Will You Make These 4 Bridge Loan Mistakes?

Whether you are an individual or a business, getting a bridge loan can help you secure funds for a major purchase such as new property. However, the process is not always straight forward, and many people have lost their shirt because they made huge mistakes.

Will you make these 4 bridge loan mistakes?

Not exploring other options first

While a bridge loan is a way to get quick money into your bank account, it’s not the only way, and in most cases should only be used as a last resort.

With this in mind, you should always explore other options first, such as getting a bank loan or securing a new mortgage. Only once these kind of options have proved fruitless, does a bridge loan become your only choice and something worth pursuing.

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Not understanding the interest rates

Know this: A bridge loan is a risky venture for the lender, which means they have to cover their risk by attaching larger than average interest rates to the amount you borrow.

If you don’t fully understand the interest rate being offered, or it is not entirely clear, then you should seek further clarification before proceeding. Never walk into a bridge loan with a blinfold on.

Not choosing the right lender

Unfortunately, in recent years there has been a lot of “fly-by-night” lenders coming out of the woodwork and offering bridge loans. These kind of lenders draw you in with massive hype and over the top claims, but once they have your signature on the dotted line it all starts going downhill.

For this reason, make sure you choose the right lender. Check to see how many years they have been in business, delve deeper to read about the experiences of past customers, and confirm they are a legitimate business who are licensed to operate in your State.

Not realizing the risk

Let’s face it, bridge loans do carry a lot of risk, which is why you need to weigh-up your options before taking the plunge. For example, if you have a buyer already lined up for your property but have to wait a few months before the deal can be finalized, then you might be thinking about taking out a bridge loan to secure a new property?

Ultimately, you must understand that there is still some risk involved. What if the deal on your current property falls through? What if you overlook an important detail? Always be aware of the risk before proceeding.

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How to Find a Trustworthy Credit Repair Company

If your credit rating has dropped like a lead balloon, perhaps because you have been unable to keep up repayments on some form of credit agreement, or maybe had to resort to stop-gap funding like a loan from a firm of instant pay day loans lenders, then you may be considering hiring a credit repair company to get it back to where it belongs

Some of the benefits of credit repair companies:

Obviously, one of the main benefits of using a credit repair company is that they can do all of the hard work for you. At the end of the day, trying to repair credit by yourself is a huge task, and if you don’t really know what you are doing then it can be incredibly frustrating.

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With this in mind, it’s a much better idea to get an expert on your side, so they can use all of their years of knowledge and experience to improve your credit score.

Another benefit of credit repair companies is speed. If you are trying to do everything yourself then it often takes a long time until you start to see success.

This is not the case when you hire a credit repair company, as they know all of the shortcuts to raising your credit score. That’s not not to say you should expect overnight success, but it’s pretty typical to start seeing results within a few weeks.

How to find a trustworthy credit repair company:

Okay, so now you’ve decided that a credit repair company is the right choice for you, what’s the next step you should take in order to find someone that you can trust?

How long have they been in business?

One of the first things to check for is how long has the company been in business. Ultimately, you don’t want to end up with a company who has only been in business for a few months, as there is a good chance they won’t know what they are doing. Look for companies who have been in business for at least 5 years.

Check their reputation

You also want to make sure that they have a good reputation. One way to do this is by checking with the BBB to see what their seller rating is. If they have received a lot of complaints over the years then their rating will be extremely low, which means you should stay away.

Also, search for customer reviews on the internet. This gives you a chance to see what real customers are saying about the service.

Shop around

Lastly, you should always shop around for credit repair companies before making a decision. The reason? Because you don’t want to end up paying over the odds. By shopping around, you get a much better idea of what kind of prices are being quoted by different companies.

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How Should I Spend My PPI Compensation?

Are you looking to reclaim PPI? If so, then visit this website and speak with an advisor. They can communicate with the banks on your behalf, and get you compensation in as little as 4 weeks.

Now here is the best part: The average compensation payout is a whopping £4,567. Not bad for doing nothing wouldn’t you agree?

So sit back, relax, and let your PPI advisor do all of the heavy lifting. You should receive a letter through the post in a few weeks, and in that letter will be a check with your name on it.

Once this becomes your reality, you may be wondering how to spend your PPI compensation? There are many ways to use the money, here are a few…

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Pay off your debts

The sensible way to spend your PPI compensation is to pay off your debts. Have you been up to your eyeballs in loan or credit card recently? Are you struggling with the repayments? Have you been having sleepless nights?

Getting a PPI compensation payout will put an end to this immediately. You can pay off a large chunk of your debt or even the whole amount, and then spend the rest of your life totally debt free.

Give to family and friends

Maybe giving makes you feel all warm and fuzzy inside? If you want to improve the lives of those people that you care about, then share some of that PPI compensation love around. Don’t forget about yourself completely though, save a little bit for a rainy day.

Go on your dream holiday

Have you always wanted to walk on a golden beach with clear blue sea and the sunshine always scorching? Well, this could be your chance.

Sometimes you just have to think about yourself, and if a dream holiday is on the cards then you should go for it. At the end of the day, you might not get this chance again, so use that PPI compensation money at the travel agents before you forget.

Get plastic surgery

The world of plastic surgery has come a long way in recent years, which means you can alter your looks on a budget. Maybe you want a smaller nose, more defined cheekbones, or a bigger chin?

Your PPI compensation should be able to cover these kind of expenses, so you can say hello to a whole new you and walk down the street confidently.

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