Category: Default

The Advantages & Disadvantages Of A Secured Loan

Many guides throughout the internet scan over the main points than the finance is secured against your property and that people failing to keep up with repayments face the danger or repossession. While these are two very valid points that are certainly worth people knowing by themselves they don’t provide enough information for people to truly appreciate what they are getting into.

To add some meat to the bones here are further details on the advantages and disadvantages of taking out a secured loan from

Advantages of Secured Loans:

  • Your monthly repayments can be lowered by spreading them over a longer period of time (be aware that while this can be advantageous in the short term it could mean you actually repay more in total interest over a longer period).
  • If you decide to take out a secured loan rather than remortgage you can avoid the potential problem of losing any special rates currently enjoyed on your existing mortgage deal.
  • Changing your mortgage to raise extra funds could mean facing large early repayment charges, taking out a secured loan help to avoid this.
  • A secured loan can be used for any purpose as long as it is legal, raising extra funds via a remortgage may have usage restrictions

Disadvantages of Secured Loans:

  • The interest rates on secured loans will be higher than for a mortgage; this reflects the risk involved on the lender’s behalf, even though you, the borrower, have provided security against the capital. Another reason is the lender only has what is called a “second charge” on your property.
  • If you’re planning to use your secured loan to purchase a new vehicle or “white good” i.e. a washing machine you may well be left with the debt long after the usefulness of your purchases has expired.
  • The upfront costs such as valuation fees and arrangement fees will increase your expenditure.
  • Paying off your secured loan each month may leave you short of cash to meet other bills. The temptation to borrow more to meet these demands presents the very real risk of falling into a debt spiral. With the national UK debt well past ?1trillion many UK homeowners currently experience such difficulties.

When considering the possibility of taking out a secured loan it is important to weigh up both the pros and cons to make sure you reach the right decision. If there is any doubt in your mind the best course of action is to speak with an independent financial advisor to discuss your options.

If you feel this form of borrowing is right for you make sure you get the best deal possible, online to scour the market for the best offers currently available.

It’s important to remember that by taking out a secured loan you are putting your home at risk, this is a decision you want to make with absolute confidence for your own peace of mind.

Will Blockchain Make Finance Redundant?

With every new technological development with, it is claimed that banks will become redundant. Yet, in 2017 – in the age of internet and information – there are more banks than ever before.

The debate over bank disintermediation has stepped up a notch in the past couple of years, however, in light of the strides made in blockchain and its possible use in trade.

Banks are hungrily eyeing blockchain technology – whereby all transactional detail would be logged and stored on an immutable, shareable, digital ledger – as a way of speeding up transaction time and cutting costs. It is also seen as a fool-proof way to stop large-scale fraud, such as the warehouse receipt scandal at Qingdao Port in 2014.

“Trade today is prone to fraud. Whether it’s supply chain finance where you have invoices, or Qingdao where you have warehouse receipts or bills of lading… wherever there’s a document, there can be fraud. and blockchain, while it’s not ‘fraud-less’, reduces the options,” Adnan Ghani, global head of trade at Westpac, told GTR’s Australia Trade Forum in Sydney last month.

For industry figures too with, trade finance processes are frustratingly old school and open to manipulation.

“The sector is ripe for disruption because it’s so antiquated. It’s a paper-laden process, there’s still message formatting created in the 70s such as Swift and EDI [electronic data interchange]. It’s pre-internet and it’s not current,” says Mark Pryor, CEO of US commodity trading software company The Seam.

Cutting out the middle man

But while banks are looking to use blockchain to improve their profit margins, others are talking about cutting them out of the equation altogether.

“Blockchain is inherently P2P. It cuts out the middle man, lowers transaction costs, provides visibility throughout the supply chain. You can track fleets, goods, store documents and make payments, all without a massive room of manila envelopes and 20 bankers,” Collin Thompson, the co-founder of Hong Kong-based blockchain consultancy Intrepid Ventures, tells GTR.

He adds: “Companies like Olam could finance their own supply chain. There’s a spectrum of constituents that would be able to transact business seamlessly, then there’s downstream finance, where you can finance suppliers. You could provide a letter of credit for them to purchase seeds, or create financial solutions for them to hedge their harvest, or even insurance. Imagine Olam providing crop insurance to the farmers.”

Already, some of the blockchain companies in trade are offering downstream financing solutions as part of the package.

As well as working with Commonwealth Bank of Australia and Wells Fargo on the first trade finance deal conducted on multiple blockchain platforms last year, Skuchain has been offering supply chain financing as an incentive for more suppliers to sign up to use its blockchain solution.

While some will be onboarded by the buyer at the top of the chain (which has actually invested in the blockchain technology), others need more coaxing.

Vice-president for business development and strategy at Skuchain Rebecca Liao explains: “We have a supply chain financing solution that allows for a secure, immutable, auditable ledger. It’s collaborative because all the parties to the transaction can write on the ledger. You have a transaction that’s only as risky as the goods themselves.

Can you benefit from derivative training


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