A reminder of the key factors when taking out a personal loan
Steve Deutsch, CEO of Wesleyan Bank and Syscap, outlines some useful pointers for accountants when considering taking out a personal loan.
As an accountant, you understand the need for you and your clients to look after your financial affairs carefully and plan, both for expected and unwelcome surprise expenditure requirements.
Indeed, in today’s busy environment where time is always at a premium we don’t always have the time to remember all the key considerations when making important financial decisions.
So, if you are looking to make a major purchase in the coming months, and thinking of taking out a personal loan, possibly for the first time here are some useful reminders of what to consider that will help you towards making the right decision.
- Personal loans, or unsecured loans typically allow you to borrow up to £25,000
- They don't have as much risk to the borrower as a secured loan, where your property is used as security
- But if you default on your repayments, your credit rating will be affected and it may make it difficult, and more expensive, to get credit in the future
- Lenders will have a range of APRs for different tiers of borrowing, but their lowest rates will tend to be for higher or mid-range borrowing amounts.
- Adverts for credit, including personal loans, must quote a Representative APR, which should apply to at least 51% of people who apply in response to the advert
- The actual APR you are offered depends on your personal circumstances. The more 'creditworthy' you are, the lower the rate you'll be offered.
At Wesleyan Bank, our lending criteria is different to others as we take into consideration an individual’s professional status as we understand that the demands of their career may make their credit history look a little different from the norm.
So why not use our loan calculator to compare what your monthly and total repayments will be with a Wesleyan Bank loan?
You can read our eight financial considerations for accountants for the key considerations when taking a personal loan.
About the company
Steve Deutsch is Chief Executive Wesleyan Bank Ltd & Syscap Ltd. Steve has been a key member of the Wesleyan Group's Executive since 2005, undertaking a number of roles in that time across the Group including Operations Director, Commercial Director and COO - Sales. Since late 2012 he has been responsible for driving the growth of Wesleyan Bank, including the acquisition of Syscap in 2015. With near 30 years experience in Financial Services across a range of roles Steve leads a strong team who together are seeking to significantly develop and grow an already successful specialist business.
Part of Wesleyan Group of Companies, Wesleyan Bank provides commercial finance for accountancy practices. Whether you're looking for competitive spread payment solutions for tax or longer term finance plans for new equipment, office refurbishment or even the latest version of your accounting software, Wesleyan Bank is here to help. When it comes to short-term cash flow or investing in major acquisitions for your accountancy practice, Wesleyan Bank can help you acquire the funding you require to flourish and grow so all you have to worry about is serving your customers and meeting your business objectives.
As a Member Discount Partner of ICAS, we pride ourselves on our expertise of the accountancy sector and can help to tailor our flexible finance plans directly to your own unique requirements. We also provide special offers to ICAS members who utilise our finance facilities. We can also work with you to provide our commercial finance products to your own clients, supporting you in providing added value and additional services to your portfolio.
This blog is one of a series of articles from our commercial partners.
The views expressed are those of the author and not necessarily those of ICAS.