Learning Zone

Understanding Interest Rates

Basic maths still baffles a lot of people, but it is important that you can understand how basic interest rates work, as all loans that you take will charge some kind of fee. That fee determines whether you can actually afford the loan or not. Don't just let your financial adviser tell you, though they are regulated and should be looking after your interests, you do need to understand what it all means. Now some interest calculations get very complicated but if you can atleast understand the basics, you will get by.

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Steps to improve your credit rating

Your credit profile and history is critical to getting any kind of loan. But the lending criterion varies massively between loan providers. Fortunately, this can be a good thing and you can help yourself to improve your chances of getting a loan. Just keep in mind that lenders are there to make money, so have a different mind-set to the loan you want which is to get some extra cash as cheaply as possible!

When you plan to apply for a loan you will need to do some preparation, which you can use to show a good credit history and sort through any issues that might affect your credit score adversely, especially when it’s something that is not correct or no longer true.

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About the Author

Andrew Eagle has worked in the Finance Industry for over 26 years, currently specialising in bridging loans. He regularly contributes to blogs on bridging finance. Find him on Google +

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