Inflation | 24/7 Moneybox Blog

Archive for the ‘Inflation’ Category

As the temperature drops, heating bills rise - tips to get the most out of your utilities

Monday, November 15th, 2010

Expect to a get a chilly feeling following news that Scottish and Southern are planning to increase prices by around 9%. The move, set to take place on the 1st of December, coincides with households cranking up their thermostats and will be felt across the entire UK. It is the first company to do so in the last few years and experts are warning that others may follow suit. The average annual heating bill will jump £67 to £782.

Here at www.247Moneybox.com we empathise with the extra burden on household finances that these increases will impose. We suggest that the best way forward when thinking about your gas and electricity bills is to visit a comparison website (such as www.uswitch.com) and finding a gas and electricity profile that suits you. Are you going to be heating 24/7? Or do you spend a lot of time away from the house and only need it in short bursts? These are the kinds of questions you need to ask yourself in order to capitalise on a cheaper deal.

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Tags: Cash Advance, Expensive Bills, Gas Price, Heating Bills, Payday Loan
Posted in Credit Crunch, Economy, Inflation, Money saving, Payday Loans | No Comments »

Avoid raiding the piggy bank and your life savings with 247Moneybox.com

Friday, November 12th, 2010

ING Direct have released statistics showing that Britons have been delving into their nest egg in order to cover the costs of living today. Savings have fallen by about 14% on average among Britons during three months. That is a reduction of £279 to £1,771; the amount deposited to savings accounts is the lowest since 2009. Most alarmingly, a quarter of all people had no savings at all.

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Tags: Cash Advance, Fast cash, Payday Loans, Savings
Posted in Credit Card, Economy, Inflation, Payday Loans | No Comments »

Hungry for progress: more misery as food prices rise

Thursday, November 4th, 2010

You’ll see a trend if you look over some of our most recent blogs – and I’m not talking about customer satisfaction as seen in our last post.

No, we are of course talking about the “doom and gloom” of this dire economic situation. At the risk of sounding repetitive, we at 247Moneybox.com do feel it is our duty to keep you up-to-date with the ups and downs as propagated by the media.

Today the topic is food prices, with the news reporting on new findings by the British Retail Consortium. Their price survey shows a sharp increase in the price of wheat and corn that has increased what The Guardian called “inflationary pressure”.

As a result of this, consumers are paying more for bread and meat, while rising oil prices and a seriously poor harvest – which, incidentally, is the first we’ve heard of it in the City – have hiked up fruit prices to their highest level in 18 months.

With Christmas coming around and the inevitable VAT rise in January, things are starting to look gloomier than the weather! Hurrah for payday loans then, for you’ll never have to feel pangs of hunger when you have access to extra cash when you need it – so visit our website and apply today.

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Tags: Economy, Food, Inflation, Payday Loans, Recession, Retail
Posted in Economy, Inflation, Payday Loans, Recession | No Comments »

Capping loan interest rates will hurt consumers

Sunday, August 29th, 2010

The Office of Fair Trading (OFT) decided against capping interest rates in the payday loan industry back in June, as stated in The Guardian. This met with a lot of criticism; in particular, people have argued that the high levels of interest are exploitative and that they prey on people who are susceptible to accumulating debt. However, we at 247Moneybox.com feel that this criticism is unfounded and argue that this industry offers a very popular and above board service regulated by the Financial Services Authority (FSA).

An unreasonable market, on the other hand, may assume that the prices are unfairly inflated above what they cost and that a few companies receive a disproportionate amount of profit. An unreasonable market may have an oligopoly or monopolistic structure (where only a few companies dominate the market), and there would be obstacles to new companies joining the market and sharing the profit. However, if you read these articles from The Guardian or BBC News, you’ll see that the payday loan market has swelled with new competitors and new customers.

If the price mechanism that companies compete on gets frozen, then they will have to find another way to generate revenue to break even; this will come in the form of excessive late charges, administrative fees and other hidden costs. Who will be the people who lose out? The people who apparently are more susceptible to becoming indebted.

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Tags: APR, Interest rates, Payday Loans, Recession
Posted in APR, Credit Crunch, Inflation, Payday Loans, Recession, Small Print | No Comments »

How technology is changing the way we apply for loans

Thursday, March 25th, 2010

The banking system has suffered a series of catastrophic blows in recent years, but there is hope, and by offering a system of banking that takes advantage of modern technologies, finance can awaken to a new golden age, which will have profound effects on how we access our money.

It is clear that the way we deal with our finances is changing, and since nowadays most of our financial activity takes place online, it is only natural that lending services too are now able to offer ways of applying for a loan quickly and securely, either online or by text.

With 247Moneybox.com, for example, you simply need to be a registered member in order to qualify for making applications by text; or you can apply via a simple online process.

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Tags: Fast Loans, Pay Day Loan, Payday Loans, Text Loans
Posted in Inflation, Payday Loans | No Comments »

Payday loans - a novel industry

Thursday, March 18th, 2010

Getting a loan used to be an awkward and time-consuming process, and involved lengthy credit checks, bank visits and difficult contracts. In terms of bank loans, this process seems to be stuck in the past and getting a loan can still be a difficult endeavour.

But now a new type of lending service is available, thanks to the utilisation of modern technologies. This allows for a simpler and faster procedure for applying for a loan. Applications for payday (or emergency) loans loans can be made via the internet, which also speeds up the time needed to receive an answer. As well as the online procedure, an application can also be made via text.

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Tags: Emergency loans, Fast Loans, Online Payday Loans, Payday Loans, Text Loans
Posted in Inflation, Payday Loans | No Comments »

The unrivalled convenience of payday loans

Wednesday, March 10th, 2010

The modern world slows for no one, and can demand instantaneous solutions to its many problems. This is particularly true in regards to finance, and being short of money at the wrong time can land you in a serious dilemma. Luckily, however, it is also a feature of the modern age that where there is a problem there is usually a solution, and should you find yourself suddenly in need of cash, an emergency (or payday) loan may offer the right solution.

These types of loans are relatively new on the scene and they may suit your circumstances better than traditional bank loans. The main advantages are their convenience, as they can be applied for online and even by text, the application process is straightforward, the charges are clear, and you will recieve a reply to your application very quickly.

Visit www.247Moneybox.com for more information.

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Tags: Emergency loans, Fast Loans, Instant Loans, Payday Loans
Posted in Inflation, Payday Loans | No Comments »

Do I qualify for payday loans?

Tuesday, March 9th, 2010

If you have any experience with bank loans, you will probably be aware of the often complex criteria by which you will be assessed for a loan. This not only adds time to obtaining a loan but may also shut out many potential loan customers. An alternative to traditional loans is the short-term loan, should you satisfy the basic criteria.

Firstly, you must be over 18; this is for legal reasons, and it is also helps to ensure the repayment will be made.

Secondly, you must be a UK resident; this is for obvious reasons in terms of security.

Thirdly, you must be employed and have a regular salary. This is to protect both the loan companies and the customer, as it ensures that the short-term loan can be repaid within the correct timescale.

Finally, you must have a UK bank account and have a valid debit card.

For more information and to see if a short-term loan may be right for you, visit www.247Moneybox.com.

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Tags: Fast Loans, Pay Day Loans, Payday Loans Companies, Short-Term Loans
Posted in Inflation, Payday Loans | No Comments »

What to look for in a payday loan

Thursday, March 4th, 2010

Payday loans may be the right option when you need money in an emergency, or just don’t want to deal with the hassle of signing up for a bank loan. As with all financial services, however, it is important to take due care and attention before you decide to go for a payday loan. So, what exactly should you be looking for from online payday loans?

Firstly, it is important that a payday loan company doesn’t make it too easy for you to get a loan. While one of the advantages of many payday loans is the oppourtunity to get a loan regardless of credit rating, you should be wary of companies that don’t have any criteria for a loan application. The best payday loan companies will only offer you a loan if you are employed, and can pay it back.

Also, look out for the appropriate licences; we at www.247Moneybox.com, for example, carry a consumer credit licence in accordance with the Consumer Credit Act 1974, and this information is clearly visible in the ‘About Us’ section of our website. If this information isn’t clearly visible, then do some research; if a company is fraudulent then some light research would uncover this.

Finally, when you are confident of the legitimacy of any online payday loan companies, check and compare their rates. Once you feel comfortable with the company’s loan rates and licences, then consider making your application and benefiting from the convenience of this type of loan.

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Tags: Cash Loans, Online Payday Loans, Pay Day Loan Companies, Payday Loans, Payday Loans UK
Posted in Inflation, Payday Loans | No Comments »

The changing face of loans

Tuesday, March 2nd, 2010

Getting a loan used to be a complicated affair, and unless you fulfilled the many criteria that a bank would use to assess you, they remained for many an unobtainable luxury. Even if you were accepted, there were usually mountains of paperwork to trawl through until you eventually got your money. Recently, however, this has all changed, and with the advent of payday loans, applying for and obtaining a loan has become an easier and more convenient financial solution.

Traditionally, a bank would assess you for a loan in terms of your credit rating, which means that if you had a history of bad credit - be it arrears, county court judgements (CCJs), default or bankruptcy - then you would be refused a loan. Some would argue that this policy of refusal would shut out the very customers who could best use a loan. And, as we enter more uncertain times, it is likely that the criteria for bank loans will only become stricter, making it even more difficult for those who need loans to get access to money.

Now, however, there are alternatives, such as payday loans. Of course these have some criteria in place too, to ensure repayment of a loan, but they represent a more egalitarian financial solution that is open to all responsible borrowers, and offer a way to access cash when you need it the most.

Visit www.247Moneybox.com for more information.

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