These lenders have been regulated since the past couple of years by the Financial Conduct Authority (FCA), and they have to follow a Good Practice Customer Charter not only in England, Wales and Northern Ireland but also in Scotland.

Although payday lenders do not carry out credit checks of applicants, they are expected to evaluate the personal financial situation of the borrower to establish whether or not a person has the ability to repay the loan amount. If the lenders feel, the customer is finding it difficult to manage his or her loans financially; they should discourage such borrowers so that eventually, they do not have to write off bad debts.

Payday lenders like Loans in Scotland have been upfront and transparent about fees about the payday loans including default and interest charges. They also keep the customers informed about when and how the loans need to be paid back.

Accessibility of Short Term Loans in Scotland

Loans in Scotland are recognised for providing swift short term loans. The team working here knows exactly what is needed by the customers. This is the main reason why it has initiated quick overnight short term loans in Scotland. It also offers instant decision short term loans for borrowers with bad credit. Its management of the loans is unique because it allows the cash loan customers to fix up their due dates.

For borrowers who are looking for inexpensive loans on short term basis, it offers swift cash advances with no credit checks. The customers will be given clear instructions on the obligations and requirements for the online advance short term loans. Once the borrowers settle the first short term loan in full, then they can apply for renewal and more cash on future dates.