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Category: Common Myths

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Myth: You Only Have One Credit Score

If you have a poor credit history, it’s easy to resign yourself to having a low credit score. What a lot of people don’t realise is that different companies calculate your score using different methods – you may have a higher score with another agency. There are also a number of ways to improve your […]

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Myth: A Broker Can’t Help if You Have Bad Credit

Unsurprisingly, the loan most people with bad credit think brokers are unable to help with is a mortgage – one of the biggest loans you can get. But, if anything, brokers are more likely to be able to find you a loan than if you search yourself. From mortgages to short term loans, a broker […]

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Myth: Brokers Limit Your Options

A broker can’t offer you a quote from every lender on the market. This would simply be impossible. You could argue that this limits your choices, but even if you were to search for a lender independently, it would be just as impossible for you to compare every lender out there. If anything, a broker […]

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Myth: Brokers Don’t Do Any Real Work

A lot of broker services can give you a near instant decision. It’s therefore understandable to assume that brokers don’t put a lot of work into helping you find a loan. But it’s amazing how much goes on behind the scenes. Brokers have spent years in their field, building in-depth knowledge, and strengthening relationships with […]

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Myth: Brokers Are on the Side of the Lender

Although brokers are independent organisations, there is a common misconception that they are on the side of the lender. But the goal of a broker is to find the best product for their customers. Though they build strong relationships with the lenders they work with, brokers ensure that they remain impartial and don’t show any […]

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Myth: Using a Broker Will Cost You More

There’s a good reason this myth is so common – a large percentage of the time, you’ll be charged a fee for using a loan brokerage service. This can then make the overall product more expensive. . This can then make the overall product more expensive. But not all brokers charge a fee – My […]

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What’s the Best Way to Manage Your Finances?

Honestly, there is no simple answer to this question. We’ve not yet discovered a one-size-fits-all solution when it comes to managing money. But there are a few techniques you can use to better understand your finances, and you can always find additional information online. Create a Budget It may sound pretty basic, but if you […]

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Myth: All Debt is Bad

If you’ve struggled with debt in the past, it’s completely reasonable to believe that all debt is bad. And it’s never a good idea to take out a lot of credit if you don’t need to. But there are quite a few benefits to borrowing, especially if you’re looking to improve your credit score. Showing […]

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Myth: Saving Doesn’t Matter if I Have a Credit Card

The issue with this myth is that there is some truth to it. Credit cards can be incredibly beneficial, if you know how to work the system. But it’s important to remember that credit cards won’t always be the best choice for you. There are a whole host of questions to ask yourself when you’re […]

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Myth: Cash is Better Than Credit

There’s certainly some logic behind this myth. Relying too much on credit can cause a debt spiral, where you’re taking out more credit to cover the cost of open loans and credit cards. If using cash is an effective way to help you budget your spending, it can also be a good idea. However, there […]

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Myth: You Don’t Earn Enough Money to Save

If you’re on a low income, it can be incredibly difficult to save. But it’s not impossible. You may then think that the amount you put aside each month will be too small to make a real difference. Consider Investing in Stocks and Shares It’s important to note that investing is a gamble. You can […]

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Myth: Your Finances Don’t Impact Your Mental Health

There are so many factors that can affect your mental health. And like it or not, your finances probably make up a big part of your life, so it’s no real surprise that they can impact you. Often the two things can become a vicious cycle. Poor mental health can prevent you from earning more […]

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Myth: Higher Prices Mean Higher Quality

When it comes to shopping, there is a common misconception that more expensive items are of a higher quality. Surely the manufacturers have invested more into the product, for it to come with a bigger price tag, right? Unfortunately this is not always the case. One of the best examples of this are painkillers, such […]

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Myth: Buying Property is Always Better Than Renting

Buying property can be a great investment. Housing prices are almost always on the rise, so when it comes to selling, you should easily be able to make a profit. But investing in property isn’t the best move for everyone. As with most financial considerations, the choice between renting and buying will depend on your […]

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Dispelling Common Myths

How Can Common Myths Impact Financial Decisions? While we learn mathematics at school, finance is an area in which we are rarely given much guidance. This can mean that our understanding of financial matters develops from hearing common misconceptions and myths. And if we have been told inaccurate information, we can end up mismanaging our […]

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