UK energy crisis - gas and electricity
Feb 16, 2022
It has been brought to everybody’s attention over the last couple of weeks that energy prices in the UK will rise an astronomical amount starting from 1st April 2022.
From 1st April 2022, it is estimated that the average increase of energy prices for people on standard tariffs will be as much as 54%. This is estimated to affect 22 million households in the UK that are still on standard tariffs.
Why are the prices rising so much?
The Wholesale gas prices are 4 times greater than they were this time last year which has caused Ofgem to increase the price cap.
Ofgem is responsible for the price cap on the energy industry which limits how much they can charge consumers. The price cap is reviewed by Ofgem every 6 months. However, this can sound quite misleading, as there isn’t a “cap” that can be placed on how much consumers pay for gas and electricity, it is more so a cap on how much can be charged per unit of gas and electricity. The more you use, the more you will pay.#
Although the UK seems to have been hit quite harshly with rising prices, it is actually a global issue. Worldwide demand for energy supplies has increased immensely over the last few years due to several factors.
A cold winter in Europe in 2020/2021 meant that more people turned on their heating and so stored gas supplies were low.
The Sumer of 2020/2021 was relatively windless which resulted in less wind energy being generated, however, this form of energy isn’t as big of a source as others.
There has been a huge demand for liquefied natural gas supplied from Asia - mainly China.
The reason that the UK has been affected so drastically is that around 85% of UK homes use gas central heating and 1/3 of electricity is generated by gas.
When the wholesale gas prices began to rise last year, it was responsible for 29 energy suppliers going bust which affected around 2 million homes in the UK. These households were then moved to new suppliers which has higher tariffs.
What can I do to lessen the sting of rising energy prices?
There is support being put in place by the government to help people affected by the rising costs. Chancellor, Rishi Sunak announced that consumers can receive a £200 discount on their bill this year, but this will be paid back over time. The £200 discount will be paid back at £40 a year for 5 years starting from April 2023. Sunak also confirmed that there will be a £150 council tax rebate in April for households in council tax bands A to D. The more expensive the home is that you currently live in, the higher the band you are in however, around 80% of households are in bands A to D.
There are further measures to be put in place to help more vulnerable households from being so greatly affected by the rise in energy bills.
There are of course some improvements that you could make in your home such as having your home insulated and making sure that any cracks and places that draughts could get in are covered which would reduce the need to use central heating. You could also switch to energy-saving lightbulbs and ensure that lights and electrical appliances are properly switched off when not being used.
Editorial Disclaimer: This article was updated on 16.02.2022
Opinions expressed here are the author's alone, and not those of any bank, credit card issuer or any other company. This article has not been reviewed, approved, or otherwise endorsed by any of these organisations. NB: The information on this page does not constitute financial advice, please do your own research to ensure that the product/service is right for your individual circumstances.
Tangerine New Lenders
Aug 6, 2020
Tangerineloans has recently received new lenders to its panel.
Short-term loans with Tangerine
Jan 6, 2020
What is a short-term loan?
As the name suggests, a short-term loan is a type of credit that is to be taken out and repaid within a short period of time. Short term is usually seen as anything that is less than 12 months, but the loan term is dependent on the lender. Predominantly, short-term loans are taken out for a period between 3-6 months. If you are looking to borrow credit for longer than 12 months, then you should seek a more suitable loan option such as a personal loan.
How does a short-term loan work?
When applying with Tangerine for a Short-Term loan, we try and make it as simple as possible for you in finding you the most appropriate lender. Firstly, you will need to fill in our application form online. The application form will ask you to fill in your details and provide us with information on how much you would like to borrow and how long for. We will then check through our panel of lenders and provide you with an instant on screen decision of a lender who has agreed in principal to offer you a loan. The loan amount that they offer you, will be based on your needs and circumstances.
What can I use a short-term loan for?
A short-term loan is usually a credit option that is used by people who have found themselves with an unavoidable expense that they can’t perhaps pay for right there and then. A short-term loan doesn’t have to be used for anything; the use depends entirely on the person who takes out the credit. This could be anything from unexpected bills, a broken-down car that needs to be fixed, home improvements and repairs, or even debt consolidation.
How do I repay my short-term loan?
When applying for a loan, you will have provided details in your application for how long you wish to borrow for. You will then have been forwarded onto a lender who has agreed in principal to offer you a loan. You and the lender will then agree on the time period in which you are to repay the loan back. Your loan repayment will be in smaller more manageable instalments every month, rather than one lump sum.
Can you get a Short-Term Loan with less than perfect credit?
If you have a poor credit rating, lenders may still be willing to lend to you, but at a higher rate than was originally advertised. It is recommended that you check through your credit report before applying for any type of credit. There may be elements to your report that could hinder you from being successfully accepted for loans or credit cards, such as late payments, insolvencies or judgements. Credit Knowledge is a FREE* tool which you can use to understand and monitor your credit report and score and learn how to build and maintain your score,whilst also providing you with access to Discounts & Vouchers to save money across the high street, and the social reporting tool Knowso! Find out more here.
Choosing the right short-term loan for you?
There are many different lenders offering short term loans at a range of different rates, but it is important that you choose the right option for you. Here at Tangerine, we can help you find the most suitable lender that is willing to lend to you today.If you are still unsure, comparison site SupaCompare has a wide range of short-term loans for you to compare!
If you’re need a short-term loan, we could help! Click here to find the right loan for you.
#SupaTips -Credit Report
Dec 10, 2019
What is a credit report?
In simple terms, your credit report is a tool used by lenders to determine if you qualify for credit such as loans,mortgages or similar services. It helps to indicate what kind of borrower you are; if you would be a risk or if you’re likely to manage your repayments. Your credit report contains information such as your personal details, credit account history and public records. When applying for credit, you are giving lenders access to your credit report – this is a part of the application process they use to determine your eligibility. All lenders have different requirements and so they assess your score based on their own criteria. They will set a minimum that you need to reach in order to qualify for your desired amount of credit.
What is a credit score?
All the data on your report contributes to the calculation of your credit score, which is just a number that shows lenders your creditworthiness. Typically, credit scores range from 300 to 850 and the higher your score, the more likely you are to receive credit from lenders. Behind the number itself, there are some main factors that are considered during the decision-making process and therefore it’s important to know what affects your score so that you can stay in control of yours and even make improvements over time.
What is considered a good or average score?
There is no specific number that will guarantee you approval. Also, due to different lenders having different requirements – you could be refused by one company and accepted by another with exactly the same credit score. Also, different credit rating agencies calculate scores in different ways, giving different results.However, most companies view a ‘good’ score as being somewhere between 881 and 960. A ‘fair’ score could be 720 to 880.
How does my credit score affect my ability to receive credit?
Your score, along with the information in your credit report are key ingredients in determining if you are eligible for credit such as loans, credit cards and mortgages. Overall, higher scores reflect a better credit history, making you suitable to receive loans with lower interest rates.
#TuesTips -What really impacts your credit report?
Dec 10, 2019
What is a credit report?
In simple terms, your credit report is a tool used by lenders to determine if you qualify for credit such as loans,mortgages or similar services. It helps to indicate what kind of borrower you are; if you would be a risk or if you’re likely to manage your repayments. Your credit report contains information such as your personal details, credit account history and public records. When applying for credit, you are giving lenders access to your credit report – this is a part of the application process they use to determine your eligibility. All lenders have different requirements and so they assess your score based on their own criteria. They will set a minimum that you need to reach in order to qualify for your desired amount of credit.
What is a credit score?
All the data on your report contributes to the calculation of your credit score, which is just a number that shows lenders your creditworthiness. Typically, credit scores range from 300 to 850 and the higher your score, the more likely you are to receive credit from lenders. Behind the number itself, there are some main factors that are considered during the decision-making process and therefore it’s important to know what affects your score so that you can stay in control of yours and even make improvements over time.
What is considered a good or average score?
There is no specific number that will guarantee you approval. Also, due to different lenders having different requirements – you could be refused by one company and accepted by another with exactly the same credit score. Also, different credit rating agencies calculate scores in different ways, giving different results.However, most companies view a ‘good’ score as being somewhere between 881 and 960. A ‘fair’ score could be 720 to 880.
How does my credit score affect my ability to receive credit?
Your score, along with the information in your credit report are key ingredients in determining if you are eligible for credit such as loans, credit cards and mortgages. Overall, higher scores reflect a better credit history, making you suitable to receive loans with lower interest rates.
#Tips - How to manage your finances.
Dec 3, 2019
Taking time to make specific, long - term goals can really pay off when managing your finances. Getting a transparent plan in place will give you more stability when it comes to financial matters. Read on to learn more about tips on management, consolidating debt and understanding your credit report.
- Create a budget.
The first and probably the most important step is to create a budget. Budgeting may seem a little tough at first but it helps us see our financial situation clearly and it pays off in the end.
- Understand your expenses.
Take your receipts and bank statements, add them all up and calculate your expenses. Remember to keep track of all expenses paid in cash as well as on debit/credit cards. This will allow you to see the whole picture, it may even help you see if there are any unnecessary expenses that you can take off your future bills and help you save money in the long term.
- Understand your income.
After figuring out your total expenses, subtract them from your income for the month. Depending on whether you end up with a negative or positive number this will determine what action you should take next. If positive, you could increase your debt payments or monthly savings. If negative, reduce your expenses until it reaches zero or even try to push it so that you end up with a positive number, to get you back on track.
- Consolidate your debt.
Although paying off debt is easier said than done, you must start somewhere. The main thing to do is get it under your control and work on getting rid of it. If you have credit card debts,student loans, etc, look to consolidate them and get the best interest rates possible. This should have the effect of saving you money and stress because you will reduce the number of monthly payments you need to arrange to make,depending on how your creditors view debt consolidation. If you only have one credit card debt and are on a tight budget, try paying at least the minimum amount as soon as you receive the bill or look for a balance transfer card with a lower rate or even an introductory rate free period, (this will mean that a credit search is performed though so please think about this before applying).
- Create an emergency fund.
Emergency funds are an important part of a healthy personal finance plan but it should only be touched in the unfortunate event that you lose your job or an unexpected expense arises.
- Review and understand your credit report.
Credit reports give lenders an impression of how risky you are as a borrower and therefore has a direct impact on your future borrowing ability. It’s important to review it regularly so you can see if there are any mistakes on it that need to be fixed. For example, if you have ever shared a property with another person, your credit reports may still be linked even though you are no longer associated with that person. For more information and access to your own personal report, visit https://www.creditknowledge.co.uk.
Car Loans
Nov 25, 2019
Have you found your dream wheels but don’t have all of the payment ready up front? A car loan can help you cover the initial cost and break the larger payment into smaller more manageable payments over an agreed period of time. A car loan can be a suitable option for you if you want to own the car from day one, and not have to lease or arrange a Hire Purchase Agreement with the dealership or manufacturer. By filling in the application form below, we may be able to find you the lender with the lowest rate that is willing to lend to you today.
What is a car loan?
A Car Loan is essentially a personal loan that someone may take out with a lender, with the sole purpose of buying a car. If you are looking at buying a car, whether it be new or second hand, utilising finance to buy the car outright ensures that you own the car from the moment of purchase. Whereas, if you were to lease the car (also known as Personal Contract Hire) you would never actually own the vehicle, and you would have to give the car back at the end of the lease.
If you have found the right car or are in need of a car ASAP and don’t have all of the money right there and then, a Car Loan may be the right option for you. A Car Loan enables you to spread the cost of your car over a longer period of time in more manageable payments each month.
How much can I borrow?
How much you would like to borrow for your car loan is completely dependent on how much you are willing to take out with a lender, how much you wish to spend on your new car and, of course, how much your lender is willing to lend to you. You may only need a small loan if the car is relatively cheap, or if you have already saved up most of the money, but you just need that little bit extra to cover the costs.
If it is a more expensive car that you are looking at purchasing, then you may choose to take out a larger loan over a longer period of time. Remember, different lenders will charge different interest rates on your loan, so it is recommended that you look around and make sure that you are choosing the best option for you. You can compare all of our car loan providers through Supacompare today!
Who can get a car loan?
To apply for a Car Loan with The Loan Tree, you must be over the age of 18, a UK resident, currently employed, and earning at least £800 per month. Lenders may have their own requirements, but by applying with The Loan Tree we will use the information that you have provide us to match you with the most suitable lender that agrees in principal to offer you a loan.
Lenders may check your credit report and score when deciding whether or not to offer you a loan. It is recommended that you check these before applying for a loan to make sure that all of the information on your report is correct. You can use our FREE* tool Credit Knowledge to check your report today!
Do I have to know which car I want before I buy?
Not necessarily! You may have already found the perfect car, and you just need a car loan to help you purchase it. On the other hand, you may not have found the right car for you yet, but you know what budget you would like to spend and so can secure a loan for that amount.
How much will it cost for me to take out a Car Loan?
With any loan, the amount that you pay back will depend on the interest rate and time period that you agreed with your lender.
*Terms apply. Please see site for details.
For more information or if you wish to apply for a loan, visit https://tangerineloans.com/
Holiday Loans
Nov 13, 2019
If you have found the perfect holiday destination but aren’t sure how you’re going to pay for it all upfront, a holiday loan could be an option to consider. A holiday loan is a fixed-rate personal loan that you’d apply for so that you can make simple, smaller payments towards the cost of your holiday. By filling in the application form below, we can look to find you the lender with the lowest rate that is willing to lend to you today.
What Is A Holiday Loan?
A holiday loan is a type of Personal Loan that someone may take out in order to pay for their holiday or to use as spending money while they are away on holiday. You may have found your dream holiday but just don’t have the full amount to pay for it all upfront. A holiday loan could be an option for you if you would rather break this larger lump sum up into smaller monthly payments, paid back at an agreed rate.
Who Can Apply For A Holiday Loan?
To apply for a holiday loan with Tangerine, applicants must be over the age of 18, be a current UK resident, employed and earning over £800 per month and have an active UK bank account.
How Much Can I Borrow to Pay for My Holiday?
Holiday loans (or Personal Loans as they are otherwise known) are usually for amounts under £25,000. You can apply to borrow as much as you feel is necessary for your situation but it’s best to make sure that you can comfortably afford to pay the loan back alongside the agreed rate of interest.
What is the Process of Applying for a Holiday Loan?
Applying for a holiday loan with Tangerine is quick and easy! Simply fill in our application form and tell us a few details about yourself, how much you would like to borrow and for how long. Then click the ‘Apply Now’ button at the bottom and sit back and relax while we introduce you to a lender. You’ll be provided with an instant on screen decision of which lender has come forward and agreed in principal to lend to you today. You’ll then agree with your lender how much you are borrowing, how long for and at what rate of interest.
Did You Know?
Did you know, that when you apply for a loan, lenders will look at your credit score to see if you are a suitable applicant? That’s why it’s a good idea to check your credit report and score before applying for finance so that you’re able to make sure that what is on there is correct and factual. You can use our FREE* tool Credit Knowledge today to check your Credit Report!
*Terms apply. Please see site for details.
How to stop mindless shopping
Nov 12, 2019
Shopping, whether it’s for clothing, food or random beauty products, can quickly become an impulsive, emotion releasing habit. Let’s imagine you see a fairly nice coat with 50% off and you buy it, although you already have twenty warm enough coats in your closet. We’ve all been there. Mindless shopping can temporarily satisfy you, yes. Maybe for a month, maybe for a week, maybe for an hour. But it can also lead us to spending much more than we can afford, causing lots of stress and worry about our finances.
If as you’re reading this, you’re feeling guilty about that unnecessary purchase you just made or if you consider yourself stuck in the trap of shopping for fun - below are some useful tips that can help you become a more conscious buyer.
Make a wish-list.
When shopping, it’s a good idea to create a list of things you genuinely need. This can be kept in a notes app on your phone so that you can refer to it easily when need be. If you find yourself contemplating on getting an item, ask yourself: Is it on the list? If not, do I really need it? This will give you time to think twice on what it is you’re buying.
Analyse any purchase.
Before going to the counter, not many people think about how useful the product will be for them. It’s important to consider if you’ll even make use of it often and, if you will, how often? What will you use it for? How long will it last? Is it worth the money? The main thing to concentrate on is whether you’re buying it for the quality and not the quantity. If you do this beforehand, you’ll find that you’ll very likely end up spending less.
Understanding your necessities and priorities.
Recognising what you value most in life and focusing on it makes it much easier to prevent overspending. Things like food, shelter, basic utilities, childcare and transportation are some of the main things that would be of prime concern. Thinking like this will also help you save money for what it is you want most when you look at the bigger picture. Perhaps you want to travel, upgrade your home or buy a new car; whatever it is, consider how your spending can affect these goals.
Know what triggers you personally.
We are prompted to shop for all different kinds of reasons; boredom, low self-esteem and entitlement are just a few. Something as little as buying a new lipstick or a new pair of shoes is enough to better your ‘bad mood’ for a while. However, sometimes when we experience emotional turbulence, it can encourage us to feel like we deserve to spend money on ourselves. Of course, everybody is deserving of a treat every now and then, but it’s knowing that you don’t need to get a whole new wardrobe!
Plan to shop.
If you plan your shopping ahead of time, you have more time to figure out your purpose and what you are really in need of. Before shopping you should always determine what you intend to buy and how much you plan on spending. This way you should avoid making impulse buys. Your list can range from food items, to Christmas gifts, to new house decor - just make sure you know before you go.
You probably realise that the excitement of whim shopping never lasts. Hopefully these tips will help you to control the urge to buy something just because of a sale offer or because it looks pretty. Saving and having the money to buy things you genuinely need will be much more beneficial to you in the long run.
For more tips on how to save money or if you wish to apply for a loan, please visit https://tangerineloans.com
Pay Day Alternative
Nov 7, 2019
What is a payday loan?
A payday loan is the term given to a type of credit that a person may take out with the intention that it will be paid back to the lender on their next payday. Payday loans usually come with a higher repayment interest than a regular short term loan.
What is a payday loan used for?
Payday loans are usually taken out to cover someone financially until their next payday. There could be a number of reasons for needing a payday loan, but the most prevalent is so that a person can cover an emergency cost that they wouldn’t have otherwise been able to afford with their remaining monthly budget. An emergency cost could be anything from having to repair a broken-down car to replacing a washing machine.
How do Tangerine loans differ to payday loans?
At Tangerine, we can offer you an alternative to a payday loan. We connect people to loans that range from 3 months, up to 36 months. You just need to decide on what time period enables you to comfortably pay back your loan.
How do I apply for a loan with Tangerine?
Applying for a loan with Tangerine has been made simple so that we are able to quickly provide you with a decision. By clicking the ‘Apply Now’ button, you will be redirected to our application form. Here, you will be asked to provide a few personal details, the loan amount you require, the time period in which you are looking to borrow for and the reason for your loan. After you have submitted your loan application, we will put you in touch with a lender who agrees in principal to offer you a loan. Our service is completely free of charge!
When applying for a loan, lenders may look at your credit score as part of the application process. It is recommended that you check your credit report and score prior to making an application for credit so that you can make sure that what is on there is accurate. You can use our FREE* credit reporting tool Credit Knowledge today to check your score! Please note that we offer a free 14 day trial* - after which you will be charged 19.99 per month.
Am I eligible to apply for a loan with Tangerine?
To apply for a loan with Tangerine, you will need to be a current UK resident with an active UK bank account, over the age of 18, earning £800 per month or above, and be employed.
Before applying for any type of credit, you should make sure that you are able to afford to pay it back to avoid causing serious money problems.
Personal Loans
Dec 11, 2019
Life can throw unexpected things our way, and this could involve making a purchase that we are not prepared for. A personal loan can help with covering the cost of anything from a new washing machine to an unforeseen bill. A personal loan can aid you by covering this unexpected cost up front, leaving you able to pay it off monthly in more simple and manageable payments that you otherwise would have.
What Is A Personal Loan?
A personal loan is a type of credit that you can apply for that is for personal use, rather than business or commercial use. A personal loan can be either secured or unsecured. A secured personal loan is one which is secured against an asset of yours that is of value, for example your car or house. Furthermore, an unsecured personal loan is not secured against any assets, but the loan amount you are offered will be dependent on your income and personal circumstances. Generally, personal loans are unsecured, but you may be offered a secured personal loan if you have a poor credit score and credit history. This just provides the lender with some security and reassurance if you were to ever be unable to repay the loan but your asset, (e.g. car or home), may be repossessed if you don’t keep up your repayments.
If accepted, you will receive your personal loan in full, and then you will have arranged to pay it back with interest in instalments over an agreed period of time.
What Is A Personal Loan Used For?
A personal loan can be used for a multitude of reasons; whether this be a loan to purchase a new car, to pay some unexpected bills, to carry out some home improvements, or to pay for a wedding. The reasons for use of a personal loan are endless!
How Much can I Borrow With A Personal Loan?
As we mentioned before, a personal loan can be either secured or unsecured. Unsecured personal loans are usually for a smaller amount, generally under £25,000. A personal loan will generally need to be secured against your assets when the loan amount required exceeds £25,000.
What Are The Benefits Of Getting A Personal Loan?
Firstly, you will agree with your lender how much you are able to pay over a set period of time. This enables you to make smaller, more manageable repayments each month, and allows you to budget the rest of your finances. With a personal loan, you may be able to borrow more than you would with a credit card. If your credit card only has a small credit limit and you are looking to borrow more, a personal loan may be an option for you. Also, if you have multiple debts that you are paying off individually, a personal loan is an opportunity to group all of these repayments together into one lump sum. This enables you to pay one amount every month rather than several separate payments. If your loan agreement specified a fixed rate, then you can rest assured that you will be paying the same sum every month and the interest won’t vary.
Things To Consider Before Applying For A Personal Loan?
Firstly, you need to consider whether a personal loan is the right option for you and if the repayments are something that you can comfortably afford to pay each month. Also, you may be paying a higher interest rate than what is advertised. If you have a less than perfect credit score, lenders may still offer you a loan, but at a higher rate of interest than what their example originally stated. If you would like to check your credit score before you apply for a Personal Loan, Credit Knowledge offers a FREE trial in which you can see a thorough breakdown of your report. Find out more here.
Getting A Personal Loan With Tangerine
Here at Tangerine Loans, we can help you apply for a personal loan by using the information you have given to us, to provide you with an instant decision on which of the lenders on our panel has agreed in principal to offer you a loan.
For more information or if you wish to apply for a loan, please visit https://tangerineloans.com/
Wedding Loans
Oct 30, 2019
Are you considering getting a personal loan to fund your wedding day?
Your wedding is one of the most amazing days of your life and of course, you want it to be unforgettable for all the right reasons. However, anyone who has recently been involved with the planning of a wedding will tell you how expensive they can be. The average wedding today costs anywhere from £20,000 to £30,000, so it is understandable if you want to up your funds, even if you may be receiving help from family, or if you have savings put aside. Bear in mind that wedding loans aren’t always the best option for everybody and there are alternatives. To help find out what option is most suitable for you, see below some pros and cons.
The upside of wedding loans
It allows you to stop worrying about finances and continue happily planning for the big day.
Those with good credit tend to get offers on the best interest rates, making repayments more manageable in the long term. If you are unsure of your credit score, visit https://www.creditknowledge.co.uk which gives you access to your own personal credit report.
The monthly repayments are fixed meaning that borrowers can budget accordingly. With the ability to choose your own repayment term, you are able to spread the cost suitably to your own personal circumstances. Alternatively, you could reduce the monthly payments by extending the repayment time period. This will mean you pay more overall in total but it will be cheaper monthly.
The downside of wedding loans
Those with less than perfect credit, are likely to be offered higher interest rates or possibly refused credit entirely.
In a similar way to any other loan, you may be charged a prepayment penalty if you want to pay it off earlier than you agreed with the lender.
While taking out the loan, it may seem affordable to help you short term but, the long term effects could put you in a difficult position further down the line, so make sure you can definitely afford it.
Should I get a loan to fund my celebration?
It could definitely be the solution for you and your betrothed but it’s very important to carefully compare all of your options and consider any risks that may come with them. If you think you have found the perfect loan offer, then go for it! After all it is your day…
If you’re interested in applying for a loan today, please click here >>>
Make your house a home this winter.
Oct 28, 2019
Winter calls for warmth and comfort, so if you haven’t already - it’s time to start preparing for the long, cold months ahead of us. Money can be tight sometimes but that doesn’t mean you can’t still have a beautiful, cosy home. If you want to make your home look amazing without spending a fortune, see our top tips on how to make it possible.
1. Add some throws, pillows and blankets.
Can’t afford a new sofa? Don’t worry! There are many stylish, affordable throws, blankets and pillows that will cosy up the feel of your home in a wink. If you are unsure of which colours to go for, get some inspiration from designs on your walls or floors. The more mismatched the better, experiment with different textures and fabrics for the maximum cosy impact.
2. Use soft lighting.
If you want to create a cosy atmosphere in your home, go for softer lights such as warm whites and yellows, instead of harsher hues. Soft lighting immediately makes a room more inviting and friendly.
3. Candles.
Candles are essential for anyone who is trying to add more cosiness into their space, they have the ability to instantaneously make any home feel warmer by casting a relaxing glow of light. They are the ultimate mood setter and another upside of them are the choices of delicate scents, all of which are available for pennies! If you like scents, you could also invest in essential oils or incense sticks for extra comfort.
4. Re-organise your furniture.
A few changes of your furniture can make a space feel more comfortable and it can also
help you save on heating bills. Bring sofa sets and chairs closer to the fireplace and away from doors or windows, don’t place them near a radiator as they will absorb heat. You may also want to add a rug in the living room for extra snugness.
5.Bring the outside, inside!
Winter isn’t a time to be spending excessive amounts of time outdoors but that’s not to say you can’t bring a touch of nature indoors. Having plants and flowers around your home will freshen up the space and feel more welcoming. Plant maintenance isn’t everyone’s favourite activity so why not consider faux plants as opposed to the real deal? They can look so realistic, guests won’t even know the difference.
6.Display things that say a little about you.
Fundamentally, feeling comfortable in your own home comes down to what makes YOU feel at home. Hanging photos of loved ones, artworks, quotes or symbols adds personality to any room and will create a more homely ambience in no time.
Short-Term Loans
Oct 30, 2019
What is a short-term loan?
As the name suggests, a short-term loan is a type of credit that is to be taken out and repaid within a short period of time. Short term is usually seen as anything that is less than 12 months, but the loan term is dependent on the lender. Predominantly, short-term loans are taken out for a period between 3-6 months. If you are looking to borrow credit for longer than 12 months, then you should seek a more suitable loan option such as a personal loan.
How does a short-term loan work?
When applying with The Loan Tree for a Short-Term loan, we try and make it as simple as possible for you in finding you the most appropriate lender. Firstly, you will need to fill in our application form online. The application form will ask you to fill in your details and provide us with information on how much you would like to borrow and how long for. We will then check through our panel of lenders and provide you with an instant on screen decision of a lender who has agreed in principal to offer you a loan. The loan amount that they offer you, will be based on your needs and circumstances.
What can I use a short-term loan for?
A short-term loan is usually a credit option that is used by people who have found themselves with an unavoidable expense that they can’t perhaps pay for right there and then.
A short-term loan doesn’t have to be used for anything in particular, the use depends entirely on the person who takes out the credit. This could be anything from unexpected bills, a broken-down car that needs to be fixed, home improvements and repairs, or even debt consolidation.
How do I repay my short-term loan?
When applying for a loan, you will have provided details in your application for how long you wish to borrow for. You will then have been forwarded onto a lender who has agreed in principal to offer you a loan. You and the lender will then agree on the time period in which you are to repay the loan back. Your loan repayment will be in smaller more manageable instalments every month, rather than one lump sum.
Can you get a Short-Term Loan with less than perfect credit?
If you have a poor credit rating, lenders may still be willing to lend to you, but at a higher rate than was originally advertised. It is recommended that you check through your credit report before applying for any type of credit. There may be elements to your report that could hinder you from being successfully accepted for loans or credit cards, such as late payments, insolvencies or judgements. Credit Knowledge is a FREE* tool which you can use to understand and monitor your credit report and score and learn how to build and maintain your score, whilst also providing you with access to Discounts & Vouchers to save money across the high street, and the social reporting tool Knowso! Find out more here!
Choosing the right short-term loan for you?
There are many different lenders offering short term loans at a range of different rates, but it is important that you choose the right option for you. Here at The Loan Tree, we can help you find the most suitable lender that is willing to lend to you today. If you are still unsure, comparison site Supacompare has a wide range of short-term loans for you to compare!
If you’re need a short-term loan, we could help! Click here to find the right loan for you.
Debt Consolidation
Oct 24, 2019
What is a debt consolidation loan?
When taking out a debt consolidation loan, people are usually looking for a personal loan with an amount that is big enough to clear all of their existing debt at once. This type of loan can be used to clear most debts - such as credit cards or any other loans. Of course, after consolidating these debts, the only thing left to pay off would be this loan.
Debt consolidation is an attractive way for individuals who have a reasonable amount of debt, owed to more than one creditor, to manage and ultimately clear it. It is considered much easier to handle because instead of making multiple payments, of varying amounts, to a bunch of different creditors who may each be charging different interest rates, you are able to just keep track of one single payment. Similar to any other loan, there are pros and cons to take into consideration:
Pros:
Debt consolidation allows you to sit back and take a breath. By consolidating your debts into one, it’s much easier to manage your finances and choose how you’ll clear your debt.
This type of loan can also help you save you money in the short term and the long term. In short term, you might end up paying less each month than you have been doing, keeping more money in your pocket. In the long term, you might get a better interest rate and pay less over time.
Your credit could improve - once you are able to pay off other credit cards and loan accounts, lenders can see that you are managing your finances responsibly. You could see your rating go up, if you maintain your payments to the debt consolidation loan.
Cons:
Debt consolidation loans especially, can be more difficult to get if you have less than perfect credit.
Taking out a debt consolidation loan is not the solution to all your debt, as you’re not removing it completely, you’re mainly making it easier to deal with. If you don’t pay off your existing debt with the new loan, you’ll continue to pay these creditors at the same time as repaying the newest lender and you’ll find yourself in a much more difficult situation than where you began. Because of this, you could consider alternative options before doing so.
The term of the loan could be longer than the terms of debt obligations that you consolidated. This may cause the total interest cost to be greater than it would have been on the individual debts, even though the monthly fee is lower.
Before you apply...
Begin by working out how much money you owe: add up all the debts you would like to consolidate and include any extra charges you might have to pay off, (this may include fees for early repayment of some of the existing borrowing so check this before attempting to clear debts before the end of the term you originally agreed), then this will be the amount you need to borrow. You should then decide how long it will take for you to repay the money.
Bear in mind that the longer you take to pay the loan back, the lower your monthly payments are likely to be. However, if you borrow for longer you will pay more overall. Lastly, check out some comparison sites and search for the best interest rate. For example, Supacompare.co.uk has options. Making sure you look for the lowest APR would be a good idea for starters.
Adding to that, a debt consolidation loan may not be the best way to tackle your debts. It’s important to consider some alternatives that could be:
0% money transfer card - These cards are used to move money into your bank account. You may have to pay a relatively small transfer fee that’s usually a percentage of the amount you request. However, you can pay this off with the total balance over time interest free. The length of that interest free period depends on the deal you get from the card issuer.
0% balance transfer card - If you have credit card debts, you could use a balance transfer card to move what you owe to a new card. Similarly, you may also be charged a relatively small transfer fee that’s usually a percentage of the amount you request that can be paid back interest free for a set time. The length of that interest free period depends on the deal you get from the card issuer.
FAQ’s about Debt Consolidation loans
Q) Do I have to pay off all of my debts with the loan?
A)No, you can choose which debts you’d like to clear. But, if you keep any open you have to show that you can afford to pay them back alongside any new loan.
Q)Will the money be paid directly to my other lenders?
A)No, it is usually paid to you and then you need to pay them off separately.
Q)Does the lender have to run a credit check?
A)Yes, lenders will check your credit record to determine whether or not you qualify for the loan. Please note that this is the case for any loan and you should be wary of lenders that advertise an opportunity for a ‘no credit check loan’, as this is a vital part of the decision. If you are worried about your credit score, get access to your free*, personal report here: https://creditknowledge.co.uk.
Q)What happens if I cannot make my repayments?
A)You may be charged a fee and your credit record will be damaged, causing serious financial issues. If you ever get into this situation, contacting your lenders at the earliest possible time is advisable because many are able to agree a compromise to get you through a difficult period, although they’re not obliged to.
*Monthly fee applies after free trial. For more information or if you wish to apply for a loan, please visit https://tangerineloans.com/
Guarantors
Oct 23, 2019
What is a guarantor loan?
Put simply, a guarantor loan is a form of trust-based lending. If a friend or family member trusts that you will make repayments on a loan, then the lender should too. This requires the guarantor to co-sign the credit agreement, which means they are agreeing to step in and make repayments if you don’t.
A guarantor loan is most suitable for someone with less than perfect or no credit history as it increases their chances of being accepted. It effectively assures the lender that they will get the money back because the guarantor has made a promise to pay back the loan, should the original borrower be unable to.
What is a guarantor?
The guarantor for your loan must be a person aged between 18 and 75, with good credit history. If you are unable to make repayments, it will be the guarantor’s responsibility to do so; therefore, it is vital that they can afford it. This essentially means that a guarantor will only be approved if they have enough money to pay the debt, as well as handling their own finances. It usually helps if they are a UK homeowner.
Who can be your guarantor?
Your guarantor should be someone who knows you really well, or just someone who you are happy discussing your financial situations with. It’s very important that both parties understand and are comfortable with what is expected of them when you agree to take out the loan. It could be a family member or friend, but most importantly someone who is happy to help you out! In taking and repaying a guarantor loan, you can help increase your credit score. It can be almost anyone who meets the lenders criteria, which usually consists of any of the following:
If you don’t know a homeowner, don’t worry as there are also options for non-homeowners. Someone who is able to demonstrate that they have sufficient assets or wealth to cover the loan, is considered to be a trustworthy guarantor.
Are guarantor loans a good idea?
If you are able to make payments on a guarantor loan without any hitches, then they are absolutely a good idea! Whenever you repay a loan, the information is reported by the lender to a credit reference agency, which will update your credit score accordingly. Which of course means that your credit improves, making you qualify for lower interest rates on any future loans.
Before you apply…
Because guarantor loans often come with interest rates higher than average, it is worth exploring your options before applying, to see if you could save the money. The best loans are usually reserved for people with higher credit scores, so it would be good to try and improve this before hand.
It is also worth bearing in mind that guarantor loans can be more expensive than other types of loans. So make sure you need it before taking it out and make sure you can afford to make the repayments.
How do I apply for a guarantor loan?
Firstly, choose your desired amount and a term in which you wish to pay it off. For example, £500 over 2 months. Then you would need to give a few of your personal details, so we know who you are and if you’re eligible. Also we would need to know your full income details and your regular outgoings, to determine your affordability. After this, you’d need to give repayment details, so which bank account you would like the money to come out of and when. The final step is to let us know who you have chosen to be your guarantor.
What happens after I apply?
Our main goal is to ensure you receive your guarantor loan in the smoothest and quickest way possible. After completing the application, it’s important that we make sure you both understand your responsibilities and what is required of the guarantor if the borrower is unable to make any payments.
If the guarantor loan application is successful with one of our panel of lenders, the money should be paid out within 48 hours (depending on your bank’s processing time for payments received). It is also important to note that the loan is paid into the guarantor’s account for fraud protection reasons. It is then their responsibility to give the money to you.
The final thing you should know is that once the money has been paid out, the lender will keep both parties up to date with statements. Many lenders give the ability to see the balance whenever you want, by logging into your online account. Both you and your guarantor would have access to this information.
What is the best guarantor loan for you?
There are comparison sites which provide information to help you decide which loan is most suitable for you. They have detailed representative examples that give you a deeper insight to what is being offered. Visit supacompare.co.uk and find the right loan for you!
To check your eligibility for a loan or to ensure you are in the best position to get lower interest rates, get your free* detailed credit report at: CreditKnowledge.co.uk. It’s a simple way to understand and monitor your credit report and score, 24/7.
*14 day free trial, after which you will be charged £19.99 a month
How to build your credit score
Dec 11, 2019
Why is your credit score important?
It is important for a number of reasons, but overall lenders combine your credit score with the information in your credit report to assess your risk as a borrower. Having a high score will boost your chances of receiving credit, but having a less than perfect score means lenders may question your ability to repay, or you could be denied credit altogether.
How can I improve my credit score?
Use a credit card little and often.
Using a credit card responsibly and keeping it active will help build your score. Spending small amounts and paying your bills on time each month, instantly makes you look more trustworthy to lenders.
Check for mistakes on your report and fix them.
Your score is tied to the information on your report. You may find that sometimes the information on your report might not be accurate. For example an account may appear as ‘open’ when it is ‘closed’, this will make your credit score lower. Please be advised to check your report regularly, to spot and fix any mistakes as they contribute to your score.
Pay your bills on time.
Struggling to pay your bills on time suggests to lenders that you have trouble managing your finances. To avoid this, set up direct debits so that the money exits your account on time.
Make sure you are not linked to another person on your report.
You may have a spouse, friend, family member who is linked to your credit report that could affect your own personal score.
Eliminate any outstanding debt you may have.
Before applying for credit, ideally you should try and pay off any high level existing debt. Lenders may be hesitant when borrowing you money if you are already in a lot of debt.
Check for any fraudulent activity on your report.
Although rare, it is important to always be aware if something is incorrect on your report; someone may have taken out credit in your name without your knowledge. In the unfortunate case that this happens, be sure to contact the credit reference agency immediately so they can update your file.
If you want to see your own detailed report, or would like to receive further information on how to improve it visit https://www.creditknowledge.co.uk.
Tips on budgeting
Oct 29, 2019
Budgeting sets the foundation for every financial plan. No matter how much money you’re making, you need to know where your money is ending up each month if you want to have a handle on your finances. Having a budget will give you a clear action plan that will help you achieve the goals you’re working towards, whether it be consolidating debt, saving for retirement or simply just trying to make sure you don’t overspend.
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Before the month begins, budget to zero.
This doesn’t mean you have zero pounds in your bank account, it just means your income, minus all your expenses, equals zero. It’s a good way to start as you’re planning ahead.
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Start with the most important ones first.
Be sure to prioritise your true necessities because once they are taken care of, you can fill the rest of the categories in your budget. Think about the Four Walls (food, shelter, utilities and transportation).
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Pay off your debt.
If you are in debt, this also needs to be considered a priority. It is best to start consolidating debt sooner rather than later, even if you start in small amounts - every little helps!
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Make a schedule that you can stick to.
It could help to put specific dates on some expenses, you may even want to set up direct debits. Knowing what to expect and when to expect it, will relieve you from a lot of stress and improve cash flow.
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Cut up your credit cards.
If you’re serious about sticking to a budget and getting out a debt, the best thing you could do is completely stop using your credit cards. Getting rid of them for good will mean no minimum payments need to be added to your budget and you can focus on the things that really matter.
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Don’t be afraid to trim your budget if need be.
Everyone likes to treat themselves every once in a while, but sometimes things get tight and it’s safer to live within your means. This could mean shopping at discount stores or dining out less, to save money. Don’t forget you can always make adjustments later down the line, when you are back on track financially.
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Have goals.
Whether you’re paying off student loans, mortgage, building up your emergency fund, or simply saving up for something, ask yourself why. What is the reason you are making these sacrifices?
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Track your progress.
It’s great to check your progress from time to time, to keep your goals in sight. Look back on your earlier budgets and see how far you have come, it will encourage you to do more!
