What IS A Secured Loan?

Posted by on Oct 17, 2017 in Uncategorized | Comments Off on What IS A Secured Loan?

The simple definition of a secured loan in Chester is that’s a loan secured against an asset, normally property. So if you can’t repay the loan, the lender can then seize the asset and get its money back by selling the asset. Obviously, a mortgage is secured against the borrower’s home so, strictly speaking, it’s a secured loan.

secured loan in Chester

However, when you hear banks and journalists talk about secured loans, they normally don’t mean mortgages. Instead they mean smaller loans that are secured against residential property, normally in addition to a conventional mortgage.

So let’s say that you own a house that is currently worth £300,000 and your outstanding mortgage is £100,000. The difference between those two numbers is £200,000, so you have equity worth £200,000 in your home. You can take out a secured loan against that equity and that loan would normally be for a sum between £25,000 and £100,000.

If you hit financial trouble and you couldn’t repay your mortgage and secured loan, your mortgage lender would be first in line for any sale proceeds following a repossession. But once the mortgage lender had been paid off, your secured loan provider would be next to receive payment from the sale proceeds.

Secured loans are also sometimes known as homeowner loans or second charge mortgages.

Fans of secured loans point to three main plus points for this product.
If your credit rating is less than perfect, you may struggle to borrow via other routes such as a personal loan.

But because a secured loan is backed by property, the lender may be willing to look at riskier borrowers.

That said, your credit rating is still relevant when you apply for a secured loan. The worse your credit rating, the higher your interest rate. And if your credit rating is very poor, you may not be able to get a secured loan at all.

Interest rates for secured loans can be relatively low. Right now, the cheapest secured loans are at around the 8.5% mark. Rates are certainly a lot cheaper than for payday or guarantor loans. Secured loans can last for ten years or longer. So that gives you plenty of time to pay off the debt. On the downside though, the longer you take to pay off the loan, the more interest you’ll have to pay.

However, I think that secured loans have some major flaws that outweigh the advantages.

  1. You could lose your home
    This is the big one. If you miss payments on your loan, you could end up losing your home.

For that reason we’d always suggest people go for an unsecured personal loan if they can. It’s true that a lender could still repossess your home if you fall behind on a personal loan, but the process is much more complicated than for a secured loan and happens much less frequently.

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Commodity Trade Finance: All about The Bank

Posted by on Oct 17, 2017 in Uncategorized | Comments Off on Commodity Trade Finance: All about The Bank

Commodity trading finance platforms are not something we actively write about, but it is such a key part of world trade that it’s important for readers to understand a bit about how this form of goods flow gets financed.

In a study done by the Bank for International Settlement (“BIS”) examining bank trade finance lending, commodity trade finance is a market dominated by the banks, and at that, very few global banks.

commodity trading finance platforms

Commodity Trade Finance Characteristics

It is natural for commodity transactions to remain in the bank domain for several reasons.

  • They are big – buying oil shipments or wheat is controlled by big private companies like Cargill, Trafigura, Vitol, etc.  and transaction sizes are in the millions
  • You can manage the collateral – commodities are real collateral that can be valued by market indices. Operation risk can be insured. For example, you can grab collateral if need be. With other goods, say spare parts, or apparel, how would you value?
  • Prices can fluctuate wildly in a short period of time – this market risk can be controlled to some degree through hedging
  • Commodities trade actively

If properly managed, the risk then really comes down to the credit risk of counter-parties, which is something banks generally do well.

Who Funds These Transactions?

The BIS report stated that historically, most of this trade has been dominated by European banks, particularly French and Swiss banks, which reportedly provided up to 80% of the financing for commodities trading worldwide at one point. Many of the largest commodity trading companies are located in Switzerland (egs. Tate and Lyle, Glencore, Cargill International, Vitol Group, Trafigura to name a few).  Commodity trade finance alone in Switzerland is  estimated to be around US$1,7 trillion size market.

But during the Great Recession of 2008, European banks like BNP Paribas and Crédit Agricole had to reduce their exposures in commodity financing as a result of a lack of access to US dollars. However, true to form, as global banks have balance sheet, U.S. and Asian banks as well as banks in the Middle East are now increasing their share of commodity finance. Blockchain based ledger company isn’t a household buzzword, like the cloud or the Internet of Things. It’s not an in-your-face innovation you can see and touch as easily as a smartphone or a package from Amazon. But when it comes to our digital lives—every digital transaction; exchange of value, goods and services; or private data —blockchain is the answer to a question we’ve been asking since the dawn of the internet age: How can we collectively trust what happens online?

Every year we run more of our lives—more core functions of our governments, economies, and societies—on the internet. We do our banking online. We shop online. We log into apps and services that make up our digital selves and send information back and forth. Think of blockchain as a historical fabric underneath recording everything that happens exactly as it occurs. Then the chain stitches that data into encrypted blocks that can never be modified and scatters the pieces across a worldwide network of distributed computers or “nodes.”

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Is A Secured Loan A Good Option?

Posted by on Sep 22, 2017 in Uncategorized | Comments Off on Is A Secured Loan A Good Option?

A secured loan with smartfinancialproducts.co.uk is a loan that has collateral attached to it. The collateral stands good for the loan and if you miss payments or default on the loan, then the bank can collect the collateral. This type of loan generally has a lower interest rate because the bank is taking a lower risk because it can collect the collateral if you default on payments. A secured loan can be a good way to build credit if you go through a reputable lender like a bank or credit union. secured loans

Types of Secured Loans

  • ​Mortgages are secured because your home stands as collateral on the loan. If you miss payments, you can go in foreclosure and lose your homes.
  • Car loans are loans that are attached to your car.
  • Secured credit cards are a third type of secured loan. The bank will usually require you to attach a Certificate of Deposit (CD) or savings account to a credit card. Banks will do this for customers who are trying to rebuild their credit history. The credit limit will be about the same amount as the CD and if you fail to pay, then the bank takes money from the attached CD. you are not allowed to take money out of the CD or savings account that is acting as collateral for the loan.
  • A title loan is when you take a car that is already paid off and use it as collateral for another loan. Generally these loans are small with higher interest rates than other more traditional secured loans.

Benefits of Secured Loans

Secured loans are available to people who have been denied unsecured loans. They are an excellent way to work towards building your credit score. Banks like them because there is less risk involved. The lower interest rates are also an advantage to choosing a secured loan. You should be careful as you choose what you will use as collateral most banks require a home or a car in order to give the loan, although a savings account such as a CD may work, but you will not be able to access that money for the entire duration of the loan.

A secured loan is a great way to build your credit if you are trying to repair it or you are trying to build your credit history. It is important to make sure you pay everything on time so that you can see a difference in your score.

Dangers of a Secured Loans

The danger of a secured loan is that you may lose whatever you set up as collateral if you fail to make your payments on time. Also taking on too much debt may make it difficult to meet all of your financial obligations. it is important that you carefully consider your budget and ability to pay on the loan before you borrow any money. If you default on the loan or make late payments it can also adversely affect your credit score.

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Tips For Talking Immigration Issues

Posted by on Sep 13, 2017 in Uncategorized | Comments Off on Tips For Talking Immigration Issues

12The immigration experience, one of moving from a familiar home to an uncertain future, is based on hope and opportunity. While recent attacks on immigrants and the concept are dispiriting, to say the least, they can’t defeat that hope and opportunity among immigration lawyer in London. Those values have pushed us forward as a nation built, in part, on the experience of newcomers who have made their way here to share their unique perspectives, skills, and cultures. As a result, we are a country that values the contributions and participation of people from diverse backgrounds. We have to continue to connect to those core values, and protect them against those seeking to exclude and divide. Here are five quick tips for talking about immigration with solicitors for muslim in the face of these attacks so that we can tell a story that is forward-looking, full of hope, and that celebrates opportunity for all.

  1. Lead with values. “This is about the kind of country we want to be, how we treat people, what it really means to be American.” We need to push these conversations beyond specific executive orders or legislation and ensure that they’re centered on our core beliefs and our value system. Persuadable audiences can hear arguments for policy reform much more clearly when we link it to these all-important values.
  2. Talk common sense. Recent executive orders and proposed legislation reflect backward thinking and won’t serve us into the future. Instead, we need a common sense approach that takes into account our values, our economic needs, and our future. Point out that vitriol, political division, and a desire to exclude people shouldn’t have any place in our approach to immigration policy. Speak to a solicitors Wandsworth if you need help.
  3. It’s about all of us. Standing up for what’s right is about more than immigrants’ rights, or workers, or Latinos. Rejecting bad policies is the right thing to do for everyone.
  4. Tell an affirmative story. There are a lot of misguided communications, skewed arguments and outright lies in current discourse. But too much focus on correcting wrong information can just reinforce it in audiences’ minds. So resist the temptation to bust all the myths out there, and just tell people what is true.
  5. Emphasize contribution and participation. We have to reject policies that would make contribution and participation very difficult for some people. We all thrive when we all participate, gearing up our economic engine and moving us all forward together.
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How Blockchain Can Help Your Business

Posted by on Aug 17, 2017 in Uncategorized | Comments Off on How Blockchain Can Help Your Business

Bitcoin, and the blockchain technology behind it, didn’t disrupt the world as was initially thought when Satoshi Nakamoto published his invention in 2009. More recently, however, the blockchain companies like Satoshi has become one of the most widely discussed buzzwords, not only in the payment industry, but across multiple industries. In fact, some believe that blockchain technology could eventually be more important than the internet.

For the time being, however, let’s take look at some blockchain applications that could help your small business:

1. Payments and Money TransfersFinancial Advice 2

Perhaps the most well-known blockchain application is being able to send and receive payments on a commodity trade platform. Since blockchain technology has it’s beginnings in cryptocurrency, this makes sense. But, how exactly is this beneficial for small business owners.

By using blockchain technology, you’re able to transfer funds directly and securely to anyone you want in the world almost instantly and at ultra-low fees. That’s because there aren’t any intermediaries slowing down the transfer of funds between several banks and charging outrageous transaction fees.

This practice is especially useful if you have remote employees or are involved in the global marketplace.

Companies like Abra, Bitwage, and Coinpip are leading the charge in using the blockchain to transfer funds or handle payroll.

2. Smart Contracts

Believe it or not, the term “smart contract”’ has been in-use since 1993, but now it’s associated with the blockchain thanks to the emergence of 2013’s the Ethereum Project.

This Project “is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.”

“Smart contracts” are “self-automated computer programs that can carry out the terms of any contract,” writes Chris DeRose in American Banker. In a nutshell “it is a financial security held in escrow by a network that is routed to recipients based on future events, and computer code.”

With “smart contracts” businesses will be able to bypass regulations and “lower the costs for a subset of our most common financial transactions.” Additionally, these contracts will be unbreakable.

Companies like Slock, which is an Ethereum-enabled internet-of-things platform, is already using this application so that customers can rent anything from bicycles to apartments by unlocking a smart lock after both parties agreed on the terms of the contract.

Furthermore, global banks are using “smart contracts” to improve the syndicated loan market. One such company that is using blockchains to issue microloans is Synaps.

3. Notary

Blockchain technology can also be used as a convenient and inexpensive notary service. For instance, apps like Uproov, which is a smartphone multimedia platform, can be notarized instantly after a user creates an image, video, or sound recording.

Meanwhile, stampd.io, can actually be used to notarize proof of ownership of digital creation.

4. Distributed Cloud Storage

Cloud storage will be another application that businesses can take advantage of. Storj, company that’s using the blockchain to provide users with affordable, fast, and secure cloud storage.

While talking to VentureBeat Storj founder Shawn Wilkinson said that, “Simply using excess hard drive space, users could store the traditional cloud 300 times over,” much like how you can rent out a room on Airbnb. Wilkinson added, “Considering the world spends $22 billion + on cloud storage alone, this could open a revenue stream for average users, while significantly reducing the cost to store data for companies and personal users.”

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Tips For Choosing An Immigration Lawyer

Posted by on Aug 17, 2017 in Uncategorized | Comments Off on Tips For Choosing An Immigration Lawyer

There are many reasons why you might need the services of Begum & Co Solicitors. You may have been detained by immigration agents and ordered to appear in court. You may be in the process of applying for an E-2 visa or other type of visa, and you’ve hit a few snags. Or, you may be unsure of which type of visa to apply for and how to go about doing it. An immigration lawyer at Begum & Co Solicitors can provide invaluable advice and can apprise you of the latest changes to U.S. immigration law.Business handshake

Obtain References

To find an immigration lawyer near you, you can consult your family members, friends, co-workers, and other acquaintances. Even if your family and acquaintances haven’t had to deal with immigration issues, they may still be familiar with immigration lawyers in the area. Additionally, they may be able to let you know whether a particular lawyer is easy to work with and highly knowledgeable about U.S. immigration. If you’re an international student in the U.S., you can visit your school’s student centre or international student centre to inquire about local immigration lawyers with Begum & Co Solicitors.

Check Credentials

Even if you’ve received a glowing review of a particular attorney, it’s always best to evaluate his or her credentials. Lawyers typically describe their education and relevant experience on their websites. Check to see that the lawyer specialises in immigration law and has plenty of experience handling those types of cases. However, bear in mind that many lawyers specialise in multiple areas of the law. For example, you might choose a lawyer who handles both immigration and personal injury cases.

Consider Accessibility

Another important factor to consider when hiring an immigration lawyer is his or her accessibility. The distance of the law firm from home or work may be a critical concern for some people. Others may be more interested in hiring a lawyer that offers a free consultation. If your English skills are a little rusty, you may wish to work with a lawyer who has staff who speaks Spanish, for example.

Schedule Consultations

Before making your final decision, schedule an initial consultation with the immigration lawyer. Discuss the basics of your case and ask any questions you may have. Consider whether the lawyer listens carefully to your concerns and answers your questions thoroughly.

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