Student Loans DraggingYou Down?

It’s widely known that university students can find it tricky to work with their money. After spending their teenage years living on pocket money from parents, or perhaps a small paycheck from a minimum wage Saturday job, suddenly having two large lump sums placed in the bank account every year can seem like a miracle. It’s common for students to take advantage of the new situation by buying new clothes, going on trips or to festivals – or just bevvying all night in the uni bar! But with those larger sums of money come bigger bills: for the first time, they’re now responsible for managing rent, bills and food. It’s no wonder that many fill the gap between student loans deposits with unsecured loans, taking advantage of a cash advance to tide them over until the next lump sum arrives.

Unsecured loans are a form of loan designed for people who know – and can prove – that they’ll be getting enough cash to pay back the loan by a given date (usually next payday, or for students, the date of the loan deposit). They differ from secure loans because there’s no need for collateral: for most loans made by a bank, the loaner makes sure they’ll get their money back by having the borrower sign a contract agreeing to give something worth more than the loan – usually his or her house – if the money isn’t returned. A loan that isn’t ‘secured’ refers to a loan without a contract of this kind: instead, a slightly larger of interest is accumulated on the loan, and it is paid back with the next paycheck or lump sum received by the borrower.

This type of loan appeals to students for many reasons. First of all, they know with certainty that they’ll be receiving an SLC loan installment by a given date, and so don’t have to worry, like many borrowers, about the interest accumulating to unmanageable levels. Secondly, students are usually not eligible for secured loans, because none of them (or very few!) have a house or small business to ‘put up’ as collateral to backvalidate a secured loan. Unsecured loans aren’t intended – like a mortgage, for instance – to be something that you pay back gradually over years. They are used as a ‘stopgap’ to provide money which the student wouldn’t otherwise get until a certain date. For instance: if a student loans payment is due on the 5th of the month, but rent has to be paid on the 1st – and too much cash has been frittered on nights out! – this type of loan can give the student a cash advance, which the student will be able to give back as soon as the 5th of the month comes round. This system has been found to give many students peace of mind, at the most difficult times.

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Bacs payments made with ultimate levels of efficiency

It doesn’t matter what kind or what size of business you are in, it is quite certain that it has in common with all businesses the need to make and receive payments. Indeed, the very definition of the word business connotes the practice of obtaining or selling goods or services. The most commercially successful businesses tend to be those that make the greatest number of exchanges; for those with their sights set on topping the market, buying and selling the right items at the right price becomes an art to be repeated as frequently as possible. With an increased number of exchanges comes an increased level of responsibility, however, clients will expect to pay for and receive their goods quickly and without encountering mistakes or delays. BACS software can help meet these clients’ demands by minimizing errors and time lapses because, quite simply, bacs payments are both efficient and almost infallible. There was once a time when BACS were synonymous with slowness – sometimes taking over three days to clear. Now it is a different story; these automated payments represent one of the fastest and safest methods of exchanging money.

The improved service supplied by BACS means that increasing numbers of businesses are using this payment method to manage the transactions they are involved in. The fact that one improvement has been in security has been a key factor in this increase: excellent levels of security really are paramount in business because not only do they keep businesses’ secrets confidential and their revenue protected against fraud, they also safeguard the banking and personal details of clients.

Customers who feel valued by the businesses they deal with are much more likely to use a company’s services or invest in their goods again. Indeed, in the reverse situation clients who feel badly treated are likely to complain and adversely affect the reputation of a business. Altogether, businesses and their clients are advised to use BACS software to make and receive their bacs payments. Anything other than BACS has simply not stood the test of time and proved itself to be efficient.

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