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A Guide To APR

Loan Pig specialise in finding the best short term loan solutions to suit the needs of any kind of consumer in the UK. Our huge panel of lenders makes it an easy matter to compare loans and repayment options and select the best payday loan or short term loan to match your personal circumstances.

Many of our customers are confused about what the term APR (Annual Percentage Rate) actually means and how it affects the loans they receive. We’ve compiled this short guide to APR to provide all the answers needed and offer a useful starting point for all our customers looking at different loans from a variety of providers.

As already discussed, APR is the abbreviation for Annual Percentage Rate and all lenders have to display the APR for loans they offer. This is a legal requirement and you can find out more on the website for the Financial Conduct Authority (FCA). The way APR is calculated is to ensure all costs of borrowing are included. Therefore, loan company APR rates will include the interest costs and all associated fees over a 12 month period. This makes it much easier to compare different lenders, as you’ll see APR rates do vary considerably.

What Is The Official Reason For APR?

The official definition of APR which has been provided by the FCA states: “APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. The APR takes into account not just the interest on the loan but also other charges you have to pay, for example, any arrangement fee. All lenders have to tell you what their APR is before you sign an agreement. It will vary from lender to lender.”

Why Is It So Confusing?

Different APR rates may seem a little confusing due to the fact that charges are included in all quotes. For example, your lender may quote an interest rate of 14% over the year, but highlight the official APR as 17%, and this increase is due to all the charges included within the rate. Although it may seem a little complex, it actually makes very good sense. Displaying total APR in this way makes it much easier for you to compare loan costs and choose the lender that is best suited to your budget.

How Is Interest Worked Out On My Loan?

Most lenders use their quoted interest rates to calculate the interest due on loans. So, if your lender applies an interest rate of 20% and you borrow £100 for 12 months, the total amount you would pay back over the year would be £120.

How Does APR Work?

The APR rate quoted by your lender is the total amount you will pay for the cash you borrow calculated over the entire year. In the simplest terms, if your lender quotes an APR of 30% and you borrow £100 for six months, the total you will repay is £115. This total cash pay back relates to the repayment of the £100 borrowed plus six months’ interest at the quoted rate of 30%. If you had borrowed the £100 for 12 months, you would repay a total of £130 to your lender.

How Can I Save Money On Loans?

Checking different lenders to find out what APR rates they apply to payday loans, short term loans, and credit cards means you can source the cheapest loans and save money on the charges you have to pay back. It is important to check that all providers are displaying APR rates, though. Some credit card companies state they offer credit at interest rates of just 2%, but when you look into the facts you will probably discover the interest rate charged is the monthly rate and not the APR rate.

Once you understand just how APR works and the ways it impacts on cash lent then you will be in the best position to shop around and save money on the cash you borrow.

Finding The Best Short Term Loans

Short term loans are often emergency payday loans used to top up cashflow when funds are tight, or when last-minute payments need to be made to get you out of a fix. This can make them a riskier loan option for lenders, as they also tend to be unsecured, meaning the lender cannot use your car or home as a security against defaults. For these reasons, it’s often the case that short term loans are quoted at a higher APR than loans provided by traditional financial institutions, like banks.

When you need emergency cash in a hurry, it’s a speedy matter to access short term loan providers online. And, now you understand the importance of APR, you can compare lenders to source the cheapest loans to suit your needs.

Shopping around for the best and most affordable loans is really easy with Loan Pig. You just need to type the amount you want to borrow and the amount of time you need for repayment into our quick calculator. We search around all our lenders and get back to you with a selection of lenders most suited to your needs. You can check out the APR rates of all these selected loans on the lender’s website and make your borrowing decision accordingly.

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Best Ways To Save Money

Everyone wants to save money right? But saving money usually means doing without or scrimping and saving. But with these five money saving tips, you could save hundreds of pounds a year without having to compromise your lifestyle.

1. Make use of price comparison websites

No matter if you’re looking for car insurance, broadband, mobile phones or a new bank account, comparing rates on price comparison websites can ensure you get the best deal.

You should get into the habit of checking price comparison websites every time you need to renew items such as car and household insurance. Once a year, it’s a good idea to go through your utility bills, mobile, broadband and bank accounts to make sure you are getting value for money on all these items.

2. Make use of a FREE overdraft

If you find you are regularly overdrawn and you don’t have a FREE overdraft facility, you are likely paying hundreds of pounds a year to your bank in interest or unauthorised overdraft fees. You can reduce this by changing to a bank account which has an interest free overdraft facility.

So, stop throwing money down the drain and get your finances in order by making full use of an interest-free overdraft facility.

3. Consolidate your credit card debt

If you have large credit card debts on multiple cards, you should think seriously about transferring them to a credit card which offers zero per cent interest on the transferred debt.

A word of warning though, such deals are usually accompanied by a transfer fee and are only available for a limited period. So, make sure the transfer fee doesn’t outweigh the interest saving and pay the debt off before the zero-rate period expires.

Alternatively, you may want to consider consolidating your credit card debt into a single loan with a reduced interest rate. Private loans usually charge much lower interest rates than credit cards, and you may be able to utilise a bad credit loan if you have a less than perfect credit score. So depending on how much you owe, you could save a significant amount by consolidating the debt into a single loan.

4. Get a better mobile phone contract

The mobile phone space is competitive, so if you’ve been with the same provider for many years the chances are you are paying too much. Much like insurance providers, mobile phone companies provide much better deals for new customers than they do for existing ones.

So, take a moment to analyse your mobile phone bill to see how much you are really using. Then use a price comparison website to see what deals are available. You will be surprised just how much money you can save by doing this.

5. Pay for things in advance

Many companies provide a discount for paying annually. Examples include your gym membership, car insurance and broadband. So, if you can afford it, pay the whole fee upfront and save a bundle.

Some companies also provide discounts at certain times of the year. So, plan ahead and pay for things when they are discounted. You could buy Christmas cards in January when they are on sale, for example – no one will notice.

By using one or more of these money saving tips you could save hundreds of pounds a year in interest and late payment fees. Put the money towards a holiday or better still pay off your credit card debt early to save even more money. The choice is yours, but it’s nice to have a choice isn’t it?

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How To Get A Loan With Bad Credit

If you’ve been turned down for a loan with a bank because you have bad credit, it might still be possible to get the cash you need. The key is to learn how to get a loan with bad credit and which lenders will let you still borrow money.

Why don’t banks lend to people with bad credit?

When a person applies to borrow money from a bank, the bank’s credit assessor checks that person’s credit score. A person’s credit score provides some insight into their past financial history, so the bank can see who is likely to keep up with their repayments and who is more likely to default and miss payments.

For example, someone with a high credit score above 800 obviously has a strong history of making all their repayments on time and taking their financial obligations and responsibilities seriously.

By comparison, a person with a bad credit score may have struggled with some financial difficulties in the past. As a result of those difficulties, they may have missed some payments or filed for bankruptcy.

If a person with a low credit score applies for a bank loan, it’s likely most lenders will decline the credit. Fortunately, there are some lenders willing to offer loans to people with less than perfect credit.

What is a bad credit loan?

Bad credit loans are usually set up as short-term payday loans, so you’re expected to repay the amount you borrow quickly. When assessing your application, a bad credit lender will check your credit score. Your score is considered ‘bad’ if it falls between 300 and 579.

What else do the lenders check?

Along with checking your credit score, lenders will also want to check some other criteria, including:

– You are a UK resident – You have a regular source of income – You have a debit card attached to your bank account – You have a valid mobile phone number – You have an email address

Even though you’re asked to submit a valid mobile phone number, our panel of bad credit lenders won’t call you. Instead, your information will be verified online.

How do I apply for a bad credit loan?

The process for applying for your loan is quick and easy. Simply enter the amount of money you want to borrow and the period of time you want to repay your debt over.

The online calculator will work out how much your monthly repayments will be. If you can afford to keep up with your repayments, you can proceed to enter in your personal details.

All of your personal information is kept secure and remains strictly confidential at all times.

You can find more information about the application process by viewing how it works.

How fast can I get the cash?

If your loan application is submitted and approved before 3 pm on weekdays, it’s possible to get your cash paid into your bank account on the same day. However, if your application is submitted later in the day or the approval takes a bit longer, the cash may arrive the following day.

Does a bad credit loan affect my credit score?

As with any other type of credit, applying for a bad credit loan can affect your credit score. If you make all your repayments on time, the lender will report the activity, which could reflect positively on your score.

However, if you fall behind on your payments or don’t make payments at all, the lender will also report the lack of financial responsibility. Not only will your credit score be negatively affected, but you could also incur penalty fees and late payment fees that increase the amount you owe.

It’s also important to remember that your credit score may also be impacted if your file shows lots of credit checks in a short amount of time.

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Tips for Finding the Best Bargains

Tips for finding the Best Bargains

If money is tight then it’s best to do everything you can to reduce your monthly outgoings.

As well as having little or no spare money you might be one of those people who have bad credit, this could be down to a missed payment or a misunderstanding with a credit lender in the past or you could have just been going through a time where money was scarce and you got into difficulties.

The main thing when trying to recover from a history of bad credit is to keep paying of your loans at a rate that will suit you and your lender, but also keep your borrowing down, only choose the best loans for people with bad credit and only choose the amount you can really afford.

Fortunately, there are a number of fairly simple ways to reduce the amount you spend each month without having to make significant changes to your lifestyle. We’ve rounded up a few of the best and most effective ones in this article.

Get to know your Supermarket Discounts

Every supermarket discounts food at the end of the night that would otherwise be thrown away. However, they all have slightly different schedules and policies on how they do this. It’s worth visiting your supermarket a few times in the evening to suss out what this policy is (or, if you feel really brave, asking someone who is walking around with a pricing gun). The discounts on offer in the evening can go up to 90% and, if you’re able to freeze what you buy, the food can last for a long time.

Reducing the Direct Debit Mountain

Gym memberships, online streaming services, subscription deliveries: the list of things that most people sign up to and don’t really use is huge and it can cost a small fortune each month. It may be hard but look through your bank account, work out what can go and cancel those direct debits. Just make sure that you’re not locked into a minimum contract before you do. Cancellation penalties, particularly from gyms, can be incredibly steep.

Avoiding impulse Purchases

This one can be pretty hard but it’s well worth sticking with it. If you add up the amount of money that you spend on coffees, snacks, vending machine treats and other small purchases over the course of a month then you may well be staggered by the number that you come to. By cutting these out and maybe putting a pound or two in a jar at the end of every day instead, you can quickly build up an amount that will help you to take control of your situation and reduce the debt pile that you are working with.

Best Loans for People with Bad Credit

LoanPig can offer you some of the best loans for people like yourselves who might have bad credit from  5 years ago or from just a few months ago. People get into difficulties for all sorts of reasons, but remember, you can still get credit or a loan to help you through the worse even if your credit score is low.

You are more than a credit score, some lenders like LoanPig.co.uk and others will look passed your bad credit score and be able to offer the best loan for people like yourself with bad credit

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How to Holiday on a Budget

How to Holiday on a Budget

Spring is in the air and you are thinking of the warmer weather that is on its way but when you’re short of cash, holidays seem incredibly out of reach.

However, if you are savvy about spending and use loans cleverly, you’ll be surprised what you can afford!

Even if you have bad credit you can still be savvy and save, save, save!!!!!

Flight comparison sites

There are many of these out there, so finding cheap flights is easier than ever. Always look to book your flights and accommodation separately to save money; the best deals out there are not usually found in traditional packages but sites offering cheap flights might be able to hook you up with a cheap hotel also!

Stay open-minded

If you can be flexible with your bucket list, you’re bound to find a bargain. Stay open-minded and book holidays to places that have offers on the flights or accommodation, you will save money AND explore somewhere new.

Remember, the UK has some beautiful and fantastic places to visit and a week at the seaside in summer can give you everything that a european beach holiday can give you, apart from the odd day of rain!!

Look into living costs

You don’t want to book cheap flights to later discover that accommodation and living costs of your destination are extortionate, look for sites that allow you to cancel so if you do find a better price or option change it, so do your homework before booking.

Look for up-and-coming destinations like Poland, Hungary, and South East Asia, for example, where you will find it difficult to break the bank when you’re there.

It is worth spending a little more on the flights to keep the living costs down when you’re on holiday; perhaps take out a loan to cover this to help you save money in the long run!

Get an apartment

Apartments often seem pricey, but this accommodation choice will save you money when you’re on holiday. There are many expenses that you’ll save by staying in an apartment rather than a hotel; your coffee in the morning, breakfast, meals out every day, drinks at the hotel bar… the list goes on!

You can take out a loan to cover the initial cost, and you won’t regret it when you get to your destination knowing that your next wage is covering the cost as a one off.

Stay local

Enjoying your home country has many advantages! You avoid exchange rate costs, you’re likely to spend less on travel, and you can stay with friends and family or camp to avoid accommodation costs. You will discover beautiful places too!

Great holidays CAN be achieved on a budget, and you may even find that you have more fun trying to be resourceful and creative with your money saving. Happy holiday!

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How much Cash can I get with a Payday loan?

How much cash can I get with a Payday loan?

Payday loans can be an ideal way to solve immediate financial problems and get you out of a crisis. They’re usually quick and easy to apply for and generally offer instant decisions to applicants. If you are thinking about applying for a payday loan, one of the main things you’ll be wondering is how much you can actually borrow. This is discussed in more detail below.

How much can I borrow with a Payday loan?

As noted above, applying for a payday loan is quick and easy, but it’s important to recognise that any application will usually involve a check of your credit file, so you don’t want to make too many applications at once as these could have a detrimental impact on your credit rating.

This means it’s important to discover just how much you can borrow before completing any applications for payday loans online.

Most payday lenders will offer an indication of how much you can borrow on their website. These amounts do vary between different lenders, so it’s a good idea to shop around before making any decision. However, the beauty of using LoanPig.co.uk is that we’ll do all the searching for you, we’ll either be in a position to lend to you ourselves, or one of our many lenders will find you a loan. Many lenders state they will make loans between £100 and £1,000, however, if you are a new customer you will probably not receive loan offers of more than £500, expect for The Money Hive and a few others, that is.

It’s also important to check out the interest rate applicable to loans and the amount of time you have to repay the cash. Payday lenders offer loans at interest rates that can be vastly different, and this will impact upon the amount you repay.

Applying for Payday loans

Any payday loan application will need to be approved by the lender and they will take your creditworthiness and ability to pay back the loan into account. Some lenders will seek employer confirmation of your working status, although not all of them do. Some lenders may also require proof of income before making any lending decision. All these checks are geared towards confirming the loan is affordable and you will be able to meet scheduled repayments.

Payday loans are really just a temporary solution to a short-term cash crisis, so it’s vital you have the ability to repay the loan on due dates. Once you establish a good history with a payday lender you may well be able to borrow larger amounts of cash, however, this will all depend on the way you manage your initial loan.

Contact us if you require any more information on this subject

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Why a Credit Card is Riskier than a Payday Loan

Why a credit card is riskier than a payday loan

End-of-the-month anxiety is a serious concern for many people living in the UK. Sometimes, especially just after the festive season, bills mount up and cash-flow gets uncomfortably tight. It’s usually at this stage that people start considering their financial options. Instant payday loans in the UK are a popular option for those who need a short-term helping hand, but there are those who find credit cards to be a viable option. Is a credit card better than a payday loan? The simple answer is that credit cards are somewhat different to payday loans, and if you want to limit your risks, a payday loan is the right answer.

What’s so risky about a credit card?

What makes a credit card a riskier option is the potential to unwittingly get yourself into excess debt. It’s important to note that interest is added to a credit card balance on a monthly basis. This means that your outstanding balance will keep increasing. When paying the minimum amount due, a certain amount of the installment will simply go towards paying off the interest amount added. In essence, you are paying money that will never reflect on the actual outstanding credit balance.

In the UK, payday loans have limits that ensure a lender never repays more than double the loaned amount. Unfortunately, nowadays there are no limits to credit card costs. This means that your credit card balance can keep gathering interest and the cost of any purchases along the way. In some instances, this can keep growing to the point of your credit limit being reached or even exceeded. Miss a few payments and you could find yourself in serious debt.

The temptation of a line of credit

Payday loans are designed to be short-term solutions to money difficulties. They are paid off quickly. A credit card is far riskier as it provides a consumer with a constant line of credit. In some instances, credit card companies automatically raise credit limits, which means that you could find yourself getting into more and more debt, just because you have the card on you and a credit amount available to you. The temptation to use it could get you trapped into a lifetime of debt repayments.

Scary stats on how credit cards affect UK citizens

Credit cards provide access to money that can be used over and over for years. A payday loan term ends after a few weeks or months. When you apply for a payday loan, you are approved for a certain amount that must be paid off in full before the next amount or a new loan can be requested.

The Financial Conduct Authority released shocking stats regarding credit card debt UK-wide. These include the following:

* In 2016, the UK consumer market of 30 million people was paying off £61 billion on credit cards. * 19% of these cardholders were experiencing money problems as a result of poor credit management.

These statistics alone show just how dangerous a credit card can be.

Last word

If you want to save yourself the potential long term financial implications of credit, opt for payday loans. It’s a quick, easy, and no-strings-attached helping hand through the slightly tougher times of the month or year. Need more advice on payday loans? Contact us today!

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Top benefits of Short Term loans

Top benefits of Short Term loans

Short Term loans are an excellent way to raise cash in a hurry. If you need to sort out any kind of financial crisis, a short term or instalment loan can be one of the best solutions, and they are even available to consumers with bad credit records.

LoanPig are specialists at providing the short term loans people need in a hurry, so if you’ve never thought about the advantages of a short term loan before, check out three top benefits of our service below.

Some of the top benefits include:

1. Speed of arrangement

As already noted, short term loans can be a brilliant way to access quick cash. If you’re desperate for cash towards the end of the week or month, one speedy application can solve all your financial problems. You can complete an application online and very often you’ll benefit from virtually instant approvals (subject to affordability checks and specific lending criteria designed to assist you but also protect you).

There’s no hanging around waiting for loan officers to make decisions when you apply for a loan. What’s more, the application forms are easy to complete, and this means you can benefit from funds in your bank within just a couple of hours.

2. Short Term Loans are convenient

If you don’t want the hassle of heading to your bank to complete a loan form, then you’ll truly appreciate the convenience of short term loans. You can fill in your online loan application from any place that has internet access, meaning you can apply from work, while out and about shopping or from the comfort of your own home. And, your cash could be transferred to your bank account within a short time of approval being granted.

3. Spend your loan on anything you want

And, finally, a short term loan gives you cash directly to your bank account. This means you can spend the money on anything you desire and are not confined to specifics, such as home improvements or a car purchase, but as you are aware, short term loans are not designed for borrowing over long periods, they are designed to be a quick fix to get you out of an emergency or pay for something you want or need, as a one off.

For example, if you apply for a credit card you will find that it costs you money to withdraw cash using your card and also for other services. With a short term loan, you’re not at all limited in the way you choose to spend your funds.

Get in touch today to find out more about our loans.

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How to save money on food this January

Top money saving tips for 2019 from LoanPig.

January always seems like such a long month! Particularly as many of us get paid early before Christmas – which is great at the time but means that things start getting very tight just about now.

One of the essential expenses we face is food shopping. When things are tight we can cut back on most other things but we do still need to eat.

So how can we save money on food bills? Let’s look at six steps that can help. Things that we can start doing right now to get us through the rest of this month, and can also then continue doing to get into better habits and keep saving money.

Set a budget and stick to it

In our recent article How to Sort Out Your Finances in 2019 we looked at the importance of budgeting. And food shopping is one of the areas where it is so easy to overspend. If you keep a record of what you spend on food each month you are likely to be surprised and even horrified: it is likely to be far more than you estimate.

For the rest of January it can help to work on a cash basis. Put the cash aside and only spend that on food. You will need to be creative about what to buy (see Tip 2) but it really brings home what you are spending when you pay in cash rather than on a card.

Longer term it can be effective to cut down your spending slightly month by month. So you need an accurate record of what you are spending, then each month aim to reduce that by a certain amount of money. This will mean you making small changes in various ways but if you do this on a gradual basis it should not be too noticeable. Follow some of the tips below for how to do this.

Plan your food shopping before you go

It can seem very time consuming to plan meals but it is an excellent way to save money so is well worth doing. If you don’t plan you are likely to buy whatever catches your eye and will spend more than you intend to.

First of all check what you already have in your cupboards, fridge and freezer. So much food gets wasted by being left lying around then eventually being thrown away. So plan meals that use those ingredients so that you only need to buy additional ingredients to go with them. This will cut costs and also reduce waste. Make a list of exactly what you need and just buy the items on the list.

Also be flexible about what you buy. There is currently a lot of emphasis on eating less meat, and cutting out meat from some meals if you usually always eat it, is another effective way to save money.

Shop around

It can be tempting just to go to the same store you always do, but it can pay to shop around. So when you are planning your food shopping, have a quick browse around to see which store currently has offers that are relevant to you, and go there.

Also keep looking out for coupons and vouchers and make use of them if they fit in with what you would buy anyway.

It can also be useful to get to know the times of day that stores reduce their out of date stock. It is possible to pick up some really good bargains if you are able to go at the right time.

Buy and cook in bulk

Buying in bulk can save you money, but only if you do it wisely. If you either buy large quantities or go for supermarket “3 for 2” or “BOGOF” offers you can save money if you are genuinely going to use the items. But beware of being drawn into what seems to be a bargain if you are just going to end up throwing stuff away.

It can pay to shop with a friend and divide bulk-buy goods between you. Then you both benefit from bargain prices and nothing gets wasted.

It also saves money if you batch cook food. It is not much more effort to make extra quantities of meals such as casseroles, pies or lasagne. These can then be frozen for future use. Or another option is to swap meals with a friend.

Waste nothing

It is predicted that the amount of food that is wasted each year will rise by a third by 2030, when 2.1 billion tonnes will either be lost or thrown away. This is the equivalent of 66 tonnes per second!

So for all kinds of reasons it makes sense to try and really cut down on the amount of food we are wasting.

One way we can do this is to cut down portion sizes. Just think of the amount of food that gets left on plates. Much better to serve smaller portions – and then people can have seconds if they would like more. If there are leftovers from any meal, they can either be put in the fridge and used for lunches or as part of other dishes, or frozen in one portion sizes for a quick meal.

Drink wisely

Yes we know it’s Dry January but generally we all drink too much and need to cut down. This might not even be alcohol – many of us are addicted to either fizzy drinks or juices. All these drinks cost money.

So to save money- and also for health reasons – try just drinking water with meals some days of the week. You will feel a lot better for it and will have a lot more change in your pocket!

At LoanPig we hope that these help you to balance your budget whilst still eating well. Check back here soon for more money saving tips from LoanPig.

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How to Sort out your Finances in 2019

Top money saving tips for 2019 from LoanPig.

Christmas is now over and many of us are now beginning to realise that, despite our good intentions, we spent far too much money.

But if you are counting the cost of Christmas,  you are not the only one! Recent research from investment company Hargreaves Lansdown indicated that the average person in the UK spends £538 on Christmas and overspends by £153. Given that these figures are average, it means that many of us are facing an even bigger overspend.

If you are in this situation you will at the very least be feeling annoyed with yourself. Perhaps you are even panicking about how you are going to manage financially to get to the end of January – which always seems to be a very long month!

So how can you change all this? What can you do differently in 2019 to

ensure that you do not end up in this situation yet again?

Why not try ourSix Steps to Solvency?

Take a good look at your finances

It can feel very uncomfortable to start looking closely at our finances. But it is really important to do this so that you can understand where you are at and where your money is going.

The best way to do this is to make a list of everything to do with your money. This should include:

Assets you own (eg home, car, savings)

Debts you owe (eg mortgage, loans, credit cards, overdrafts)

Regular income (eg salary/wages, benefits)

Regular payments (eg mortgage/rent, loan and credit card repayments, household bills).

This should begin to help you see how healthy your finances are looking.

Pay off bad debt

The best way to start sorting out your finances is to pay off bad debt. Our recent article The Difference Between Good and Bad Debt explained that a mortgage is generally viewed as good – or acceptable – debt because you are using it to invest in an asset ie your home. However unsecured debts such as credit cards are bad because they can get out of control very quickly. This leads to more interest being added to the balance and you can end up just paying off the interest each month and not reducing your debt at all.

So one of the key things to do when getting your finances under control is to pay off as much bad debt as you can. Even if this means dipping into any savings that you have, it could be well worth it. Once you no longer have monthly credit card repayments to make, it will release that money for other things.

Start budgeting

There is something about the very word “budget” that makes most of us want to run a mile! But the reality is that unless you plan your regular spending carefully, and know where your money is going, it is easy to slide into debt without any idea why.

So, building on your work from Step 1, make a list of all the money you spend each month. Not just your mortgage/rent and household bills etc but also your spending on everything else, including food, clothes, transport, entertainment, leisure etc. Include absolutely everything.

This should give you a good idea of how you think you are spending your money but you then need to keep careful records for at least a couple of months of where every penny is actually going. Use either a notebook or a phone app but keep track of everything.

You may well be surprised – or even horrified – to find out that you are spending a lot more in some categories than you ever realised. But once you know, you are then in a position to start making changes to get yourself in a better position.

Balance the books

After you have tracked your budget for a couple of months it should become clear whether or not you have enough money coming in each month to cover all your expenditure. If so, you are in a healthy financial position. Be careful with your spending, pay off any remaining bad debt as soon as you can, then start to save (see Step 5 below).

But if your budget shows a shortfall – ie you have less money coming in than is currently going out – then you need to take action quickly. The first thing to do is to check every bill to see if really is essential and, if so, whether you can get a better deal – for example by switching suppliers. Then look at every other item of expenditure and see where you can cut down. This may mean adjusting your lifestyle for a little while – for example not going out as much – but it will be worth it to get yourself sorted.

Also look at ways of bringing in extra income, for example changing jobs, taking on extra work, selling items or taking in a lodger. There are various ways of doing this and they may not all be easy but will help you to get your finances back on track.

Another option to consider is to take out a small loan to pay off all your existing debts so that you end up with just one affordable monthly repayment instead of several different ones. If you do this, it is really important not to increase the overall amount of your debt, but see this as a last chance to pay off old debt and make a fresh start towards a debt-free future.

Start saving

It may take a few months of effort and sacrifice to reach the point where your income exceeds your expenditure. But when it does, you need to startsaving money.Even if it is initially a very small amount it doesn’t matter: you are getting into good financial habits and getting some money behind you. This means that you can look forward to treating yourself to something nice in future such as a holiday; and also that you will be prepared for any kind of emergency that may come along, and won’t end up going back into debt again.

So as soon as you can, start putting money aside each month – ideally into a different bank account that is not too easy to take money out of, so that you will allow your savings to gradually build up.

Keep at it!

Last but not least, be aware that to keep your finances in good shape is a long term commitment. The above steps will help you to start tackling problems and getting things back on an even keel, but you need to keep at it and not let things slide. So see them not as a one-off quick fix but as the start of a new lease of life for your finances. Keep working away at it and you will reap the benefits long-term.

At LoanPig we wish you the very best for 2019 and hope that this is the year when you do manage to begin sorting out your finances once and for all!

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Cost of Living in the UK with a Bad Credit Score

What is the cost of living in the UK with a Bad Credit score?

Below, we talk about some of the differences between having a good credit score and a bad one. As far as the financial institutes are concerned there are only 2 levels of scoring and you’ve either got it or you haven’t.

As far as borrowing money or gaining a credit line, which will allow you to pay for something with someone else’s money, you really are at the mercy of any financial institute’s rules (unless you are lucky enough to be able to borrow from a friend or family, but let’s not go into the pitfalls of that route in this article!!!!!) if they say you have to be squeaky clean to get the best rates, then that is what you have to be.

If they consider you to be a bad credit risk, it doesn’t matter if you don’t think so, they will put you in a category that will cost you a lot more when it comes to lending.

So let’s start with….. Your Credit Scoring

A credit score is one of the factors that determines the cost of living in the UK. This construct is a marking assigned to an individual based on their credit history. a person’s individual score is based on previous loans, credit cards, savings history, etc. The impact of the score will determine the cost of credit in the future, but crucially whether an individual can actually obtain credit.

Almost all banks and lending agencies in the UK look at a person’s credit score before determining whether to lend them money or not. An individual’s credit score also determines their potential credit limit, i.e., how much they can borrow based on their past record of repayments. But what happens if your credit score is too low? How would this impact your day to day life? There are a number of key aspects of life in the UK which can be impacted by a bad credit score including, but not limited to the following:

The most important thing to note is that there is no universal credit score in the UK. Major agencies such as Experian, Equifax, Noddle, etc. assign their own ratings based on their pre-determined criteria . So, a score tends to vary on a case to case basis. Nevertheless, there is a broad category which separates a “good” credit score from a “bad” one. In broad terms, a credit score of over 720 for Experian and 380 for Equifax is considered to be good.

Anyone can achieve such a score by paying their mortgages, servicing interest payments on time, and also paying bills regularly. So, it is not too hard to achieve a “good” credit rating as long as an individual keeps their debt repayments up to date.

Are you below the line?

There are many reasons why a large number of people may have a credit score which is less than 720 (Experian) or 380 (Equifax). Such a score is classified as “bad” or “poor” by banks and credit agencies in the UK . In such cases, this score can have a major impact on an individual’s life.

Firstly, having a good credit score will ensure that an individual can be eligible for 0% financing on various products such as motor vehicles. In contrast, a bad credit score will mean the individual will not be considered a good risk for these deals.

A major impact that a bad credit score has is that an individual will need to pay higher APRs on personal loans. This is because each lender carries out a full credit analysis on prospective customers based on their credit score before approving any personal loans or advances.

For example, in the UK, an average annual percentage rate (APR) for a personal loan of £2,000 and above stands at around 7% or below . The rate goes down if the loan value is higher. However, if your credit score is poor, these rates for the same amount can shoot up to 25% or even more than that.

These figures are even higher when you consider a short term or even a payday loan (however, APR figures are high on these types of loans whether you have good or bad credit for a reason, contact us if you are interested to know why?) This shows that a vast discrepancy exists in the cost of borrowing based on credit history.

Impacting day to day

In addition to restrictions on credit and high interests, a poor credit history can lead to being denied a mobile phone contract. If a credit history is not good enough and previous borrowings have not been paid off on time, applications for a new mobile phone contract can be easily rejected .

The four major factors which lead to this situation are bad credit history, missed payments, no bank account or lack of continuity. Although there are a few mobile phone agencies which offer cheaper handsets without any credit check, such cases are extremely rare.

The only option left for phones would be the use of a a pay-as-you-go SIM card which is not a preferred choice for many. Therefore, a bad credit score may lead to an individual having to rely on sharing mobile phones with others rather than having your own handset, which can be a major disruption in day to day life.

Considering buying your own home?

Furthermore, a bad credit score can also lead to a mortgage application being rejected outright. In 2014, the UK implemented the Mortgage Market Review . Buying a new property can be a very difficult task due to the changes in the law brought in by these processes.

In effect, an individual with a poor or bad credit score is I considered to be a “risky” individual, and therefore their chances of getting a mortgage application approved become much slimmer.

Further, even if someone manages to find a lender who is willing to assist them, the APR in such cases are astronomical. Buying a new property can thus become really hard with a bad credit score and ultimately alternative options for financing a home purchase need to be found.

Buying or Leasing a Car?

A bad credit score also impacts the ability to find a good financing deal in terms of buying a new car. Across the UK, the best available rates for new car financing are around 7% per annum. However, with a bad credit score, these rates could be up to about 25% per annum . This is because the individual’s credit history will be examined by the dealer as part of the contract process.

Additionally, it has been noted that in some cases, applications to buy a new car can be rejected altogether if the credit history is not favourable. This credit history is not limited to repayment of loans but may also include other aspects such as bills, credit cards, mortgages, etc. If any of these have negatively impacted a credit score, major hurdles in buying a car can be experienced.

In Summary

What all this means is that a bad credit score can have a major impact on daily life in the UK. from obtaining a mobile phone contract to a property, buying anything becomes much harder and in most cases much more expensive as well. Living with a bad credit score could therefore complicate an individual’s life and hinder their ability to have a sustainable lifestyle. In other words, it is critical to keep your individual credit score under control.

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Free Fun and Games this Christmas!

Have fun saving money this Christmas with LoanPig

So this is Christmas. And what will you DO?!

You’ve opened the presents, eaten the food, watched enough TV to give you square eyes. And if you hear one more Christmas song you will not be responsible for the consequences! Well how about some family games? Here are five ideas for free fun and games this Christmas. Better still, they won’t cost you a penny.

1. Board games Everyone loves a good board game, and between you and your family there will probably be so many to choose from. Many of the games that have stood the test of time – such as Monopoly and Trivial Pursuit – now come in a variety of themes. There are also new ones to add such as Strictly Come Dancing, The Crystal Maze and even When in Rome – the first Alexa-powered board game! So if anyone has a new game for Christmas then now is the chance to try it out; otherwise dig out those old favourites and everyone will be happy to join in.

2. Traditional party games Ok so these are primarily for children but most adults love joining in too! The list is endless, but how about the following for starters: * Hide and Seek * Musical statues * Musical bumps * Musical chairs * Pass the parcel * Pin the tail on the donkey * Spin the Bottle * Murder in the Dark Google any of the above that are not familiar to you to find out how to play.

Small prizes can easily be rustled together from the vast array of Christmas stuff lying around. These games can be tremendous fun and a great bonding experience for all ages.

3. Group games There are also a variety of more adult-oriented games that are easy to organise and great fun to play. For example, most people are familiar with charades, where the aim is to act out a TV show, film or book. A variation on this is Pictionary, where the item to be guessed is drawn out rather than acted. But there are many more group games that are not as familiar but can be great fun. One example is Fizz Buzz. Players sit in a circle and take turns to start counting from 1 upwards. When a multiple of 5 comes up, the person must shout “Fizz” instead of the number, and the direction of the game reverses. When a multiple of 7 or a number with a 7 in it comes up, the person must shout “Buzz” instead of the number, and direction of the game reverses again. Players have 3 lives each and every time you make a mistake, you lose a life. Other games are slightly less mentally taxing but more emotionally revealing. For example, Truth or Dare – where you either have to answer a revealing question or perform a forfeit; or Two Truths and a Lie – where everyone shares two things about them that are true and one that is a lie, and others have to guess which is which. Some of these games – for example Truth or Dare – can be run as drinking games to add an extra twist.

4. Family Quiz Quizzes are usually very popular, so why not run your own Christmas version? You can either download quiz questions online, or get various family members to organise one round each. They can be great fun for all the family, and a brilliant ice breaker if there are also newcomers who do not yet know many people: working together as a team helps everyone to feel involved.

5. Indoor sports For the more energetic amongst us, there are a wide range of indoor sports that are easy to organise as long as you have a little bit of space available. Indoor darts are always popular – and there are many safe versions available with soft darts. Another option is that you can get table tennis tops for dining tables so that you can temporarily convert your dining table into a games area. Or if you have floor space then how about your own indoor version of petanque (boules)?

We hope that these ideas help you to start planning how to have the best fun ever this Christmas whilst still saving money. Happy Christmas from all of us at LoanPig!

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Top Ten Free Christmas Attractions

Save money  this Christmas with LoanPig.

Christmas is on its way! Our recent article Ten Tips to Get Christmas Sorted includes lots of advice about getting ready for Christmas without overspending.

But Christmas also means school holidays, and it can be really expensive taking the kids out and about on top of all the other Christmas expenses. On the other hand, you really don’t want them spending the whole two weeks sitting in front of various screens!

So here are some ideas for things you can do with the family this Christmas – for free:

Winter Wonderland – London Hyde Park and UK-wide

  Entrance to Winter Wonderland is free – though be aware that there are many attractions inside that you will have to pay for. New this year is a dedicated family entrance that takes you straight into Santa Land. It’s free to visit Santa’s Grotto to see the man himself – but do get there early as it operates on a first come first served basis. You can also visit Santa’s Toy Factory Fun House to see the elves at work – and if the children have been good they will receive a gift from Santa!

There is also a traditional German Christmas market, with over 200 chalets selling a wide range of arts, gifts, jewellery and decorations. The surrounding Bavarian Village also hosts many different cafes, restaurants and bars, enabling visitors to enjoy a wide range of festive food, accompanied by seasonal tipples such as mulled wine and hot chocolate.

There are also Winter Wonderlands in other parts of the UK including Cardiff, Manchester and Yorkshire (York Designer Outlet). Check out your nearest Winter Wonderland here.

Christmas Markets and Fairs

  Every year there are more and more Christmas markets in the UK. These have wonderful Christmassy atmospheres and plenty for everyone to see and do. Of course there will be lots of things to buy but it is still possible to go along and either spend very little : perhaps give the kids a small amount of spending money each and when it’s gone it’s gone. Or you could use the opportunity to finish off your Christmas shopping. Find out your nearest Christmas market here.

Carol Services

  Whether you prefer the majesty of a formal carol service in a large cathedral, or prefer something more relaxed and intimate in a small local church, going to a carol service is a must over Christmas. There is always something magical about spending time in a peaceful atmosphere, reflecting on the traditional Christmas story. There are often a range of different carol services, some – such as Christinge – are aimed specifically at children. Many churches also have Christmas Tree festivals on, where you can enjoy displays of Christmas trees that have been decorated in aid of charity.

Carol Singing

  If you enjoy singing carols then why not look for a local group to go carol singing with? There is likely to be group carol singing in shopping centres, and there may well be groups doing other things such as accompanying Santa on his travels or visiting different hospitals and care homes. If not, then you may want to get a few friends together and go round yourself to people you know will appreciate a bit of Christmas cheer.

Local attractions and community events

  There are always many different local events at Christmas that can be great fun and also need our support. You may have missed the local lights switch on, but look out for local Christmas fairs, markets and concerts. Different areas have different traditions. On Boxing Day in many areas you will find Mummers plays (traditional folk plays) and Morris dancers. Other areas have sporting events such as Boxing Day swims or organised walks such as the four mile pilgrimage from Ripon Cathedral to Fountains Abbey.

Enjoy a Winter Walk

  Continuing from the above, if walking is something you like to do then a lovely winter walk is a perfect way to spend a day over the Christmas season. Whether you choose open countryside, a national park or a beach you can enjoy the fresh air, the scenery and just being together. Even better, bring a flask of hot chocolate and some cake or mince pies and spend time having a Christmas treat together.

Winter picnic

  A winter picnic can be great fun. Whether you pack a hamper or find somewhere you can take a portable BBQ – or even light a campfire – everyone enjoys the novelty of a winter picnic. You may even want to organise your own winter beach party. Bring chairs to sit on and blankets to stay warm, and organise some games to keep the kids amused. This will be an experience you won’t forget!

Museums and Galleries

  If you prefer to stay indoors then why not visit a museum or gallery this winter? Most have free admission – and many have special exhibitions on at Christmas. This is a wonderful way to spend time but not money. Whether you go local or visit your nearest city, you are bound to find something of interest. Check out this list of museums to get an idea of the range of fascinating places there are to visit!

Stately homes

  There are many stately homes across the UK – for example National Trust and English Heritage. Whilst you have to pay to gain entrance to the home itself, many have gardens or surrounding areas that are free to visit but still give you a glimpse of the grandeur and history of the place. Check out the websites to find attractions near you. And if you enjoy your day then perhaps a membership card – giving you full entry to the sites – could be on your Christmas list for next year?

Gardens, country parks and garden centres

  On the theme of gardens many towns and cities have either botanical gardens or country parks, some of which are free to visit. Check out Visit England to find out what is available near you. Gardens and parks provide lots to see and usually some open space for children to explore and run around. Many also have indoor areas to explore as well. A good alternative is large garden centres that have plenty to see – and often some Christmas events and activities too.

We hope that the above ideas help you to enjoy time together as a family this Christmas without overspending. Remember to check back here soon for more money saving tips from LoanPig.

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What if you miss Black Friday?!

Money saving tips for Christmas from LoanPig.

Black Friday weekend has arrived, along with all the hype that inevitably accompanies it. Our last article – Get Ready for Black Friday – contains lots of useful advice about how to ensure that you get genuine bargains and only spend money on what you need.

But what if Black Friday doesn’t work for you? Perhaps you simply don’t have money to spend until you get paid at the end of the month. Or you just can’t find what you are looking for. Can you still find bargains once it’s all over?

Well, of course the answer is yes! In fact, according to the consumer group Which? around nine out of ten Black Friday deals may turn out to be cheaper at other times of the year. They tracked the prices of 94 popular products –  including televisions, cameras and fitness trackers – from six months before until six months after Black Friday 2017. They found that 87% of the items were cheaper at other times of year than the Black Friday deal price, and nearly half were cheaper in the six months after Black Friday.

So if you don’t manage to buy what you need this Black Friday, all is not lost. Here are some other ways that you can grab a bargain in the run up to Christmas:

Supermarket Sweep

The major supermarkets will be competing fiercely against each other to get your business between now and Christmas. Remember that most of them sell not just food and drink, but gifts, clothing and electrical items too.

If you are prepared to put time and effort into researching what you want, then rotating round the various supermarkets to get the best deals, you can save a lot of money.

3 for 2 / Buy One Get One Free offers

There are also excellent deals to be had in other major retailers. For example, Boots has an impressive range of gifts in its “3 for 2” offer range. You can save pounds! For example, if you have twelve gifts to buy you would only pay for eight of them. Definitely worth a look, and many other major retailers have similar offers.

Also look out for offers where you can either Buy One Get One Free, or Buy One Get One Half Price. Even if you don’t need two of whatever the item is, if you team up with a friend and split the cost then you are both getting a bargain.

You will also often find that a free item comes with a gift that you are buying anyway; such as a soft toy with a child’s book, or an mini makeup set with a full price item. These small items can either be used for stocking fillers, Secret Santas or prizes for Christmas parties.

Vouchers and loyalty card points

At Christmas we could all do with a bit more money. Yet many of us have the equivalent of pounds lying around unused! Gather together all your unused gift vouchers, supermarket vouchers and loyalty cards and you may be surprised at how much extra money you can put together.

It has been estimated that in the UK around £300 million is wasted each year in terms of gift vouchers that don’t get used. If you really can’t use them then you can cash them in online, on websites such as Zeek.

Also,  the average person in the UK amasses over £100 worth of supermarket loyalty points each year – some as much as £500.

So get checking what hidden resources you may have at your disposal!

Second hand bargains

Online sites such as eBay can save you pounds!   In our recent article Extra Cash for Christmas we looked at how to sell on eBay and it is also a great place for buying brand new goods at good prices. If you don’t mind buying second hand you can often pick up an even better bargain on goods that are hardly used.

It is also well worth trawling round  local charity shops for all kinds of bargains. Yes it will take more time and effort to hunt around, but you might find just what you are looking for at a brilliant price – and will also have the satisfaction of knowing that you are supporting a great cause.

Christmas Sales

If you are prepared to hold your nerve and do your Christmas shopping at the last minute, then you could save a lot of money by doing this. Many stores in the UK now start their post-Christmas sales just before Christmas. Which means that many of the gifts that most of us have already bought and wrapped are considerably reduced in price.

This is a bit of a risky strategy, because  depending on availability you may not be able to get exactly what you want. But if you are prepared to be flexible – and to save your energy and money for a last minute blitz – this could be the way forward.

One final tip is that it is never too early to think about next Christmas! Yes it’s the last thing we feel like doing immediately after Christmas, but the January sales are an excellent time to stock up with Christmas cards, gifts, wrapping items and decorations. Shops just want to get rid of everything and slash the prices dramatically in order to do so. So if you do have some spare cash and a bit of storage space, why not get ahead of the game and start your Christmas shopping in January? You could then build on that by buying one or two presents a month so that by this time next year you will be pretty much sorted for Christmas 2020!

But coming back to the present! We do hope that the above tips help you to find the bargains you need just in time for Christmas. Check back here soon for more money saving tips from LoanPig.

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Get Ready for Black Friday!

Money saving tips for Black Friday bargains

Next Friday – 23rd November – is Black Friday. In America, Black Friday is the day immediately after Thanksgiving. It marks the official start of the Christmas shopping season and there are many price reductions and special deals to be had.

The name derives from the hope that businesses participating in Black Friday will see their bank balances remain firmly “in the black” (ie in credit) for the rest of the year as a result of successful Black Friday trading.

In recent years, Black Friday has become a tradition in the UK as well. We probably all remember scenes from previous years of frantic buying – even to the extent of people fighting over televisions in supermarkets! Whilst none of us want to get immersed in Black Friday to that level, it can be a great opportunity to grab a genuine bargain.

So how can you make the most of Black Friday whilst ensuring that your own bank balance also stays in the black?

The secret is to plan ahead. This is the way that you can find real bargains and actually save money rather than spending money you don’t have on things you don’t need. Here are five tips on how to get ready for Black Friday:

Know what you are looking for

Whether it is a special Christmas gift for someone or something that you need for your home, decide what it is that you want. You still have time before Black Friday to do some research about the product(s) so that you know exactly what you are looking for. This is important, because otherwise you may be tempted to buy an item on Black Friday just because it is a good price, only to realise afterwards that it does not actually have all the features you wanted. So do your research and have a shortlist of makes and models of items that definitely meet your criteria.

Set a budget

It is easy to get carried away when faced with bargain prices. So whether you are planning to buy one item or a few, decide in advance the maximum price you are prepared to pay and ensure that you stick to that on Black Friday. If you can’t find what you are looking for at the price you can afford to pay then it is better to do without that item than land yourself in debt. So make decisions in the cold light of day about how much you are prepared to pay, and be firm about not going above that amount.

Black Friday landing pages

Many retailers have a special Black Friday page on their website. Some of them – such as Amazon– are starting their Black Friday sales early. So the first thing to do is to look online at retailers that are likely to stock the item(s) you are looking for – try searching for the retailer’s name followed by “Black Friday”.

There is also a website called Black Friday Salewhich has details of many of the retailers participating in Black Friday, and links to their Black Friday pages. Last year 91% of retailers participated in Black Friday so you stand a good chance of finding what you are looking for.

Online product bargains

Another way to find your bargain is to search for the product(s) online. So, for example, if you are looking for an iPhone XR, just type the product name followed by “Black Friday” into the search engine for specific Black Friday offers.

There are expected to be good Black Friday deals on the following popular products this year:

Laptop

iPhone

Nintendo Switch

PS4

Phones

TV

So do your research and be ready!

Don’t forget Cyber Monday

If you miss out on your ideal Black Friday bargain, be aware that many retailers are now also offering Cyber Monday deals. Cyber Monday is the Monday after Black Friday – ie Monday 26th November. The original idea behind Cyber Monday when it started in 2005 was to encourage customers to do more shopping online. Even though that has now happened, Cyber Monday discounts are still available from many online retailers. So if you don’t manage to get what you are looking for on Black Friday then Cyber Monday may work out for you.

We hope that these tips help you to find some money saving bargains on Black Friday and Cyber Monday. If you need some additional funding to secure a genuine bargain then do get in touch with us at LoanPig.

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Extra Cash for Christmas!

Save money for Christmas with help from LoanPig

Christmas is drawing nearer, and many of us have already begun our preparations. In our recent article Ten Tips to Get Christmas Sorted we looked at various ways to cut the cost of Christmas, and also how to make some extra cash between now and Christmas.

One of the ways you can get extra cash for Christmas is to sell goods online, and one of the main websites for doing this is eBay. So in this article we’ll take a quick look at how to use eBay effectively.

What can you sell?

The first thing you need to do is to generate items to sell. It’s good to have a big clear out before Christmas anyway: it leaves your home less cluttered so that you have plenty of room for guests, and of course for all your lovely new Christmas presents!

So your first priority is to go through every room and find as many possible things to sell as you can. Most of us have a wide variety of unwanted items in our homes: consumer research from TNS indicates that the average home contains around £4,000 worth of unused items.

One rule of thumb when clearing out is that if something hasn’t been used for a year, do you still really need it? Also remember the much-quoted advice from William Morris:“Have nothing in your houses that you do not know to be useful, or believe to be beautiful.”

Will anyone buy it?

You would be surprised what sells on eBay! It really is a case of one seller’s junk being a buyer’s dream find. You will often see fierce bidding between people to secure an item that you really didn’t think would sell.

You can do a bit of research in advance to see what is currently selling well by going to explore.eBay.com. Make sure you set to country to the UK then you can see what is trending, what the best sellers are, and get an idea of prices to charge.

As a general rule, new items, well known-brands, rare items and retro items such as early versions of gadgets or previous best selling toys will all sell well.

Get the price right

It is hard to know what prices to charge. Your aim is to get rid of stuff, so you don’t want to set the prices too high and put people off. On the other hand you want to make as much money as you can, so don’t set the price too low.

There is an eBay app here that can help you, and eBay will also suggest a typical starting price during the listing process. But if you are new to eBay it is a good idea to find and watch other listings for items like yours. You can then see what kind of starting price they are listed at, and how much they eventually sell for.

Also remember to factor into your price the cost of any packaging materials, and the fact that you will have to pay eBay fees (see item 9 below). In light of this – and the time it takes to list and post items – there may be some smaller items that you decide are not worth selling on eBay and can perhaps use local social media selling sites instead. But for higher value items that will attract a lot of interest you can potentially make a good profit on eBay even when you take your costs into consideration.

Listing categories, titles and timings

Even if there are lots of potential buyers on eBay, this is no use to you unless they can find your item. So when listing goods, make sure that you are listing your item in the most suitable category. To help you with this, eBay will suggest this for you.

Also make sure that you add a comprehensive title that includes all the keywords that potential buyers are likely to use if they search for an item like yours. This will ensure that your item gets included in the “best match” list of items that eBay returns to the searcher when they type in these keywords.

When listing an item you can choose how long you want to let your auction run for, and whether you want to run it as an auction (where buyers bid for your item), a “Buy It Now” (where you can achieve an instant sale), or both.

Ebay attracts most visitors on a Sunday evening so this is a good time for your auction listings to end, as you may be able to get several buyers bidding against each other and therefore pushing the price higher.

Describe it well

Writing good product descriptions is really important. This is a busy time of year for people, so you need to give them the key information in an easy to read format. It is worth spending time writing a couple of standard product descriptions that you can then adapt depending on the item you are selling. Make sure the individual item descriptions include specific and detailed information about the item, especially its condition.

EBay has produced a video to help you create excellent titles and descriptions: this can be viewed here.

It can also be good to choose a consistent design style for your listings, with backgrounds and font styles/colours that convey something about you as a seller. This can also make your listings stand out from the crowd.

Use good photos

These days there is no excuse for using poor photos on eBay. Most of us have access to cameras on our phones that are far better quality  than a lot of everyday cameras in the early days of eBay. If an eBay listing has blurry or unclear photos it just looks as if the seller doesn’t really care, and is not a great incentive to buy.

So make sure you take good shots of your item that you can then display as part of your listing. It is good to take a variety of photos of the item from different angles, ensuring it can be clearly seen. Highlight anything of particular importance – for example a special feature of the item or a defect with it – and you can then refer to this in your listing. Also make sure you take photos against a plain background that does not overwhelm the item.

Ebay have also produced a video on how to take winning photos: you can see this here.

Charge fair postage costs

When selling items on eBay you need to decide whether you will post them or want them to be collected by the buyer. EBay will suggest a postage cost for an item you are selling based on the cost of posting similar items and also the type of postage service that you are using.  Depending on the value of the item you may choose a more secure form of delivery where the item is tracked and has to be signed for.

The key thing with charging for postage is to cover your costs. Don’t forget to factor in packing materials and also your time to pack and post the item. But be aware that if you charge too much for delivery on eBay, this may put off potential buyers.

Whatever you decide, the golden rule is to only post items out once payment is received and cleared, just to make sure that you don’t end up losing out.

Decide how you want to be paid

EBay gives sellers a variety of options to accepting payment. If you are getting buyers to collect items then you may want to deal in cash, which makes it easy all round. For electronic payments it is definitely worth setting up a PayPal account. Paypal is a third party online payment service that you can sign up to for free. It enables you to link your account to your bank account and/or debit/credit cards so that you can make and receive payments without having to share your financial information with buyers or sellers.

Selling costs

When selling on eBay, you will be charged fees each month by eBay for doing so. These fees are based on:

Listing/insertion fee

Final value fee

Paypal fee

Listing upgrade options eg Buy It Now, Reserve price

You can find out more information about eBay costs here, and there is also a fee calculator here that will give you an idea of the fees you are likely to have to pay for a particular value item.

Don’t get scammed!

A last word of advice is to be on your guard against fraud when selling on eBay.  Your increased online presence may make you more vulnerable to “phishing” emails that look as if they have come from eBay or Paypal but aim to direct you to a fake website in order to steal your login details and hack your account.

Also be very cautious if a potential buyer messages you about an item for sale, asking you to close the auction and complete the transaction outside eBay. Whilst you may see this as a way to avoid eBay fees it means that you will not be protected by eBay’s seller protection policies.

Finally, as we mentioned in point 7 above, never send out an item until you have received cleared payment for it.

We hope that the above tips help you to sell successfully on eBay and raise some extra cash for Christmas. Check back here soon for more money saving tips from LoanPig.

The post Extra Cash for Christmas! appeared first on LoanPig.

from LoanPig https://www.loanpig.co.uk/extra-cash-for-christmas/ from Loan Pig https://loanpig.tumblr.com/post/179930855622

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Keep warm for less this winter

Save money on heating bills this winter with money saving tips from LoanPig

So the clocks have gone back and the dark nights are here. The long hot summer now seems a distant dream, and we are all reaching for our winter coats and central heating controls.

Keeping our homes warms this winter is very important, yet many of us worry that it can also be very expensive.

So we have put together Top Five Tips to save money on heating this winter:

Get tricky with your thermostat

Did you know that if you turn your home thermostat down by just 1 degree this could cut your heating bills by up to 10%? Most of us would not notice the slight change in temperature but it could save you a lot of money. It is also worth installing room thermostats and boiler thermostats if you do not already have them as using these carefully can also save you money.

Though it may sound strange, it can also be more economical to keep your heating on constantly at a temperature instead of switching it on and off throughout the day. This is because your heating system will use more energy to start up the heating and get it to the required temperature than it would if it provides a constant low level of low warmth.

Make your heating go further

When the family is at home for a day, they generate a lot of heat! If you think about a typical day, there are likely to be showers and baths, use of the oven and hob, and perhaps any combination of dishwasher, washing machine and tumble drier. All of these generate heat, so once you have finished leave the appliance door open and the room door open and the residual warm air will contribute to the general ambient heat of your home.

Keep the heat in

It’s horrifying how easy it is to spend a small fortune on heating bills only to have much of that heating wasted because it’s escaping out of the house. So do make sure that you keep all your heating in. Keep doors and windows shut, and seal any sources of draught such as fireplaces, light fittings, under doors and ventilation panels. A good way to check your home for draughts in unexpected places it to light a candle and see if there is any change to the direction of the smoke from the candle.

If you do find the source of a draught you can then find a way to seal it, and may also want to consider adding some kind of insulating material. Also have a good look round the outside your home to see if there are any other potential areas where heat could escape.

It’s also a good idea to turn off bathroom and kitchen ventilation fans as soon as they have done their job to prevent them generating cold air.

Watch those windows

Even if you have checked your windows for draughts and they are ok, you will still notice a difference if you keep them covered when it is dark outside, as this will reduce heat loss and keep out cold air. The opposite applies during the day: keeping your windows uncovered will help to warm up your home. Even if the quality of sunlight appears to be very weak, its rays will still be strong enough to bring some additional warmth into your home.

Wrap up warm

Last but not least! These days we tend to look for technological solutions to every problem and have got into the habit of turning the heating on or up when we feel cold. But don’t overlook the more obvious solution of adding more layers. Either put on your favourite sweater or onesie or snuggle up in a warm blanket. In particular, make sure your feet are warm in some snug socks or slippers. Adding an extra layer or two will enable you to keep that thermostat down andsave you money this winter.

We hope that the above tips help you to keep warm and cosy this winter. Remember to check back here soon for more money saving tips from LoanPig.

The post Keep warm for less this winter appeared first on LoanPig.

from LoanPig https://www.loanpig.co.uk/keep-warm-for-less-this-winter/ from Loan Pig https://loanpig.tumblr.com/post/179683829022