Categories
Credit

How to improve your credit rating in 5 easy steps

Emergencies only strike when you least expect them. Imagine requiring urgent money to sort an abrupt situation only to learn that your credit ratings aren’t impressive at all!

How do you improve your credit ratings to avoid such a situation?

Here is a list of the 5 easy ways to improve your credit score in the UK

1. Get on the Electoral Roll

Survey shows that not even one among 18-24 year olds is aware that a loan request can be declined on the ground of failure to register on the UK’s electoral roll. Not only does electoral roll allow you to vote but it also has a bigger say on whether you are eligible for a loan or not.

With your name on the roll, you are more likely to be considered by lenders than a person who isn’t there. This is partly because the electoral roll proves your address and name to the lender.

2. Try to Pay Off Your Debts

Pay off your debts

When you approach a lender for a loan, they will almost certainly check with credit reference bureaus to determine whether you have debts on your name. Having loads of debts hanging on your head, including short term loans, means lenders will be more sceptical to give you their money – to them, it simply means you are less likely to repay the loan.

Paying off your debts boost your credit ratings in two ways: firstly, it sends a picture to your lenders that you are a reliable borrower who pays back on it (this holds if you actually settled your debts on time). Secondly, your name will be cleared of damaging reputation that is associated with debts.

3. Don’t miss credit card payments / pay them back on time

Delaying on paying back your credit card company is one of the worst things you can ever do as far as credit ratings are concerned. Many credit card companies won’t count three to list you as a defaulter within days of delay. Some of them would simply slap you with penalties rather than call a credit collection agency.

The penalty interest rate is normally high and further complicates an already worse situation. For instance, if you owed 500 pounds to your credit card company and delayed to repay it in a given time, causing it to accrue 150 in interests (at 30% interest rate), you will have a hard time repaying it back. As the debt accrues, it only means you will have to fork more from your pocket to back which also means you are more likely to end with a bad credit rating.

4. Check for errors on your report

Check credit report for errors

Errors damage your credit ratings by sending a wrong picture of your credit standings to your lenders. Yet man is to error – these mishaps will keep occurring as long as credit rating databases are handled by people.

Sometimes you could be the cause of these errors, like submitting wrong details about yourself or forgetting to delink your former spouse’s liabilities from your report. You should check your report to establish the truthfulness of the details. On your part, you should exercise due diligence to ensure that every detail you submit is as it should be.

5. Don’t apply for too many credits at the same time

Don't make too many credit applications at the same time

Most lenders would be hesitant to lend out a lot of money at once when they are not very optimistic with the security of the loan. So when faced with a major financial constraint, you may be tempted to seek small credits from multiple sources to add up to the amount you need.

Whichever reason you may give, multiple credits from many lenders will almost certainly be burdensome to pay back. Also, you could be tempted to overborrow (now that more sources are willing to lend).

The scariest thing about many credits from multiple sources is that you stand to add a blot on your credit ratings if you pay back most of your loans and defaulted in just one of them.

Final Words

Bad credit ratings mean you will have a hard time convincing lenders to lend you some money. For this reason, you need to guard your ratings very closely. The best start would be to ensure that your name is on the electoral roll.

Pay off your debts and ensure that your report is error-free. Also, avoid defaulting on your credit card payments. Applying for credit from multiple lenders could prove burdensome to pay back and possibly give you bad credit ratings. Therefore, it is advisable to only borrow the required amount of money from one lender.

If you are experiencing money issues you should contact https://www.moneyadviceservice.org.uk/en for advice!

Categories
Ideas

The best small jobs for stay at home mums to make extra money

Stay-at-home mums (SAHMs) try to juggle raising a family and work as best as they can. Hence, finding a flexible job, in terms of working hours, that can be done from him is one of the top objectives of any stay at home mum.

If you would like to do something you really trained for, finding an employer that permits you to carry your assignments home and complete them from there can be appealing but such employers are incredibly rare nowadays. Fortunately, the internet has more than enough flexible jobs that pay remarkably well and can be completed from home, here are some of them:

Best online jobs for stay at home mums

Make money while staying home with kids

Freelance article writing

Freelance writing does not come with a lot of requirements. While in some instances only the most talented writers thrive – like with creative writing, such as ghostwriting – simple content creation skills and researching abilities are all you need to make it in this area.

There are plenty of freelance writing platforms. You can start with Upwork, Hirewriters, Textbroker, and TheHoth. Some freelance writing platforms like Hirewriters let you set a cashout schedule i.e. weekly, monthly, bi-monthly and so on.

Graphics Design

Are you a creative and passionate stay at home mum with love for art? You can mint impressive money on the internet by signing up with a freelance graphic design platform and completing those tasks from home.

Both Upwork and Freelancer.com allows graphic designers to advertise their graphic design expertise on the platform and meet clients. PeoplePerHour and LinkedIn ProFinder can prove useful too.

Online editing

Online editing and proofreading

Just like freelance writing, online editing jobs don’t require specialized training. If you can speak good English and have a sufficient understanding of writing styles – both creative and academic – you are good to give it a shot. You may sign up with EliteAssignmentHelp and AustralianHelp just to get started. These two offer a steady flow of work for most parts of the year.

Some online editing sites exist as assignment outsourcing platforms where editors can actually complete class assignments for students. If that kind of work sits badly with you then you are better off away from such sites.

Academic writing

Academic writing platforms allow you to complete some research work, write essays, and complete papers for academics from all over the world. Most academic writing companies require their writers to possess training in a specific area. If you hold a pharmacy degree, for instance, you will sign up as a pharmacist and limit yourself to pharmacy-related tasks.

If you are a person who likes to research and passionate about your area of specialization, you can make decent money while writing papers on topics you love.

Some of the best academic writing platforms on the internet are EssayPro, Essayroo, Boom Essays, Unemployed Professors (you don’t really need to be a professor to join), EssayShark, and Academia (they are two, Academia.edu and Academic Research).

Transcription

Transcription

Transcription jobs require you to listen to an audio recording and write down what you heard exactly as is. Tasks may also entail listening to the audio and correcting errors and reviewing reports It is one of those online jobs you don’t need specialized training to do. All you need is access to a laptop or desktop computer and good mastery of the English language.

Because clients on transcription platforms come from different countries, some transcription tasks may come with barely understandable. The more familiar you are to an array of accents the better. Most transcription jobs require writers to type 75 words per minute or more.

Final Words

Because of time constraints and the fact that stay-at-home mums don’t get out of the house often, a flexible job that can be completed from home is preferred. With just a computer and access to fast internet, you can make money from home by completing an array of tasks on the internet, whether you possess specialized skills/training or not.

You can start by choosing between article writing and academic writing, whichever impresses you. Transcription is very much like article writing except that you listen to audio recordings and write down what you heard. If you possess graphic design skills, you can sign up with Upwork or a similar platform and meet your clients.

Categories
Startup

How to finance a new startup business in the UK

Raising funds for your startup is one of the top hurdles that any entrepreneur would face. Since the 2008 credit crunch, lending to small and medium businesses has dropped remarkably. However, there are more sources of startup capital than big banks. Here are some of the best sources of finance for startups in the UK?

1. Government grants

The UK government provides special Start-Up loans between £500 and £25,000 to start or expand a business. As you would expect, it is an unsecured loan categorized as a personal loan. The best part is that the government will give you free guidance and support in writing the business plan and, if successful, you will get 12 months of free mentoring assistance.

You need to be a UK citizen, aged 18 years or over, and already trading. A fixed-rate of 6 per cent per year is charged. You have up to 5 years to repay the loan. There is no early repayment fee or application fee.

2. Crowdfunding

Crowdfunding for startups

Another way of funding your startup is sourcing small quantities of capital from many individuals, often referred to as crowdfunding. The UK has one of the largest concentrations of crowdfunding platforms in the developed world. Here is a list of some of the prominent options:

1. Crowdcube: They offer two types of investments: mini-bonds (lending funds) and equity (stake in your startup).

2. Seedrs: First-ever crowdfunding platform in the UK to get FCA approval

3. Indiegogo: Over 800,000 campaigns in 255 nations have been launched through Indiegogo since 2008. It is the biggest crowdfunding platform in the world as of 2020.

4. Trillion Fund: The best crowdfunding platform for social and environment projects

5. RateSetter: This peer-to-peer crowdfunding platform has lent out over £2.5 billion since 2010

3. Accelerators

Business Accelerators

Startup accelerators come handy when your startup needs low-cost space, talented employees, business services, and contacts that can help your clients in exchange for a small stake. In 2020, there are more than 160 accelerators in the UK supporting over 3500 new businesses annually. Here are the top accelerators in Britain:

Seedcamp: This accelerator has operations in over 30 cities in Europe. Applications are open four times every year

Founders Factory: They are the best choice if your startup requires reliable market insights, capital, product validation, and distribution

Tech Stars: With over 100 investors in their stable, they are one of the frequently sought after accelerators in the UK

4. Pitch competitions

In pitch competitions, you pitch your business in front of investors to raise capital. Even if you fail to win a prize during the competition, you stand to reap a lot of perks and benefits. The Pitch is one of the top pitch competitions in the UK. The pitch winner walks away with a mentoring package with industry’s leading PR and entrepreneurs while the finalists compete among themselves to win the best startup in the UK prize.

Tech Nation lets you showcase your startup to a pool of over 200 accelerators, corporate leaders, entrepreneurs, and investors.

5. Universities

Uni business funding

Universities across Britain have increased their participation in commercialization of academic studies and research, helping over 13,0000 startups spread their wings between 2014 and 2018 of which 6,180 have grown to be successful businesses. In the 2014/15 academic year alone, 11,000 launches were made, of which 4,473 survived.

At the end of 2018 close to £1.4 billion had been raised in over 352 universities across the UK to support startups. That was £1.1 billion increase from 2017.

The leader of the pack is the University of Cambridge, followed by (in no particular order) the University of Bath, Imperial College London, University College London, and King’s College London.

Final Words

A startup founder in the UK looking for a source of funding has more than enough options. Government grants are the best option if your startup’s funding needs are within the £500 and £25,000 bracket. Accelerators will give space and expertise you need to get your startup from the ground.

Crowdfunding platforms such as Crowdcube are excellent if you want several people to share your funding burden. If you are alumni of a university that supports startups, you can ask for assistance from them. The University of Cambridge is the leading institute of higher education in providing capital for startups.

Categories
Uncategorized

Equal Pay Barometer for UK Pay Gender Gap

Women in the United Kingdom have been campaigning for equal pay at the workplace for years. The right to equal pay between both genders was protected initially in 1970, in the Equal Pay Act, and more recently in 2010 in the Equality Act.

Despite the existence of these vital Acts, the situation doesn’t show any signs of improvement. Women still face discrimination in workplaces. Women receive low incomes compared to their male colleagues, yet they perform the same duties.

Equal pay is often confused with the gender pay gap, with most people not knowing how to differentiate between the two. We will define Equal pay in the UK and the gender pay gap to be able to differentiate between the two. We will also look into why Equal pay is essential both to society and the business community in Britain.

What is Equal Pay?

It means that women and men in the same form of employment undertaking equal tasks must get equal pay, as mandated by the Equality Act of 2010. It is the law, and employers have no option to comply by ensuring men and women performing the same type of tasks get equal salaries and the relevant contractual conditions and terms of employment.

Equal or same work has been described as work that involves similar roles and also requires the same skills. Take, for instance, a male and female nurse, performing the same tasks, having the same qualifications, and having the same experience level. According to Equal pay, they should both get paid the same amount of wages since they do equal work.

Discrimination has remained rife with women receiving less income than their male counterparts in the same field. Some leading organizations such as BBC have come under heavy fire after their records revealed huge disparities between what their female and male employees earn.

Why is Equal pay important?

Ensuring equal pay for women in a company or organization is not only a legal requirement but is a crucial first step towards a fairer UK and working environment.

Importance of Equal Pay to the Society

Implementing a fair and transparent pay system sends a positive message to the entire workforce, about the company’s core values, belief system, and working culture. Pay is one key factor that affects either negatively or positively, the motivation of the employees. It is, therefore, vital for the employer to provide equal wages for equal work.

Having an equal pay system in place is also essential for a harmonious working environment and better relations between employees. Therefore, an employer can increase staff finances, productivity and efficiency. There will also be a few cases of absenteeism and staff turnover.

Failure to follow and ensuring equal pay in the company can also put the organization under risk of legal claims. This could potentially damage the reputation of the company and affect the success the employer seeks to achieve.

Having to go to court to defend an equal pay claim is expensive, time-consuming, and complicated. The company may emerge from the suit with its reputation in tatters, especially in this social media generation. People always boycott products and services from such companies just through the power of a hashtag.

Gender Pay Gap Explained

Gender pay gap explained

This is the mean disparity in the remuneration of ladies and men who are working. It seeks to measure the difference between the mean hourly wages of women and men in the UK.

It is arrived at by summing up the earning of all men and women workers and dividing the result by the total number of the workforce. It is reported as a percentage showing the difference between the mean income figures of males and females in the workplace.

The gender pay gap neglects differences in the job description, age of the workers, or previous work experience, like the Equal Pay Act.

Implementing a similar pay structure for both men and women stands to benefit society and the business community. It can help in the creation of a fairer UK and just working environment, where each employee is given an equal chance to fulfill their potential and receive fair wages for tasks performed.