It seems every year flies by faster than the last and we once again have found ourselves knocking on the door of a New Year - 2016 is the name, sorting those finances is the game. Refinancing is one thing we know we do well at QuidCycle, but so is working with all of our borrowers to achieve financial freedom. For those looking to refinance, let’s use 2016 to get those finances in gear and transform you into a savvy QuidCycle Investor!
Christmas has passed and so hopefully has a heavy period of spending. Many of us in the UK use credit cards and personal loans to fund these festivities, which in the short-term may seen like a great idea! However, when repayments with high interest rates become due, we start to question that XXL Turkey. For those of you that have found yourselves owing money at unnecessarily high interest rates, we have a refinancing solution for you! With a representative APR of 6.2% (that’s how much interest you pay on the loan), we welcome applications with open arms. There is every chance that your higher interest loans can be refinanced into one which could save you hundreds and even thousands in interest repayments. All of this, at the click of a button! However, this is dependent on each applicant’s credit history and interest rates may end up being higher for some.
Let’s use the example of a customer who has a £5000 credit card bill with a 24% APR and a £5000 personal loan with a 19% APR. With a monthly repayment of £457, these bills would be cleared in three years and would result in a total payment of £6450 in interest and £16,450 overall. Doesn’t sound great! Take that money owed to QuidCycle, refinance them at 6.2% and you will only be paying a total of £1977 in interest and £11,977 overall! That is nearly £5000 saved by not doing anything glaringly different - wonderful news!
So now the year is 2019 and you have cleared those credit cards and loans. The time has come to make the transformation into a savvy QuidCycle Investor! All the money that would have gone towards monthly repayments can now be used to invest! Using our Regular Investor, that £457 can be invested each month. With a return rate of 3.9% and another three years later, you will have compiled £17,453! Another win! However, your capital is at risk, so be sure to get in contact with us to fully understand the risks involved.
It is as easy as that! Happy New Year and make 2016 the year to champion your finances!
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content. Please note that the rates provided for refinancing are representative APRs only and rates provided to you will be dependent on your individual circumstances at the time of applying.
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