Dubai expats seeking UK financial solutions
Expats, who used to enjoy a good living in Dubai, are returning home with absolutely nothing, and when they get back to the UK, they find there is little help available from credit-crunched banks. Getting a personal loan from a high street bank is out of the question, so increasing numbers are looking to alternative sources of finance, such as a pawnbroker, in order to raise an urgently needed personal loan.
Against this background, online collateral loan providers like Borro.com are reporting a marked increase in those seeking a personal loan secured against valuables such as gold watches, jewellery, art and antiques.
Very often, these personal assets are all that can be exported from countries like the UAE, which is reported to be taking an increasingly hard line with cash-strapped expats who have fallen on hard times.
While the official media continues to promote the glowing economy of the UAE, some items manage to slip through the net. The Khaleej Times recently ran a story about scores of expats who, in the wake of recent job cuts in Dubai, have been dumping their cars at the airport, and flying back home in order to escape from mounting bank overdrafts, credit card debts and other financial liabilities.
Reliable sources are quoted as saying that expat debtors are blacklisted by the authorities, and may not be allowed to leave the country until they have paid off their debts. Then, when they finally get back home, they quickly find that the prospect of raising a personal loan from a UK high-street bank is absolute zero.
While rates for a secured loan from traditional sources such as banks and building societies have gone through the roof, online pawnbrokers like Borro.com are continuing to maintain the supply of fast cash at low rates.
But why is easy cash available in the form of a low interest rate loan from short term loan providers like Borro? This is because a secured loan backed by pledging personal valuables is the lowest risk and therefore the lowest cost method of arranging a cheap, affordable, no risk loan - for both the borrower and the lender.
It’s no surprise therefore, that returning expats from Dubai, Cyprus and the Costa del Sol, are approaching online pawn loan providers such as Borro.com in order to arrange a much needed personal loan.
Debt counselling and debt consulting
If you think you need debt counselling or debt consulting, here is a brief debt problems checklist:
First, budget and reduce outgoings using a budget planner. Then, if you earn under £66,000, check to see if you are entitled to any form of government benefit.
Next, see if you can get help paying the mortgage? There are three government schemes specifically to help mortgage holders who are struggling to make monthly repayments. They range from an extra benefit to pay the interest for you, to a full rescue scheme where the local council buys some or all of your home then rents it back.
If you are in debt, it’s very likely some of it has been made up of charges which have unlawfully been taken from you. If you’ve incurred bank charges or credit card charges for going beyond your limits in the last 6 years you may be able to get the cash back and the same is true of mortgage exit fees.
It’s also possible you may be in one of 400,000 homes in the UK paying too much for your council tax. If you have any form of loan, it’s crucial to check whether you were missold the insurance that came with the loan. This could have cost you £1,000s, and you may be able to get it back.
Check the link for more detail on the above and for more useful information about debt.
In the meantime, if you need a personal loan, and you are thinking of selling personal valuables such as jewellery, watches, art and antiques, you might wish to consider getting a collateral loan instead.
You can get cash for valuable items like these from online pawnbroker, Borro.com. Collateral loan providers like Borro.com provide some of the most readily available short term loans in the market. In comparison to other short term loan providers such as UK pay day loan companies and doorstep lenders, a secured loan from Borro.com is a low interest rate loan.
You can pay off your loan when you want, with no hidden extra charges for early settlement, and you only pay interest during the actual period you use the loan. Compared with some of the alternatives, Borro.com provides fast cash and easy cash. It’s all done online, and the low rates on offer are surprisingly affordable.
With a collateral loan from Borro.com, there is never any risk of asset seizure, repossession or bad credit rating. For a cheap pawnbroker loan, try online pawn shop, Borro.com.
Ten things to do if you lose your job
Unemployment is rising towards two million and the outlook is bleak. Here are 10 things to remember if you have lost your job:-
1. PLAN YOUR FINANCES - For advice on managing your debt, go to Money Facts website.
In the meantime, if you can’t get a bank loan, and you need fast cash, check out online pawnbroker, Borro.com. If you have appropriate collateral in the form of gold, jewellery, watches art or antiques you will always get a loan between £100 - £100,000 for 1 - 6 months at 4% - 6% interest per month.
2. DON’T PANIC - You are not alone. Stay positive and even though it probably doesn’t feel like it now, this could really be a blessing in disguise.
3. KNOW YOUR RIGHTS - Your employers have to follow stringent guidelines when making any redundancies. If you feel you need to take your case to an employment tribunal, fill in form IT1, which you can get from the DBERR by calling 0845 145 0004.
4. BE HONEST WITH PEOPLE - If you are in debt, your lenders may actually be able to help you, so long as you tell them as soon as you can. Energy providers also may have provisions in place to help customers in your position.
5. CUT OUT LUXURIES - Gym memberships, subscriptions to satellite television or any other regular payments soon add up and you will need this money to live on.
6. FIND NEW SOURCES OF INCOME - Remember, even part-time work will bring in much needed cash while you look around for that ideal job.
7. CLAIM WHAT YOU ARE DUE – the Department for Work and Pensions website http://www.dwp.gov.uk/ has full details of the benefits system.
8. REVAMP YOUR CV - Be concise and keep your CV to two pages and remember that you are selling yourself, so do not be bashful. For more advice on writing your CV, go to careersadvice.direct.gov.uk
9. UPGRADE YOUR SKILLS - Retraining or improving your skill set is always worth doing. Go to http://www.direct.gov.uk for a list of available courses.
10. SEE IT AS AN OPPORTUNITY - Start your own business, work abroad, go back to university or start again.
Pawnbrokers are good for you
The Daily Mirror reported: “Pawnbrokers are doing well in the recession as more and more people turn to them for short-term loans”. But that is actually good news for people who need emergency money.
With mainstream high street lenders shutting the door on many borrowers, pawnbrokers offer a service that means people are not at risk of getting into debt they cannot afford. On top of that, there is no chance of ending up with a visit from heavy-handed debt collectors.
Pawnbrokers are highly-regulated these days - specifically by the Consumer Credit Act 1974, which also governs banks - and more than 600 of them are affiliated with the National Pawnbrokers’ Association, which ensures that its members maintain certain standards”.
If you need some emergency money to tide you over, Borro.com, the world’s first online pawnbroker, offers £100 - £100,000 for 1 - 6 months (extendable by mutual agreement) at 4% - 6% interest per month.
Compare rates with the typical pay day loan company, which charges 25% per month upwards. Borro loans are totally affordable loans, and they are fast, too. Borro.com often transfers loans within 48 hours of application.
With Borro.com, everything is arranged online, at home, on your pc. So it’s discreet, convenient and secure. All goods are shipped by fully insured courier, and your loan is transferred directly into any UK bank account you wish to nominate.
If you are thinking of selling jewellery, or other valuables, why not get a pawn loan instead? You can get money for diamonds, art or antiques, cash for gold, or a loan against almost any type of personal valuables you can think of.
Phone our expert to arrange a valuation today, call us for free.
Thing you need to know before applying for a loan
Moneysupermarket recently published 10 things you need to know before applying for a loan - but one of the most important things you should know was omitted!
Check out their top ten first - and then see what they missed:
- You can only borrow up to £25,000 with an unsecured loan. Borro.com offers £100 - £100,000 – secured against personal valuables such as gold, jewellery, watches, art and antiques.
- A secured loan is held against your property. A loan from Borro.com will never result in repossession of your house.
- You may not be offered the rate you see advertised. Borro.com never charges more than the advertised rate.
- The best rates are available to those with the best credit scores. Even if you have a bad credit score, if you have appropriate collateral in the form of personal valuables, you will always get a loan from Borro.com - and even if you eventually decide not to pay off your Borro loan, it will not affect your credit score in any way.
- The longer the term, the more interest you’ll pay. Borro.com charges interest by the month - but you can pay off the loan anytime you like, with absolutely no hidden extras for early settlement.
- A credit card may be a better option for short term lending. Credit card loans have strict upper limits regarding the loan amount - and some credit card companies have been criticised for charging unfair penalties for late payment and defaults. With a loan from Borro.com, you know exactly what the maximum risk is, and your debt will never spiral out of control.
- It can cost you to pay back the loan early. This not happen with Borro.com.
- There may be other hidden fees. With a Borro loan, there are no administration or arrangement fees.
- Your repayments may be variable. Not with Borro.com. The interest rate is clearly stated on the contract, and cannot change. You will get no nasty surprises with Borro.
- You don’t have to buy PPI when you take out a loan. Borro.com does not sell Payment Protection Insurance, so you will not be pressurised to buy it at Borro.com.
- THE ELEVENTH THING YOU NEED TO KNOW - is that pawn loans are among the most reliable and readily available forms of short term finance at this time. Borro.com, the world’s first online pawnbroker, is UK government regulated, and all Borro contracts are approved by the Office of Fair Trading.
Compare Borro’s loan offers with the “best deals” quoted by moneysupermarket:
Moneysupermarket’s pick of unsecured loans are only available to existing Sainsbury’s and Nationwide customers - and they are only for amounts between £5,000 and £15,000.
Borro.com offers £100 - £100,000 for 1 - 6 months (extendable by mutual agreement) at 4% - 6% per month.
The Blackhorse Personal Finance Loan has the leading secured loan rate in the UK and can only be found at moneysupermarket. It offers a headline rate of 7.9%, but you will only qualify for one of those if you have lots of equity in your house, and it will put your house at risk.
Fast cash is easy cash at low rates with Borro.com. If you are seeking a personal loan in the form of a secured loan or collateral loan at low rates of interest, check out Borro.com today.
Online pawn shop, Borro.com, operates 24/7, so you can arrange everything from home, on your pc. It’s discreet, convenient, and compared to many other so-called short term loan providers, it’s cheap! Pay day loan companies and doorstep lenders typically charge 25% upwards per month!
For an affordable, no risk loan, get online to leading short term loan provider, Borro.com.
