A personal loan can be taken out for a variety of reasons, from renovating your house, to going on holiday, paying debts and much more. Not all loans are the same or as easy to understand as it may first appear. When thinking about applying for a loan it’s important to consider a few different factors such as the amount to borrow, the interest rate and any hidden fees or charges.
Some financial organisations will only lend to those with a good financial history, while others are less stringent. A financial advisor will be able to choose the best lenders to apply with based on your personal and financial circumstances.
A pension is a contract to pay an agreed amount of money until a specified period of time, usually retirement, at which point the money is paid back each month.
Some employers will offer a pension scheme to their employees whereby a percentage of their wage is automatically deducted each month.
The need for having a private pension has increased with less people having confidence the state pension will be enough to live on through retirement.
It’s important to seek professional pension advice before making any final decisions, some organisations will offer free pension advice.
Leaving your assets, money and other possessions to your loved ones when you die requires a will to be written otherwise it could lead to confusion and disagreements.
A professional will writer can make sure the will document is legal and covers every aspect of where your goods will go in the event of your death.
Insurance will offer financial protection should something bad happen and while a lot of people think “it won’t happen to me” most know it could.
Insurance could cover a number of different factors such as car insurance for when your driving your car, life insurance in case of death, etc.
There are many different aspects to insurance such as legal definitions and fees which makes it important to get a financial advisor who can help tailor it to your needs.
One of the biggest problems people find with insurance has been a lack of understanding about exactly what they are covered for because of specific clauses. This is something a financial advisor can protect you against by explaining the policy in full before you agree to anything.
Debt advice has soared over the past 5 years since the recession began, as more people find prices risings, jobs shrinking and less available credit.
When the banks stopped lending in 2008 they also started demanding overdrafts and credit facilities be repaid immediately, which started financially squeezing people and businesses.
This has meant debt advice is now necessary for people who once had a big house, good job and were financially stable.
Anyone in debt should seek free debt advice from a charity or non-profit organisation, who are impartial as this will likely mean they are only interested in giving good advice.