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Hangover from Hell

No we’re not talking about the type you get from too much wine, we’re talking about state of the UK, in terms of the rate of how many personal and business loans were taken out pre and during the recession.

People in the UK are more likely to be trying to pay off loans in the current economic situation, but this isn’t really helping to boost the economy in any way, as its simply debt.

The Uk went on a crazy borrowing and spending spree and are now suffering from lending hangovers! Now they’re in this situations they are trying hard as ever to pay off the debt taken out before the recession hit.

Remeber the good old days, when you could walk into a bank and ask for a loan or a mortgage and you could be quids in within an hour, this is probably why the country’s economy went down hill slightly. Unfortuanetly the outcome of this is, you can no longer wander into the bank with a smile and a bunch of flowers for the assistant to sweet talk them into lending you some money. It’s not that simple any more, the banks have had their wrists slapped so many times over such frivolity, so what do you do now?

If the loan is for personal reasons, you may be able to get a secured loan against your home, this is a bit of a misty area, because if you do miss a payment, they will come and get you!

For businesses, think again about a loan, there is a real shut down in this area, one glimmering spark of hope is Factoring, which allows you to raise the funds within your invoices before they are actually paid. It sounds too good to be true, but Factoring, Selective Factoring and Invoice Discounting are a growing trend used by all manner of businesses.

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