For many people money related stress illnesses are a very serious thing and can have a massive effect on your personal and family life. Over 1 in 5 people have been diagnosed with stress related health issues with money and finance problems identified as one of the main reasons. As the UK personal debt average is consistently on the rise the number of money related illnesses are rapidly increasing with it.
The UK’s national debt average is a staggering £54,261 per household which also includes mortgages. Compared to the UK’s national average salary of £26,500 many UK households find themselves falling further into debt. Over two thirds of UK consumers now admit having to to purchase everyday essentials on a credit card and other finance alternatives such as same day payday loans.
The knock on effect that personal debt has throughout the UK is substantial with many individuals already heavily in debt having to borrow additional finances just to keep up with living costs which results in that individual being pushed further into debt. For many people suffering health issues related to personal finances, debt management plans are a suitable and fitting option. Debt management companies are able to take a look at your total debt and agree a payment restructure deal with many of your debtors agreeing to cut the total amount of debt that you are in.
For many people, not having to deal with monthly bills alone can help with stress levels and also gives you the reassurance that you can get your finances back in check. It’s estimated that 45% of people have or have previously worried about money or outstanding personal debt. Identifying that you are suffering from stress related health issues allows you to get advice and speak to someone who may be able to advise you on the best possible approach to take.
Take a look at our stress diagnosis chart to help you spot the signs of stress at a very early stage.
With many people having to turn to alternative methods of funding such as payday loans and credit cards there may be another way in the form of a work from home job role.
Working from home is on the rise throughout the UK with many companies now offering the chance for people to work directly from the comfort of their own home. For many parents this is the perfect opportunity to generate an extra bit of income as well as maintaining a healthy work life balance. The days of maternity leave and low pay for months may well be a thing of the past thanks to a sharp increase in the number of jobs roles that are home based.
Many organisations understand the growing importance of keeping their employees happy, by offering staff the opportunity to work from home this will ensure that they are able to maintain a healthy work life balance. For many working Mum’s in particular this approach has proved hugely popular with figures on maternity leave reducing year by year with many Mother’s choosing to simply work from home as opposed to going on a lengthy maternity leave resulting in a lower salary.
The Benefits of working from home
Flexible working hours – choose when you want to take a break and what time you want to start and finish
Work life balance – For individuals with young children a healthy work life balance is essential
More relaxed environment – Working in the comfort of your own home
Additional income – Can prevent turning to other methods of finances such as payday loans or credit cards
Here are our top tips on working from home
Find a role you are passionate about
Find a job role that you enjoy and are passionate about, there are hundreds of companies looking to recruit people like you, from beauty, health and well-being companies such as Juice Plus and Forever Living to online customer service advisers.
Health and well-being companies give you the opportunity to become a distributor of their products, selling to your family, friends and neighbors can prove to be a highly lucrative additional source of income. Many online retailers offer at home customer service roles which involve replying to online customer queries either through social media or email.
What do you need?
Many companies will require you to own a laptop/computer in order to maintain frequent communication with your line manager. In some cases you will be required to attend Skype and conference calls in which you can share ideas/strategies with other members of your team.
For many people, working from home is the most suitable option when it comes to finding work, especially for individuals with young children. Working from home can bring in additional finances which can prevent families having to turn to other financial sources such as payday loans, credit cards or overdrafts. Home job roles continue to rise in popularity, a trend that has been noted by the Bank of England in recent figures released.
Before applying for a payday loan it is essential that you research and search through as many lenders as possible to ensure that you find the best possible deal for yourself. You will be able to find the latest deals, reviews APR and interest rates for payday loans online as many lenders will advertise their services and terms and conditions on their website.
What makes payday loans a more popular choice than many loans available from some UK High street lenders is the fast and easy application process. With many UK payday lenders now only accepting online applications, it has never been easier for an individual to apply for one.
Not only has the application process for borrowing money been revolutionized by the internet but researching a lenders reputation and current interest rates is also available first hand. The FCA recently made it mandatory for all UK lenders to display their APR and Interest rates to potential customers online on their websites. This recent crackdown ensures that no individual is mislead by false information and interest rates as a method of enticing the customer to apply.
Things to look out for online
Reviews – Nothing speaks the truth like an online review from other customers in the same situation as you. Listen to their feedback, recommendations and come to your own decision on what s best for yourself.
Comparison Sites – Since the FCA’s recent crackdown making it mandatory for all UK Lenders to display their interest rates , comparison sites are able to show the latest up to date figures which makes it easy for yourself to find the cheapest possible rates. Use comparison sites to shop through a number of lenders in just 1 place!
Secure Website – Entering financial information online comes with risks, ensure that the website you are using will properly secure your personal data. How do i know if a website is secure? You see right at the top of the page, the section where you type a websites address into… Yes that’s the one…. You will notice at the start of the Lucky Loans web address it says “https”, the “s” after the “http” indicates that the site is secure.
Shopping around for payday loans can be quite a daunting task. In fact shopping around for anything to see how they compare with other products whether it’s an item of clothing, a car or even a savings account can be just as daunting!
Here at Lucky Loans we want to make the online payday loan application process as simple as possible, we understand that there are many different lenders that offer various packages and a huge range on payment terms and interest rates.
Customers are the main focus of our business, we don’t believe in making things difficult by charging high interest rates and difficult repayment terms. Our service is designed purely for those in need of additional finances, we understand that many individuals who borrow from us are already facing financial insecurity and we do not wish to add to those problems by charging unnecessary high interest rates.
We always recommend shopping around for the best possible quotes so we have done the hard work for you. Compare all the major lenders in our table below and see how Lucky Loans compares with other Lenders that are currently on the market. (Rates active as of March 2016)
The UK’s lending industry is one of the biggest in the world, with the payday loans sector accounting for nearly one third of the total borrowing amount in Britain alone. Payday loans are more popular than ever with a number of lenders competing against one another to offer the most attractive interest rates and payment plans in a bid to encourage borrowing amongst UK consumers. As a result, interest rates for the payday loans sector are at the lowest they have ever been.
Over 4 million people took out a payday loan in 2008 which equated to the overall amount of borrowing hitting the £2 billion mark. This figure is expected to hit £17 billion by 2017 with competitive rates and fast application process largely credited with the substantial growth witnessed in the United Kingdom.
Figures released by the Money Advice Service show the most common uses of payday loans with over £500 million of the £2 billion total being spent on funeral expenses for family and friends. The figures released also show a positive correlation in the growth of the UK Funeral planning industry which has now seen an increase in prices with the average funeral now costing £1,800.
Other uses for people applying for a payday loan include emergency/unexpected bills such as a car repair or home improvement bills such as plumbing and heating repairs.
Probably the most alarming figure released by the Money Advice Service was the admission that many borrowers had taken out a payday loan in order to pay for a night out or even an item of clothing. With most cases falling into the 18 – 24 age bracket, the uses of payday loans seem to be somewhat broad. it’s clear that the easy application process and very fast cash transfers are highly attractive to many individuals in need of additional finance.
Ocean Capital Credit Ltd always recommend speaking to an adviser before applying for a payday loan.
Do you live in one of the UK’s most indebted areas?
Recent figures released by the Money Advice Service has pinpointed the most indebted areas throughout the UK. 1 in 6 adults or simply translated to over 8 million UK adults struggle to keep on top of their borrowing and monthly bills.
Those most likely to be over indebted are people that rent a property, single parents and families with 3 or more children. The figures suggest that adults with children are 50% more like to be in debt than adults without any children or dependents.
Individuals that rent accommodation are most likely to be in debt in particular those that rent social housing 29% compared to individuals that rent from a private landlords with an 8% decrease at just 21%.
Over 160,000 people took part in the survey conducted by the Money advice service which captured different information such as age, income, homeowner status and monthly borrowing amount.
The figure shows the areas of Britain that are most likely to fall into debt.
The figures released show a direct correlation in the amount of people in debt that are actively applying for various payday loans as an attempt to cover persistent monthly overheads and previous borrowing rates.
The latest findings come on the back of a report that suggested a “Savings Crisis” as half of the population in Britain does not have a financial cushion to fall back on which many finance experts have identified as the main reason for individuals opting for payday loans and short term finance to help with their monthly cash flow.
In addition to this 20% of people admit that they have been unable to make adequate plans for their retirement with many people unable to actively contribute to a monthly pension plan due to already tight finances.
Cash flow is a term that most people relate to business. Businesses rely on cash flow in order to pay overheads such as wages, new stock purchases, advertising fees and any other monthly bills such as rent and rates.
Imagine yourself as a business, in the sense that you have a number of overheads to pay for such as food, mortgages, electricity bills, car repayments and insurances etc. You are no different to a business, you rely on a steady income to help you stay on top of your monthly bills and maintain your standard of living. You are fully aware of what bills you have going out every month and how much money you need to cover those repayments however that is still no guarantee of being able to pay every single bill that faces you that month.
For many businesses one of the only options to ease cash flow is to borrow money in order to cover upcoming bills and it is exactly the same option that is available to the majority of UK Consumers. Payday loans are the go to option for many consumers as they are a fast and short term solution that can prevent you having to take out a long term finance agreement with your bank.
In 2015 the number one cash flow problem within UK households were unexpected bills such as car repairs, funeral arrangements of a loved one and even home repairs such as boiler maintenance. Same day payday loans are a fast and very short term financial solution to help you stay in control of any unexpected monthly bills that you may be facing with the average payday loan borrowed for just 7 days up to 2 months.
Access to very fast and short term finance has stopped many individuals entering a loan agreement with banks and other lenders that only offer a long term borrowing period which can result in much larger repayment amount compared to what was initially borrowed. Many payday lenders now offer 15 minute cash transfers which has prevented many UK households from appearing overdrawn in their bank account which can also damage an individuals credit rating history.
Lucky Loans is a registered Trading Name of Ocean Capital Credit Ltd which is registered in England and Wales (Company number 9414413), Registered Office; Manor House, 35 St. Thomas's Road, Chorley, PR7 1HP. Licenced by the Information Commissioners Office, (registration number ZA152869). Lucky Loans in an Introducer Appointed Representative of Quint Group Limited, and is entered on the Financial Services Register under reference number 732100 authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450. *Subject to lenders approval. **Time taken to transfer funds may vary depending on lender