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Hi, I’m Darren and welcome to Lendingzone.

Watch now and learn more about our free service for Loans, Credit Cards and Mortgages.

Hi, I’m Darren and welcome to Lendingzone.

Watch now and learn more about our free service for Loans, Credit Cards and Mortgages.

Tips

1. Balance Transfer Card - When you move credit card debt from one card to another with a 0% interest rate for a fixed period of time. It can give you longer to pay it off and can save you a lot of money on interest. Find Balance Transfer Credit Cards to suit you

2. Credit Builder Card - A ‘starter’ credit card that can help you get your credit rating back on track if you’ve got a bad credit history or if you’ve been refused other credit. It’ll probably have high interest rates and low credit limits, but a well-managed credit builder card can quickly improve your credit score. Find Credit Builder Credit Cards to suit you

3. Prepaid Credit Card - When you load cash onto a blank credit card, like you would with a non-contract, pay-as-you-go mobile phone, and use it much like a debit card. You can only spend what’s on the card, so you’ll never go over the limit and go into debt. Find Prepaid Credit Cards to suit you

4. Purchase Card - You can spend interest-free on a purchase credit card while the 0% rate lasts, as long as you make the minimum monthly repayment. Ideal for spreading the cost of large one-off items. Find Purchase Credit Cards to suit you

5. Reward Card - A Reward Credit Card comes with benefits you earn when you spend money on it, such as air miles points or vouchers when you use it to shop in certain supermarkets. Cashback Credit Cards give you back a small percentage of what you spend on the card, usually annually. Find Reward Credit Cards to suit you

1. Personal loans - An unsecured loan, usually from the bank, that you pay back over a set period (usually 1-5 years) at a fixed interest rate with the same amount to pay each month. You borrow money based on your credit rating and your ability to pay it back. Find Personal Loans to suit you.

2. Short-term loans - These can last up to a year and can help people deal with unexpected expenses, and are useful for those with poor credit scores who have struggled to get credit. Find Short-Term Loans to suit you.

3. Payday loans - a potential option if you need funds quickly but haven’t been able to get credit anywhere else. It’s best not to start relying on them for everyday expenses on an ongoing basis. Find Payday Loans To Suit You.

4. Guarantor loans - When a family member or friend agrees to guarantee to make your loan repayments if for some reasons you’re not able to, so that you avoid having to default. Find Guarantor Loans to suit you.

5. Homeowner loans - A secured loan where you borrow money against the value of your home, using it as security to guarantee you will be able to pay it back. Find Homeowner Loans to suit you.

1. Agreement In Principle - When you get confirmation in writing that you can borrow the amount of money you need. Once you’ve got that, you can start looking around the housing market with a much better idea of your budget.

2. LTV - Loan-To-Value means the most the lender will lend you as a percentage of the house’s value, depending on your deposit and your credit status. So if the house you want is worth £200,000 and the highest LTV on offer is 80%, the most you can borrow is £160,000. The lower the LTV you can get, the better the mortgage interest rate - and vice versa.

3. Mortgage Interest Rate - This quite simply means the monthly rate of interest charged on the mortgage that makes up your repayment. It can be fixed, variable or may track the Bank Of England’s base interest rate. The quicker you can pay it off, the less interest you’ll have to pay.

4. Fixed Rate Mortgage - Your monthly mortgage repayments are fixed and won’t change for a set period of time, from two years up to ten years, regardless of any changes in the Bank Of England’s base interest rate. It’s good for many people as they can plan better, knowing how much they have to pay each month.

5. Variable Rate Mortgage - Your monthly mortgage repayments may go up, or may go down. If you have a Tracker mortgage, it is linked to the Bank Of England’s base rate. The Standard Variable Rate is the lender’s own interest rate, which goes up and down depending on the Bank of England’s base rate.

1. You can be blacklisted, right? - No. There is no such thing as a credit blacklist. Each credit application is decided - by each lender - on its own merits, using their own criteria.

2. No credit history is a good thing - No. Without a credit history of some description, lenders won’t know if you’re a good bet to lend to. So if you’ve never had credit, it’s best to start somewhere, even just a mobile phone contract or a bank account, to show you’re responsible with finance.

3. There is one, single credit score - No. Each lender scores you differently using their own criteria, based usually on your credit report, your application form and public domain information (eg: CCJs). The credit score you get from a credit reference agency is a guide to help you get an idea of how you’re doing.

4. My address affects my credit rating - No. People are scored on their own credit history, and unless you have shared credit accounts with anyone else at your address, it won’t affect you if anyone else living there now or in the past has had bad credit.

5. Being refused credit is a disaster - No. If you’ve been refused credit, it will appear as a visible search on your credit report for a year. But It won’t show whether or not you were accepted. What lenders don’t want to see is several of these, as it makes you look like you’ve been refused several times and are unable to handle your finances well. So one refused application is not a disaster!

1. Try to avoid making other credit applications three to six months before you apply for credit.

2. Register to vote at your current address. It can not only prove your identity but show stability, which lenders often like to see.

3. Check your credit report is accurate, up-to-date and gives a good impression of you. Lenders tend to be more interested in your more recent credit history.

4. Keep up to date with repayments on any current credit accounts you have. Make sure you make the minimum repayment each month: setting up direct debits can help make sure you don’t miss them.

5. Work out what kind of credit card you need, and what kind of credit card you’re likely to get. Different people suit different credit cards and loans, and not everyone can get every deal. So comparing options to find the deals you’re eligible to get is important - you can do that easily at LendingZone.co.uk.

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