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Get Your Finances In Order For 2013(UK)

With the rising cost of university fees and the popularity of student loans, it’s no surprise that most students in the UK graduate from university with around £26,000 worth of debt.  Course fees, equipment, and books, living costs including student accommodation, bills, and the all-important socialising fund can all add up to leave students finding themselves deep in debt when they finish university and make their way out into the big wide world.

Tuition Fees

With average yearly tuition fees ranging from £6,000 to £9,000, students in England and Wales are often forced to take on part-time work alongside their studies, to fund their university degree. 

Add to this a student loan, which will barely cover your living expenses, let alone that shopping spree you’ve planned in H & M this weekend,  and you have yourself a very good recipe for student debt. 

Students are a social bunch; it’s nigh on impossible to live in a hall of residence without being involved in every party and night out that takes place.  All of this is a strain on the already stretched student budget and you may find yourself living on beans on toast, without the beans, for most of the term!

Graduation

With more and more of us in the UK studying for a degree, there are less graduate job openings available to us when we leave university. 

Already crippled with thousands of pounds worth of debt, we struggle to find meaningful employment that relates to the subject we have just spent four years studying, whether that’s history of mathematics. 

Most of us end up in menial office or shop jobs, even temporarily, as a stop-gap to finding a graduate role related to our degree.

Debt Help

Whilst student loans have a low rate of interest, and you don’t have to start paying them back until you earn more than £15,795 a year, you might find that in this economy, you are struggling to make ends meet from pay cheque to pay cheque. 

Even shop work in places like London could see you earning between £16 – £18,000 a year, meaning that you will be paying a sizeable chunk of your salary towards clearing your student loan every month.  This leaves little for rent and bills and even less for social life and luxuries; yes, shopping counts as a luxury I’m afraid!

Payday Loans

Payday loans are designed to help you manage your money in the short-term, between one payday and the next.  If you’ve had an unexpectedly large utility bill or your car has broken down, or even if you just forgot to budget for your student loan repayment this month, a payday loan can help. 

Use one of the websites that allow you to compare payday loans online, to see which lender is best for your requirements. 

Provided you’re in employment and have a fairly good credit history, most lenders will consider you, but it is worthwhile taking time to compare payday loans, as interest rates and terms vary wildly between different providers. 

Payday loans can even help with a cash injection if, for example, you need to take a day of unpaid leave from your current job to attend an interview for your dream graduate role!  Having the financial freedom to chase your dream job will be a weight off your mind and allow you to focus wholly on your important interview!

Spiralling Debt

Of course, as with any loan, it’s important to make your repayments on time.  Most payday loans are repayable on your next payday, so don’t let your debt spiral, always clear your payday loan as soon as you have funds available, and then get back to the all-important job of paying off your student loan!

Sarah Fox is a freelance writer who believes that it is now harder than ever to survive on the kind of salary offered after you graduate. Therefore she recommends that if you are struggling to make ends meet, then it might be worth researching compare payday loans to improve your financial situation.

London Loans – Where To Go 2013

Lately, it seems there is never enough money to make ends meet from one payday to the next. Bills pile up and you never know how to make your pound last to cover it all. In London, there are local options you can choose from to help you finance your needs in between.

London loans
London loans

The Money Shop

The Money Shop is a one-stop shop for all your money needs. They offer a variety of services such as cheque cashing, currency exchange, gold to cash, and easy no hassle payday and pawnbroking loans. With locations all over the London area, they are quick easy solutions to getting a quick influx of cash.

For easy quick small loans, it is hard to beat the convenience of The Money Shop. In-store or online, the versatility of The Money Shop with all the other financial services that are offered is hard to beat.

Fair Finance

A London born finance institution, Fair Finance as grown in and around London so knows well what Londoners need in loans and advice.

They are a social or ethic institution and take into account the social impact their services have not just trying to make money or prey on those in need of advice. They accept those that most turn away offering full loans those most turn away as unprofitable.

Fair Finance wants to embody its name believing that everyone deserves a fair deal. They offer loans and credit as well as financial advice to help people avoid loans sharks or the insidious cycle of payday loans.

Pounds to Pocket

Need more than a payday loan can give, but not a full loan, something short term but not measured by your next paycheck? Try Pounds to Pocket, a financial service that offers Londoners not only loans but cash loans and short term 12-month loans.

Pounds to Pockets offer more options than a quick loan or payday loan service can, but still has the quick and easy application process with most taking only 5 to 10 minutes to be approved. They offer a wide range of repayment options and never any penalty if you want to repay early.

Citi

Citi bank has more than 200 years of banking history. It is one of the standards for international banking. The name is trusted as a major financial institution and there are branches near you in London. Citi offers a wide range of financial services, loans, and payment plans.

This is made easier by a selection of iPhone and iPad apps allowing you to manage your financial needs on the go as well. Quality, access, and a history you can rely on are what make Citi the powerhouse bank it is and able to offer well-made loan deals.

Oakam

Oakam is similar to a payday loan, in that it does small loans designed for those that may not be able to get a loan from the big banks. But instead of a typical payday loan, Oakam works with the customer on a personal level to help find the right loan and repayment plan for you.

The focus is on personal relationships and the bank empowers its tellers to give out loans based on this relationship instead of computers data of if the loan will be profitable or not.

Warren Paine

Warren is the senior mortgage loan officer who has worked in mortgages and loan industry since 1995. He study in Harvard and major in Finance with a Bsc. Honor Degree. He possesses a Paralegal Certificate as well.

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