Short Term Lending

Short term lending is a term used to describe the process of granting short term loans. A short term loan is a loan with a relatively short maturity date. Short terms loans usually have a short term span unlike long term loans. Examples of short term loans will include overdrafts, payday loans, credit cards and cash advances. Long term loans usually last for several years and examples would include mortgages and long term bank loans.

Long term loans usually involve relatively large sums of money and their repayment has to be spread over several years to make it easy for the borrower. The problem is that long term loans are not easily accessible by everyone who may want them. Collaterals are usually required along with good or moderate credit ratings and this denies a large segment of people from accessing traditional long term loans.

A lot of people are only able to access short term lending because that is all they can qualify for. Short term lending involves relatively smaller sums of money and lenders of these loans can afford to be less choosy.

A good example of a short term loan that a lot of people are finding beneficial is payday loans. This is because these loans are easy to qualify for and fast to get. They come in handy when an unexpected occurrence makes it necessary to get cash before the next payday to cover pressing demands. A reputable short term lender can offer you a cheap payday loan when you need it.

How To Make a Personal Budget

Can you remember how excited you were when you received your very first credit card? A lot of people felt a thrill and excitement that comes from having easy access to credit. The sad apart about it is that a lot of people who initially were happy to have access to credit and loans are now immersed in an overburdening debt situation. Some people just can’t seem to make their pay last till they receive their next pay check. So many families and individuals are weighed down with debts. It happens to both poor and rich alike who do not know how to make a personal budget.

A budget is a financial plan stating expected or acquired income and how it would be spent. A personal or family budget offers various advantages as it helps serve as a blueprint guiding expenditure and prevents frivolous spending. The first step to making a personal budget is to get everything written out. Do not make mental budgets. Write it all down on black and white.

Specify how much needs to be spent on different sectors such as food, bills, clothing, health, recreation, savings and others. Try to prepare the budget before receiving the expected money and stick to the budget. Be as specific as possible and give accommodations to be flexible in line with unexpected changes. Place the budget at a place where it is easy to see so that you are constantly reminded. The budget should also be realistic so that it is easy to follow. Learn how to set your priorities right and do not waste money on things you don’t really need.

For more information on long term lending contact today.

The Start-Up Journey: Year One

Working at a start-up has been a fantastic experience, witnessing the talent and drive that everyone here shows has been a constant inspiration, and working within a structure that doesn’t require each of these people to report to seven different bosses is pretty nice, too.

The High Point
Experiencing the process of designing and building our very first product, PiggyBank. Starting out with a very loose design idea we all put forward our thoughts and opinions on how things should look, why they should be that way, and how it would help us as a business. What really surprised me about this is that there were never any arguments, falling outs or loss of tempers. I wouldn’t say I’m one for rose-tinted glasses, either.

The Low Point
Being a little too trigger-happy with releasing a marketing site and the fallout of that… whoops, but still, live and learn!

Overall though, there’ve been many ups and downs throughout the months, from parachuting Piggybanks to Piggybanks learning about the dangers of football, Piggybanks flying planes without a license, and Piggybanks with jetpacks. Who knows what’ll happen next, maybe they’ll go sailing?

Finding Money Fast

Life is filled with unexpected occurrences that sometimes seem to pop out of nowhere. Even the most prudent spender could face situations that require that they find money fast. A sick child or relative, a natural disaster such as severe flooding, a theft, accumulated outstanding bills and several other possible circumstances may require that one secures quick cash to solve. Unless you are a Premiership football star, have a fat bank account or are the kid of a very rich parent you would need to seek loan sources when you are finding money fast.

Many times, such unexpected problems or situations do not always wait for your next payday before they occur. You may need to secure quick short term loans that can be repaid when you get your next paycheck. Payday loans are designed exactly for such purposes. They are quick solutions that come in handy when you need money fast.

Applying for a payday loan is quite easy and fast and you can usually get the borrowed cash on the same day of applying. Fill the required application forms, provide information about your employment and income and you get the needed cash quick and easy. The UK payday loans industry has been on the increase as more people are taking advantage of this quick short term loan solution to access quick cash.

It’s been a Journey

I joined PiggyBank in June 2012, a few months into its start-up journey and what a journey that’s been. One of the many benefits of joining a start-up is the opportunity you get to create processes.

There’s that all too familiar feeling that you get starting a new job, where you’re being trained to follow processes that the previous person put in place, that are laborious and illogical. I joined PiggyBank before the customer service process even existed, giving me a fairly unique opportunity to plan everything to be as simple as possible.

Working for a start-up forces you to put simplicity at the forefront of your planning process, because you just don’t have the time or resource to make things complicated. Ironically, with all simplicity, comes complication. I’ll never forget the first PiggyBank call I took, where I had to ask a developer to look up the data protection details directly from the database. Because until we had our first phone call, there was no argument for us to allocate resource to start getting that system built.

We’ve come a long way from that first phone call. To start with, a user friendly and lean customer admin tool has been built to the requirements of our customer service process – not what we thought we may need. And of course, there’s the fact that we’ve grown so much that I now have a wonderful team of 6 looking after our customers with me.

In true start up rollercoaster style, there have been great days, not so great days and plenty of late nights; but from my first day at PiggyBank, what I loved instantly were the people and the relaxed and friendly ethos of the business. It’s refreshing that over 8 months down the line and despite all the growth and changes along the way, that still remains. It may only be the company’s first birthday, but I have no doubt this will continue to be the case, for many birthdays to come.

What a difference a year makes

Well can you believe it? It’s been a whole year since the adventure began. What a crazy year it has been. Since leaving the comfort of a big company to join what was then just an idea, four guys in a small office in a small town, I am happy to report that our startup journey has been a lot of fun, a lot of learning and a series of high and occasional lows.

The first months at Piggybank were crazy, arranging meetings researching suppliers and partners to help us launch our product. Juggling balls and spinning plates was the norm and to a certain extent still is. As you can imagine, we have had to run a tight ship. Keeping the costs down and donning various caps. But we launched our product and things were good, we had done what we had set out to do. We were getting visits we were signing up customers and things seemed to be going well. At this time we were invincible.

Its not all peaches and cream though. We have had setbacks, we have pivoted and we have had to learn on the job. There have been times where we have been over-confident in both our abilities and what our product was capable of. Hard fought lessons that have made us stop and re-evaluate. These times were the hardest and these were the times where many bowls of pride have been swallowed. Although these times have frustrated us these have also been the times of our greatest triumphs. Forcing us to make the hard choices that in hindsight have made us and our product stronger.
From our initial concept discussions we have stayed true to our course and have been able to strip back bloat using the experience gained at other establishments to produce a lean, fast moving environment. We are still in our infancy and as time goes on there will be more frustration and learning and our hat stand still holds many caps for us to put on. I would urge anyone who has an idea and the means to follow it through to do it. The startup journey is not for the faint of heart but fortune favors the bold.

Where are we now? We now have a great set of partners, we have a product that we are immensely proud of and a growing team of superstars.

For a payday loan or a short term loan, contact us for more information.

Different Types of Loans

There are different types of loans available to people seeking financial assistance. The loans can be categorized based on various criteria and factors. One way of categorizing loans is based on their duration. Based on this classification criteria there are short term, medium term loans and long term loans. Short term loans have a brief maturity date usually ranging from a couple of days, weeks or months. Short terms loans are loans that have to be paid within one year. Medium term loans last for about one to five years, while long term loans such as mortgages last for above five years.

Loans can also be categorized based on the presence or absence of security or collateral. Based on these criteria here are secured and unsecured loans. Secured loans require that a form of security is needed. Secure loans are less risky for lenders as they can always fall back to the security if the borrower fails to pay. Secured loans are thus cheaper. However, a lot of people lack the required security to access loans when they need it. They usually have to fall back to unsecured loans that do not require any form of collateral or security. Unsecured loans are however more expensive as they pose expose the lender to more risks of default.

A Year in the Life

I can’t believe it’s been a year since I helped start up DJS UK Limited, the company behind Piggybank. What a journey it has been.

I am not a front man, so I am not as well known for my blogs as I am for my fumbling with words. My role at PiggyBank is to ensure our Product remains competitive and agile. This isn’t a customer-facing role, but I am responsible for our customer-facing site amongst other back-end systems and processes that feed into and use our Product.

Our site is where I wanted it a year ago; attractive, usable, little support and it performs. Typically, the back-end architecture, which was planned and scoped, isn’t far off what it is today. Not only that, but some of the best people from the top credit checking agencies to third party suppliers have commended our business process. High praise indeed!

The early decisions we made were based on experience, common sense, scope, time and cost. These led us to make the right decisions. The initial plans and systems went though a vigorous iterative process with the CEO and IT Director, and very little was left to chance. However, there is always uncertainty, and we’ve been head to head with it and we have always, in DJS style, done our market research or sought after intelligence to support our decisions.

So, sounds like a holiday right? My main gripe over the last year is releasing software very quickly. Not just once a day, but occasionally several times in a day.
We will squeeze changes into the day if that will ultimately help our customers. Testing and managing change was difficult at the early stages, which caused several unhappy meetings. These meetings always ended well though. We drive our success from our failings and improve what we do, and with each mistake we improve and get better at what we do.

Our CEO, Dan Ware is very meticulous. This action of almost OCD has positively spread across our systems and as faults are found, resolutions are found even quicker. House keeping is very important to PiggyBank. From our code, to our transactions everything must be to Dan’s expectations. This is sometimes hard to deliver, as Dan expectations only ever grow.

The PiggyBank team has grown considerably since the beginning, when we were four guys in the office. We are now up to 15! The sense of team ethic is embedded into the grain of PiggyBank. We take the time to listen to each other and help each other deliver. We aim to be as transparent as possible to provide clear information to each other. The by-product of this is that our customers are constantly aware of the changes occurring within PiggyBank and the ever-growing list of options we offer to our customer base.

Being at the core of a start up is challenging and rewarding in equal measure. But it will only ever get better, especially with the foundations Dan has helped to lay. All I can hope is that we become everything Dan and the team hopes, and that PiggyBank becomes a household name and crushes it competition.

Tips On Finding The Best Short Term Lender

Short term loans are loans that mature within a relative short period of time, usually below 12 months. The loans can span just a few days, weeks or months but are usually below one year. Good examples of short term loans include credit cards, payday loans, bank over drafts and other forms of cash advances. Short term loans are useful to bail one out when an unexpected expense comes along. There are several short term loan lenders looking for people to do business with. How can one pick the best short term lender to deal with?

The internet is a good place to shop for short term lenders. A lot of lenders advertise using non-internet means, but the internet is a useful tool to quickly search for and check out short term lenders. Do not just deal with the first lender and website that you come across. Having a professional looking website is not the main criteria for picking out a short term lender. You would need to do a little more research to ensure that you deal with a reputable lender.

You can check for reviews and complains or praises about a lender made by past clients online. Make sure that they are registered and not doing business illegally. Also compare rates and charges between a couple of lenders to be sure that the lender is not taking advantage of your situation. Read the agreement carefully and avoid lenders who try to rush you to commit or are inpatient to explain any points you don’t understand.

The problem with Middle Management

The start up rollercoaster has a real habit of making time run away from you. Just looking back through my start up journey blogs and I realised that it has been three months since my last post. So I thought I better put that right.

Well, the start up rollercoaster has been in full swing. A lot of ups and downs, but significantly more ups than downs. PiggyBank has been out in the world, on full steam, for just over three months now. Overall it has been very positive. We have learned a lot, made some significant changes to our processes, which will help PiggyBank grow from strength to strength, and we have had a few new additions to the PiggyBank start up journey.

As a CEO of a small start up, adding new members to the team brings its own unique challenges. The culture and the dynamic of the team has already been formed, and you want to be careful not to disrupt that. However the type of person that wants to risk it all by joining a start up tends to be ballsy, loud, confident and full of opinions. Great for ideas and helping the business reach the highest heights, but can be challenging to manage and integrate with the current team members. But I suppose that is all part of the fun.

My favourite characteristic of the people that have recently joined our start up journey is their passion. They want to make a difference. That is incredibly inspiring for a CEO.

The common theme, which spurns this passion to want to make a difference with all of our new team members, is they have worked at established hierarchal businesses. So although they are the people that are working on the front line, dealing with customers and systems, their opinions are not taken on board because of bloated layers of middle management. These bloated layers of middle management and teams of people chosen to analyse process tend to have no experience of being on the front line of a business, or it’s been so long since they have done it, that their opinion is redundant.

What is the purpose of middle management in businesses that have fewer than 1000 staff anyway? So you are ‘<<insert department here>> Manager in the <<insert buzzword here>> Team. Who cares? What does it mean? In a call centre environment or in retail management differentiation and distinction is important. In a team of 20 odd people working on a particular process, what’s the point? It makes people feel warm and fuzzy that they have a nice title, but does it mean they work any better or come up with better ideas? Doubtful.

Here at PiggyBank, we believe in learning from other people’s mistakes. So we carry out ideas sessions on a weekly basis, where everyone gets round a table and discusses a subject that affects our business. And it really works. I have heard just as many business changing ideas from our more junior team members as our more senior. That isn’t to play down the role of our more senior members. But to get real word incite of how our product is working for our customer base is the most valuable insight our business can have. It keeps us ahead of the competition, as we are constantly evolving to meet our customer’s needs and experiences.
Myself and the would-be called IT Director if we cared about job titles, also spend at least half a day a week working with the systems our team members use and speaking directly with customers. Again this has made our systems and processes evolve at a rate of knots. Myself and Darren see things on a tech and process level that our team members might not see, so it is valuable insight.

So the lesson for today for start up CEOs, understand your business. Not just from management accounts and catch-ups with your middle management, but on the front line, talking to your customers and all the members of your team. Oh, and bin the middle management bloat.