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Why are payday loans still so popular?

It is 2020, and despite all of the bad press and publicity, payday loans are still as popular as ever. But why is there still such a demand for a loan that was once seen as “the gateway to debt”? Int he UK especially, living costs are on the rise whilst salaries have remained the same for a number of years.

In essence, the cost of living is now much more expensive, however this has not been replicated in the minimum wage, nor has there been any plans to increase the minimum wage to ensure that people who are earning less are able to survive in today’s society.

Payday loans have often been used as that extra bridge between monthly salaries, with the majority of individuals choosing to take out a payday loan in order to get through the month to their next pay cheque. This is without question a risky way of living but unfortunately many people do not have a second option.

London is the payday loans capital of the UK

London is the payday loans capital of the UK with over 35% of payday loan applications in the UK coming from the capital. London also has the highest cost of living throughout the UK, however more interestingly it also has the highest average salary by quite a large distance.

Financial charities put the rise in payday loans down to people needing help with budgeting.

Could it be that there is simply no alternative to a payday loans. Credit cards and overdrafts were long championed by a number of financial charities as a suitable alternative for Payday Loans, but the reality is, they are just as expensive. Overdrafts come with a daily charge and can be quite difficult to get out of once you are in it. Payday loans on the other hand can be repaid in just one monthly payment, with the direct lender.

Not only that, payday loans are extremely fast and easy to apply for, with the majority of payday loans being issued and transferred in just 15 minute.

UK Payday Loans lender luckyloans.co.uk released figures from October 2016 – October 2019 which shows an average of 1250 payday loan applications daily on their website. The figure has stayed relatively stable throughout a 4 year period and shows no signs of slowing down.

Despite the prediction by the government, banks and many other financial charities, payday loans are still seriously in demand, the idea that they will one day not be needed just proves to be another financial myth.

The majority of individuals use payday loans on a short term basis

The average length of a payday loan is just 14 days, this is because the majority of individuals who are actively turning to payday loans in order to cover their monthly bills ar repaying the entire loan on their next pay-cheque.

Payday loans were always intended to be a short term solution to a bigger problem, however it seems that once individuals get into a routine of using a payday loan to see them through to their next pay cheque, it is very hard to stop.

Beginner’s Guide to Crypto Currency Trading

Beginner’s Guide

Bitcoin has already stepped in between the big giants of the business field. Major trades are being done through bitcoins by major companies.  Trades have been raised to a higher level after the rise of bitcoin value in the past decade. At some point, it became a hen with golden eggs for the early investors. The industry is supposed to grow more and with new cryptocurrencies getting introduced in the market and if you are planning to start trading in cryptocurrency this guide will help you to make the right choices.

The first thing you need to do if you want to start trading is to get

  1. A cryptocurrency wallet
  2. A cryptocurrency exchange

You can have multiple of these and deosn’t require any confidential information. It is just like opening a PayPal account. You can invest real money for dollar to crypto and then further for crypto to crypto trading. There are many websites available which undertake the trading for most of the altcoins. You need to understand a few things about cryptocurrency before you decide to trade.

Market is volatile

Market is volatile

The market can be at its peak one day and can be destroyed in 24 hours, be it any cryptocurrency. The mitigating risk, hedging and no guarantee for future profits make it pretty risky for a person to trust one cryptocurrency. This can be handled by active trading to different altcoins to keep a level set for your profits by studying each currency’s market. Also, the currencies with lower market caps might offer greater profits but be careful because the risk amount is also the same. It is suggested that you choose a trusted company to begin trading, which offers exchange and wallet. Start your trading with prominent coins which are Bitcoin and Ethereum today.

It is not a Stock Market

There are different functions taking place when you trade in cryptocurrency. The mechanics used are all machinery, and it has nothing to do with the market price.  The process is totally dependent on the blockchain development and the algorithms. So you need to search for a currency which is generating more blockchains today. The exchange rates are important to study, so you need to have the idea about atleast 3 to 4 currencies to have a feasible trade.

Safety is vulnerable

Safety is vulnerable

There is cryptocurrency being developed every day by several companies. You need to get a clear idea of the companies background before you even start investing money in it. Choose from the companies which requires ID verifications. Even though it may take longer to get your profile verified, it is always a better option than anonymous exchange.  Take an extra step to protect your money.

With an increase in the cryptocurrency market, we can expect it to overtake the government implied currencies in some generation. Until that time, it seems like a good idea to start stacking our cryptocurrency if at all we see that day.

Biggest financial myths

Financial Myths

The entire finance industry is filled with a lot of myths. We are not sure whether they are just myths or the marketing strategies of some brilliant minds in this world. It is very saddening to know that the predominant population is believing in a lot of unwanted things. If you look at the core and do a deep analysis, there will be only a few people who will be benefiting out of it. In this article, we will see in detail the biggest myths in the finance sector.

Buying is better than renting

More than anyone, the real estate industry is gaining a lot of benefit because of this. Most of us have come to a point where we have started to think that buying a house is better than renting a house.  But the truth is that renting is a better idea. Especially if you are renting an apartment. It is because they are depreciating assets, and hence, it is better not to invest a lot of money into that.

You have to be rich to be invest

This is another myth that people are still believing in. Most of the richest people in this world right now started out with nothing. There good possibilities that you can also make a considerable amount of money with small investments. No matter how small the investments are, if done right, it will fetch you appropriate benefits.

Carrying a small credit balance

small credit balance

There are good possibilities that some you might have heard this. Carrying a small credit balance will increase the credit score. This is definitely one of the dumbest myths. The only way to maintain a good credit score is to pay the credit card bills regularly without any balance. You need to be a financial expert to know this. All it takes is some common sense.

I don’t earn enough to save

This is one of the common statements that many people say. It is the truth only to a very less percentage of people. The majority of people are earning enough to save a certain percentage. The truth is that they get into some unwanted expenses and which is restricting them to allot something to their saving.

The gold investment

 
The predominant population believes that gold is one of the best things to invest in. The bitter truth is that gold is a volatile commodity, and the truth is that it is three times more volatile than the stock markets. So if you have already stocked up a lot of gold, be careful. Anything can happen at any time.

Using credit cards for emergency

People need to understand the fact that the emergency funds are used in the time of emergency when you are out of cash. Which means you are totally out of any form of cash. In this situation borrowing from friends is fine, using a credit card in the dumbest thing. Many people use a credit card instead of emergency funds.

No Credit Check Loans

The majority of people throughout their life time will take out a loan for one reason or another. Reasons can vary from weddings and cars to even just a simple payday loan. However, regardless of the reason the same credit checks will need to be carried out on any individual that is applying for a loan. All lenders simply have to carry out a credit check in order to assess the affordability of an individual before they allow them to take out a loan. No credit check loans simply do not exist.

Best Budgeting Apps for 2019

YNAB

If you find yourself spending too much and you are looking to make sure that you do not spend all your personal finances under control. Having a budgeting app might just be what you are looking for. They can help keep track of the financial spendings where you can manage money, personal finances, etc. Here are some of the best budgeting apps which can help keep you and your finances at check.

 

Mint

Mint is one of the oldest and one of the best budgeting app which is owned by Intuit. Mint offers a variety of features which can help you track of all the banks, credit card issuers, brokerages and ledgers. They come with a wide range of features which has always proven to be useful. Mint automatically categorises transactions which can link the credit and debit card against all the tweaks and customisation at your needs. Try to look at the category or even look at them over a budget which can easily be tracked.

 

Pocket Guard

A pocket guard is one of the best help guards, which can help warn you against spending as well. They have many budgeting apps which can help ensure that you can spend it within limits. This is one of the easiest apps to connect to, which can keep you track of all the bank accounts and keep track of all the earnings that one can put towards recurring bills. The budgeting apps can help you track each bill and also help you find opportunities which you can easily access from recurring bills and phones. It not only helps you keep track but gives you ways to help lower your spending.

 

YNAB

YNAB or You need a budget has a cult-like following which can have some die-hard fans. This takes a unique approach to help ensure that you have the right approach towards budgeting apps. They rely on traditional ways to help keep track of your budget, which can be based on your income. This app can also make sure that you can keep you budget from living expenses to debt payments to savings and investments. This app is not only great for individuals but also for individuals who are trying to keep track of their budget. All you have to do is keep track of all the bank accounts and enter expenses manually.

YNAB

 

Wally

Wally is a very difficult app to navigate when compared to others. This app helps ensure that you track all the offers, income and expenses, which can be the reason you can avoid overspending. This app is very popular among millennials and can be used on both iPhone and Android versions. One major benefit is that it can support all foreign currencies and make sure that you make better choices no matter where you live.