payday loan worker

Are Payday Loans Bad – The Facts

Do you wonder if payday loans in the UK are bad? Well, this is something which can be explained only if you understand what a payday loan is. As the name implies, payday loans are short term loans that provide fast cash for emergencies, to be repaid on your next payday.

In other words, if you need urgent cash, and you expect your pay in a week’s time, a UK payday loan offers the instant financial assistance you need till your next paycheck. It’s easy applying for a payday loan as it’s done online, from your own home or office.


You need to be at least 18 years of age, have an active bank account in your name and proof of employment or any regular source of income as the amount you borrow depends on your income. There are no restrictions on how you use the money, and once you apply, your loan may be sanctioned within 24 hours.

However, like any other loan, you need to borrow responsibly and make it a point to repay your payday loan in the UK on the agreed upon date to prevent any unnecessary penalties or extra fees. It’s only if you don’t repay your loan on time that you start realizing are payday loans bad as you may end up in a spiralling mountain of debt.

Why UK payday loans are bad

Payday loans come with a high rate of interest anywhere between £15 to £30 for each £100 borrowed. As payday loans generally range between £100 to £1000, You may have to pay as much as £30 to £300 as interest if you fail to repay the loan when you next receive your paycheck. While this may seem a small amount, remember that this is a short term loan, and the interest is added to the loan amount every month, and can eventually reach substantial amounts.

Payday loan and your credit score

It is true that your credit score is not taken into consideration for a payday advance approval. This is also one of the reasons people prefer taking payday loans online instead of getting traditional loans. Even those with bad credit, or who had bad credit in the past can be approved for the loan. You can also get a payday loan if other banks have turned down your loan applications.

However, your credit score is at a huge risk if you fail to pay off your payday loan. This is because the lenders will try depositing your post-dated checks, which will bounce if you don’t have sufficient funds to pay them off. If this happens a few times, then its effects are seen on your credit score.

On the contrary, if you repay your payday loan on time, it reflects positively on your credit score and even negates anything negative on your file. You can maintain a healthy credit profile if you make punctual repayments every month.

All this shows that it’s not possible to say if payday loans are good or bad, as it all depends on how you use and handle them. They are good if you use them only when you need emergency cash, and know you will repay with your next pay check. However, they can also be bad for you if you don’t know how to manage your loan well.

Payday Vs Logbook Loans

There might be instances in someone life when you are turned down for loan or even been rejected to give loan by your friend/family or above all that the major banking/lending institutions. There could be many reasons to that and it might include; you less salary, bad management or even poor credit history. In this situation, a person look for options that can give them the loan with hassle free processing and even without the credit check. With the changing trend in the lending market the logbook loan and payday loans are taking the place of the other forms of loan. These loans are easy to avail with less hassle and even though the money is transferred without any trouble.

Logbook loan is a kind of loan which is secured against the logbook of the car, bike or even van. Such kind of loans is given if a person has a car owned by him/her and h/she is able to meet the basic criteria of the logbook lenders. Although very little documentation is required; yet it gives a chance to secure a loan without any investigation or credit check. There are number of companies that are exclusively working for the logbook loans and everyone has their own terms and conditions as well as the repayment criteria. However with a 12-month loan you have the flexibility to repay the loan amount. is working on the logbook loans and like other they have quick money transfer as per the worth of the car. They are unique in a way that their payment mechanism is very flexible. In general the major issue with the debtors is the loan repayments; as they are in debt it is difficult for them to manage the loan repayment and at 12monthspayday we ensure that you pay as per your affordability and connivance. From us one can take the loan £250 to £50,000; depending on the worth of the car and same as the case with the tenure; ne can take in 12, 36, and 48 even in 36 months. Further to this we don’t push the entire amount to be taken; yet the borrower can take the amount as per the worth and as per the given limit.

On the other side logbook loans has an advantage over payday loans. Although payday loan allows you to borrow a smaller amount of money; but this means that every next day the loan amount has to be paid back. . This means that you can take care of the bills or get that urgent repair fixed right away but the next day it will be headache as you need to ask for loan again with the interest rate and it can certainly increase the amount of loan. Payday loans offer the very small amount and since it is unsecured as well; there is always an associated concern for the loss of the asset. Although payday and logbook loans in interchangeable in terms of quick cash and processing but the amount and the flexibility of repayment makes them different.

Who is Professional Indemnity Insurance for?

Professional indemnity insurance normally covers clients’ compensation cost for any damage or loss incurred as a result of negligent advice or services offered by an individual or business.

Who needs it?

Professionals who offer services or products to their clients do so with good intentions. However, there can be times when an employee may make a mistake or a client became dissatisfied.

Any company or self-employed person who provides advice, skills or knowledge as part of their professional endeavours is expected to carry professional indemnity insurance. The professional bodies or regulators of some professions require them to have professional indemnity insurance.

There are different needs for different businesses. A consumer products’ manufacturer will require a different type of protection compared to a construction company. These policies may be tailor made to cover a business’ particular needs.

At Indemnity insure, we offer the following professional insurance services:


This covers for claims of civil liability which arise from your private legal practice work. Most of the claims that are usually brought against solicitors normally concern professional negligence.


This indemnity is designed to ensure that you have peace of mind and are covered for the work you are doing.  Despite your best efforts, mistakes do happen, especially, when under pressure to meet crucial deadlines. A simple miscalculation or typing error could evolve into something very costly especially if it has legal ramifications for the clients involved.  The accountant indemnity insurance covers book keepers, payroll professionals and tax consultants against defending a court battle or a negligence case.


As a designer or architect, your duty of care extends to the client, contractor, future purchases of that building and any person injured as a result of an alleged design deficiency. This indemnity is designed to protect designers and architects against all claims.

Chartered surveyors

Claims submitted by financial institutions for the over-valuation of properties are one of the suits covered by the chartered surveyor professional indemnity cover

Financial advisers

Financial advisers are required to take out professional indemnity insurance which protects firms if claims are brought against them by a client. The indemnity limit that one purchases covers any damages to be paid or awards that are made against someone as well as the legal cost of defence.

Healthcare professionals

One may confidently protect your medical business as well as yourself from claims of patient injury and misconduct by taking industrial specific insurance guarding against such risks.

Other businesses that can benefit from professional indemnity insurance as a protection against claims are:


•Advertising agencies

•Public relation agencies

•Design agencies

What is covered?

This sort of insurance, usually, protects one against loss and damages claims made by third parties or clients due to the alleged impact of negligent services or advice provided.  Compensation claims may be instituted even though the advice or services were offered for free.

Conditions of your cover

The cover for professional indemnity is provided for all claims providing your policy is in an active state.  Should the policy lapse due to any reason, claims submitted after the expiry of the policy, will not be accepted.

How to apply for an IVA

The IVA, or the Individual Voluntary Agreement, is a great solution for people who have debt problems. This is because it is especially made for those people with debts. This is a formal agreement between the person and the creditors, to settle with a proposal that will be the basis when it comes to the arrangement. This is helpful to those people with debt because it will help people to be debt free, by the end of the term. The term usually lasts up to 5 or 6 years, depending on the arrangement made through the proposal. But before you have to know about the details enclosed with the formal agreement, you still need to be qualified in order to get an IVA. The primary qualification that the IVA needs is for the person to be a resident of the following countries: England, Northern Ireland, and Wales. Scotland also has a similar agreement called the protective trust deed. For other countries not listed above, better ask the experts when it comes to insolvencies in your own respective countries.

Before being able to get an IVA, you need to know first if it would be the formal agreement suitable for you. Although you may have debt problems, you still need to consult an expert first if it is the best solution for you when it comes to your debt. There may be other solutions for you, especially when you do not qualify with the minimum amount of debt needed so that you can get an IVA. There are lots of debt charities in the United Kingdom which offer financial advice when it comes to getting an IVA. Online as well, there are debt services that you can use in order to assess if you really need an IVA. Check out IVAplan to get an expert advice.

When you have assessed through an expert that you really need to have an IVA, you can now apply for it. When applying for one, you should really be serious because it should not be taken carelessly. You need to get an insolvency practitioner (IP) who will be the key person in the process. The IP will be the one to let you know about the details regarding the proposal. Also, the IP will be the one you talk to about your current financial situation. You need to tell the IP about who your creditors are, what your assets, debts, and other financial information that he needs to know when drafting a proposal. Also, the IP will be the one to contact your creditors.

Once that the proposal is agreed by the creditors, that will signal that you can now proceed with the monthly repayments. The IVA will be at your advantage so the monthly repayments should be affordable to you. After everything is settled, then you can start with the payments that you should not fail to do so. If in case you fail to pay your monthly repayments, the IP has the right to cancel out the agreement and it may lead you to bankruptcy. You need to really take your monthly repayments seriously so that you can end up having no debt at all. After the contribution period, any remaining debt that you have will be written off by the creditors. Then you can now say that you are finally debt free so you can already start a new life without having to think of a debt that you should pay.

When getting an IVA, you should not only know about the advantages, but also the disadvantages. These are important to know so that you can gauge what the risks are that you might have when you choose to get an IVA. It is as important to know so that you weigh in if you really need an IVA. Applying for an IVA may be a tedious task but with the help of an IP, you can learn the steps into getting one. Just be sure that you know the other factors needed when wanting to get an IP. To help you decide if this is the right thing for you, check out IVAPlan for help regarding IVA.

What you need to know about Logbook Loans

Did you know that you can use your car for a loan? Through logbook loans, you can get loan with or without a good credit rating performance. The performance of a credit rating is a big deal to several lending companies because it lets them to base their trust on who can pay the repayments needed to pay their loans back. Although a lot of people who need loans are the ones who have bad credit ratings, it has been difficult especially for people who need the loan immediately.

With logbook loans, you can get the loan you need as fast as you can as long as you have a vehicle. The vehicle is important because the logbook serves as the legal documents that show ownership of the vehicle that is also a requirement for the said kind of loan. The vehicle type does not really matter because it can be a car, an SUV, or a motorcycle. The loan will be decided against the type of vehicle that you own. Getting a logbook loan is easy and also it is simple to understand.

During the duration of the whole repayment term, the vehicle will still be yours and you can still use it to drive. However you must keep it safe because any damage that the car might get while the term is ongoing might have an effect on the loan process. When you are already done with the repayment term and you have successfully paid the entire amount that you need to pay, then the logbook will now be yours again in possession. It is just as simple as that, provided that there are no failures in the repayments.

Usually, lending companies let their loans up to £50 to £50,000 depending also on the company’s standards. Almost all companies accept any kind of vehicle such as cars, SUVs, motorcycles, and other vehicles that meet their criteria. These vehicles must also be normally insured so that there will be no problems in case that it needs to be seized. For a lot of lending companies the average loan in maximum that you can borrow is 50% to 70% of the car’s trade value in the market. Since vehicles have depreciating value, the loan terms are usually cannot be extended because the vehicle that the borrowers use for their loan might depreciate in time.

You need to know more important details when it comes to getting a logbook loan. To know more important things about logbook loans, visit so you can see more alternative methods you can use when it comes to getting a loan. Also, through the use of logbook calculators, you will be able to calculate the repayments so that you can be sure that the loan you will get will be affordable for you to pay. When visiting the website you can see the advantage of getting logbook loans there compared to other websites so take a look at what the website has to offer.

Guarantor Loans – All That You Need To Know

Guarantor loans are an alternative form of borrowing money and are helpful for people who have difficulty in obtaining other form of credit. This is a form of unsecured loan which implies that none of the assets of the borrower are used as a security against obtaining a loan. In order to prevent any form of missed payments to the lender, the loan is supposed to be backed by a third person who would repay the loan amount if the borrower is unable to do so.

Guarantor loans are suitable for people who don’t have a good credit score or have a record of bad credit. By borrowing a guarantor loan and by making payments on time, the borrowers can rebuild their credit.    

Who is a Guarantor?

A guarantor could a family member or a friend who trusts you entirely so that you could be backed by them while applying for a loan that is unsecured. They will have to agree to repay back the loan amount borrowed by you if you fail to make any repayments. Not everybody you know would be able to be your guarantor. People really close to you can opt to help you out and be your guarantor.   

If you think you can easily get a guarantor then it wouldn’t be difficult for you to procure a guarantor loan. Though you are being backed by a guarantor, the loan would be in your name. Successful repayments will significantly affect your credit in a positive way. Your credit history becomes irrelevant while you are trying to procure a guarantor loan. If you have been denied loans by traditional lenders all you need to do is find a guarantor and procure guarantor loan to end your financial loans.

Why is a guarantor needed?

A guarantor is needed when you do not have a good credit history. Procurement of a loan becomes easy when you have somebody to back up the repayment of your loan instalments. A credit score is looked into when you try to obtain a traditional unsecured loan. This helps in analyzing the risk associated in lending you the loan amount. A lender will agree to ignore your bad credit history if you have an acceptable guarantor backing you.

Will a credit check be done?

Few lenders carry out a credit check while lending for identity purpose and to check whether the borrower is bankrupt or not. The credit check wouldn’t be used to judge whether a loan amount should be lent to a person or not. A computerized risk calculation wouldn’t determine whether you should be lent money or not. A guarantor supporting you application is all that is needed to clear a guarantor loan application.

How can one get a guarantor loan?

Those willing to procure a guarantor loan can go to Guarantor Lender to compare to know the kind of services offered by the company. A quick form needs to be filled by the applicant and the team gets in touch in a very short span of time. Instant information of offered about the interested lenders.   

Debt Advisory Scotland Can Help Freeze interest and Fees on Your Debt

What make a debt scarier and something unmanageable? A debt despite being a tough ordeal somehow seems to be manageable if there are no interests added to it. There have been times when debtors wish if only the interest was not thee and they could manage paying back to their creditors and save much of their mental peace and financial comfort.  With the interest the debt keep on increasing at an alarming pace and no matter how much you try to pay and be regular in your payments, the amount remain there still big enough to get you nightmares. The Scotland government realized this problem of debtors a few years back and initiated a comprehensive plan for minimizing the problems f debtors who keep on running to pay their debts but their debt keeps on running faster than them fueled by the interest constantly. They pant and get exhausted yet cannot beat their debt! Debt Advisory Scotland is the plan that government offered the citizens to find an all-inclusive solution for their debts that keep on swelling with the interest.

Good News for the Debtors

Isn’t it the interest that seems to be the biggest issue? It is the interest that keeps the debt out of reach of the debtors to control fully and in timely manner. To make the matters worse some time fees and penalties also join the line. Then, there is interest, fees and penalties that add up to your debt and the total amount becomes an amount that is big enough to cripple you manage it alone. But now you can go free of all these extra charges without any difficulty. The Debt Advisory Scotland is meant to freeze the interest, fees, extra charges and penalties due for the debtors to pay. By freezing thee extra charges, the left over amount of debt stays stable and does not increase any more. You are liable to pay only the exiting amount of debt.

How the Interest and Other Charges are Frozen

The moment you avail the service of Debt Advisory Scotland, your entire interest and extra charges are frozen. Your creditors agree with the company to keep the whole debt limited in the amount that exists at the time of agreement sign. Therefore, you are advised to contact your debt advisor a soon as possible so that your debt is frozen and no more interest is added to it. A whole new plan is then drawn with the help of your advisor for the payment of the rest of the debt with consideration of your home expenses, kids’ school fees – if you have kids – your insurance installments etc. You can keep on paying in easy installments the left over debt until all is over and you are once again debt-free as you were before you borrowed any cash. So, step forward to find an advisor for you if you are under debt and do not wait longer as it is going to increase the amount of interest and fees or penalties that can easily be frozen.