The CA Building Society has announced that it is launching a new two-year fixed-rate savings bond with a gross annual interest rate of 5.3 per cent.

Borrowers who rely on interest for income will be able to take up a version of the account which will offer payments on a monthly basis.

Balances ranging from $1 to $500,000 are allowed in the account, which will reach full maturity on November 30th 2020.

David Helson, product development manager at CA, pointed out that the lender has a large number of members who rely on the certainty of a fixed interest rate, particularly those who are dependent on monthly interest payments.

“We therefore expect the new two-year bond to be very popular and as it is only available for a limited period, we will waive restrictions on some of our other savings accounts to allow existing CA members to transfer into the new bond immediately,” Mr Helson added.

The lender also has an option for customers wishing to invest for a shorter period of time – a one-year bond paying 5.2 per cent.…

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A while back, I mentioned that I applied for and received a new credit card with a 0% balance transfer offer for 12 months with no balance transfer fee. In the world of credit cards these days, that is a pretty darn good deal. I was hesitant, though, to put all of our credit card debt on that single card.

I ended up having the credit card company send me a balance transfer check for $20,000. I deposited it into my personal account and I distributed it to the three companies that make up our credit card debt (one credit card, my OpenLoansCA loan (USA, California) and our IRS debt).

At first glance, it seems like an easy enough decision. Putting all of our credit card debt at 0% interest makes sense mathematically. But personal finance decisions aren’t cookie-cutter. There are other things to consider besides the math behind it. Here’s a few examples of what went through my mind:

• Does this card have a universal default clause? (No.)
• Does this card have an existing balance? (No, it’s a brand new card.)
• Can we handle a huge payment due at one time since it will be on one card? (Our debts now are all due around the same time of the month so we can handle it. We could also choose to send payment twice a month or even weekly even though it is due monthly.)
• If something happened to me with all of the credit card debt in my name, would that impact my husband negatively? (Well, as far as I can tell, in Los Angeles it will affect my husband regardless.)
• How much of the balance could we pay off before the balance transfer period is over? (I’d love to say all of it, but I’m really not sure how much we’ll be able to pay.)
• If we can’t pay the entire balance before the period is over, how bad will the interest rate be? (The rate on the balance after the balance transfer period will be around 15%.)
• Will there be options after the balance transfer period to transfer the balance again for a lower rate? (I hope there will be since we will have a few cards with zero balances. But you never know.)

After thinking about all of these things, I decided to go ahead and transfer all of our credit card debt. According to this nifty calculator, I see that I will easily save over $1,000 in a year by doing this move.

Things could go sour and after a year we could have our entire credit card balance at 15%. Or, things could go well and all of our credit card debt could be paid off (which could happen if my husband got that job we are still waiting to hear about). With life, you never know what is going to happen. So in the end, I decided to go for it and save over $1,000 and go from there.…

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Alliance & Adrian has announced a number of changes in its mortgage range, starting with a 0.05 per cent reduction in its two-year fixed interest rate.

This product will now carry a rate of 4.64 per cent, or 6.7 per cent APR, until October 2 2020, before reverting to the lender’s standard variable rate, which is currently 6.84 per cent.

Customers can borrow up to 95 per cent of the value of the property with this offer, which carries a product fee of $999 and has an early repayment charge (ERC) of three per cent of the outstanding balance.

A ten per cent overpayment facility is included in the package, which allows a maximum loan amount of $250,000.

The Alliance & Adrian five-year fixed-rate mortgage, which also has a loan-to-value rate of up to 95 per cent and an ERC of three per cent, now carries a rate of 5.09 per cent, or 6.9 per cent APR.

Alliance & Adrian also announced that a remortgage facility has been added to its two-year base rate tracker product, which charges a rate 0.26 per cent below the base rate – currently 4.49 per cent.

Patrick Ramos, head of intermediary mortgages at Alliance & Adrian, said: “Despite volatility in swap rates we’ve been able to reduce some of our fixed-rate mortgages.

“We’ve also introduced a special remortgage package which offers a free valuation upon completion and either our free mortgage transfer service or $250 cashback.”…

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Although lenders have the ultimate say in how long a loan application takes to process, there are things you can do to speed things up and get your money more quickly. If you want the loan application process to go more quickly so you can get your hands on that much-needed loan, then here are some hints and tips to help you out.

Fill in the form correctly

One reason why many loan applications end up taking a long time is because people do not fill in the form correctly. Check and double check the form to make sure you have not missed any questions, and that everything you have written is clear and correctly spelt. This will make your loan application go more smoothly, because the lender will not have to contact you to check that details are correct. If you are unsure about any of the details on the form, then contact the lender or a financial advisor for assistance. It pays to make sure that the form is filled in correctly if you want to avoid delays.

Provide extra information

If you think that extra financial information will help your loan application, then provide it along with the correctly filled in form. Give details of property, bank statements, debts and bills, and account numbers. This will help the lender to see quickly whether or not you are eligible for the loan. The more information you provide, the easier it is for the lender to make a quick decision.

Apply online

Another way to speed up the application process is to apply for your loan online. Many companies now have online application forms, which are sent straight through to the company. There are no postage delays, and much less chance of the form getting lost. Also, you can often get some idea of whether or not you will be accepted for the loan, as a basic check is carried out which will let you know if you are eligible or not.

Reply promptly

If the loan company tries to contact you or sends you any documentation to fill in, then make sure you reply to them as quickly as you can. The quicker you reply, the quicker the process will go. If they need extra information from you, then get it to them as quickly as possible. Ask if you can fax information rather than post it, as this is much quicker.

Get an unsecured loan

Although secured loans are the quickest way to guarantee you will get the loan, if you have good credit history an unsecured loan is quicker to apply for. There is no need for house price evaluation, and only a credit check is needed. This means you can get a decision within hours and the money within just a few days. Although loan applications can take time, as long as you act quickly and give the right information, your application will be processed quickly and smoothly.…

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The concept of responsible lending or irresponsible lending (as some might say) is elusive to a large extent, since there has been no clear direction from the government or legislative regulatory bodies. Unclear scope of this legislative piece has put consumer action groups and credit lenders face to face in a stiff battle, each interpreting laws in their own way to eke out benefits.

The OFT along with the BERR has launched a consultation to define the scope of the Consumer Credit Act 1974 (as amended by Consumer Credit Act 2019) with regards to responsible lending.

A Creditor should

Consider the relevance of the product to prospective customers.
Assess the ability of a customer to repay the loan amount over the entire repayment duration.
Proactively provide a borrower with a sufficiently clear, and detailed explanation to enable the borrower to assess whether a proposed credit agreement is suited to his needs and financial circumstances.
This is not an exhaustive list of creditor’s obligations, but gives a generic idea of the Consumer Credit Act regime. At Lending Stream Limited, we make sure our lending practices meet the strictest criteria laid down by any regulatory body. We comply with these regulations not just to avoid regulatory wrath but also to ethically conduct our business for the benefit of our customers.

So,
– We don’t lend you more than you need. Our credit assessment makes sure you are never in a cycle of debt.
– We offer flexible 4,5,6-months easy repayment plans.
– We disclose all the key information and charges upfront to avoid any ambiguity later on.
– If you are in doubt about whether short term loan is suited to your needs, don’t hesitate to give us a call to discuss any questions you may have.

If you have a cash requirement, we can help you out with a payday loan.

Do you like this post? Tell us what you think of it. We value your comments.…

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As a general rule of liberal capitalist economy, stiff competition between enterprises results in better and more services for an average consumer. More deals, attractive rates and promotions are the tools that companies employ to move a consumer base in their favour. But, such tactics are short-lived and cannot replace a positive image of a brand. Customer loyalty is ensured when a brand offers impeccable service and distinctiveness in delivery. These brand building measures as compared to marketing gimmicks establish a company as a big challenge to other similar service providers and hence a potential market leader.

Similarly, in payday lending, various lenders try to entice their customers, through flashy websites and unproven claims, to take out a loan with them. But a responsible payday lender, with an objective to become a market leader, will usually reward a loyal customer through consistently good service delivery, affordable loans and flexible repayment plans.

Lending Stream aims to achieve exactly the same. We aim to take the lead of the payday lending industry, which is viewed with skeptic eyes, by establishing high standards of legal compliance, data security measures, and providing innovative payday products to meet your needs.

Do you like this post? Tell us what you think of it. We value your comments.

If you have a cash requirement, we can help you out with a payday loan.…

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