We hear many horror stories about personal loans. As it’s Halloween here’s a bit of advice for beginners.

If you’re looking to borrow a sum of money then the chances are that you’ll look to take out a personal loan rather than any other type. The term personal loan is simply used to describe standard types of borrowing – i.e. a loan taken out by a consumer rather than a business for general purposes (but not for a mortgage which is obviously dealt with by a mortgage loan).

The majority of personal loans can be used for any purpose and the chances are that your lender won’t even be hugely interested in what you want the money for. Their primary concern is checking that you’ll be able to repay your loan! This situation can be different with specialist loans (which also fall under the banner of personal loans) such as home improvement loans and car loans, for example. These loans are expected to be used for their specified purpose – i.e. a major DIY project or a car purchase.

Apart from this fact the majority of personal loans work in much the same way. You apply for your loan, get your money and then spend it as you intended. You will then make a regular payment (usually on a monthly basis) to your lender to repay the money you borrowed for the period of time in your loans agreement. This payment will be made up of a sum of money that goes to pay off the original sum you borrowed plus a sum that goes towards paying off the interest you’ll be charged. So, at the end of your loan term you’ll have repaid your original borrowings and the interest attached to your particular loan.

One difference worth noting here is that between unsecured and secured personal loans. Unsecured loans are given to consumers without security (or to those that choose not to use available security to get a loan). These loans will generally have higher interest rates attached to them than secured loan options and you may be restricted in how much you can actually borrow here. Secured loans, on the other hand, will have lower interest rates and can be taken out for higher sums. The reason behind this is the fact that this kind of loan will use your property (usually your home) as a guarantee against your loan. So, if you default on your repayments your lender has a cast-iron guarantee that they will get their money back via the property you used as security.

If you aren’t a home owner then you will generally be restricted to taking out unsecured loans here but, if you do own your own property, then you’ll have to make a choice between a secured or unsecured loan. This really boils down to personal preference and how comfortable you are using your home as security in order to get a better deal. In the majority of cases this isn’t an issue and most people will opt for secured loans to get the right kinds of rates and loan amounts for their purposes.

Do be careful to make sure that you understand both how personal loans work and how to get the best rates for the loans you take out before you sign up to anything. There are hundreds of sites on the Internet that can give you more detailed information or that can even help you apply for a loan – take a look online for personal loans in a UK search engine (such as msn.co.uk for example) before you start for some useful information.

Our guest writer, Gary Tallon, is a UK finance author with over 10 years of journalistic experience behind him. To read some more of his wisdom visit his http://cheap-personal-loans.blogspot.com & http://life-insurance-cover.blogspot.com blogs.

The Money Blog has no connection with the author or the websites.

There’s nothing like working harder at a business to make it a success, except working harder at being smarter.

Getting more done with less is an art,
It’s a quality requiring much heart,
But I must confess
How I turned failure to success
Was to work both hard and work smart.

I’ve heard two schools of thought when it comes to achieving maximum success in a minimum of time. The first school is to work hard, long hours; nose to the grindstone and burning the midnight oil. I’ve heard many people say that is the only sure way to achieve lasting success.

But I am sure you know many people who have worked hard for years and have yet to achieve what most people would call success. In fact, you may be one of them. I was one of those people. I discovered many years ago that hard work alone is not a guarantee of success. If it was you’d see more millionaires.

The other school of thought says to work smart - not hard. The work smart philosophy says “less is better.” Delegate, use other people’s time, money, and hands as much as you can. They say this is the quickest way to success.

With so much talk about working smart, many people especially people new to running a business and young people are starting to get the impression that good old fashion hard work went out with the horse- and-buggy. They feel hard work is no longer required to achieve success. After all we computers, e-mail and cell phones. Boy, are they in for a rude awakening.

I must admit they both have their benefits and their limits. Through experience I’ve discovered the best way to achieve maximum success in a minimum of time is to work hard at working smart!

Yes, working hard at working smart will give you the best of both worlds - without the limits each one has by itself. When you work hard at working smart you’re maximizing your potential to the fullest. You have your pedal to the medal and your going full speed ahead - but you’re doing it in the most efficient way possible.

Here are 7 quick and easy ways to help you work hard at working smart everyday. If you take the time make these tips a habit you’ll find yourself achieving your goals much quicker.

1. Work hard at being more adaptable to changes.

Remember that every change that comes your way gives you an opportunity to move ahead of those that won’t or can’t adapt to sudden change. In life they say the only guarantees are death and taxes. I would like to add a third item and that is CHANGE. Try to be the first to learn and adapt to new changes in your industry, in new technologies and new techniques.

2. Work hard at looking for shortcuts in everything you do.

Always be alert to easier more efficient ways of doing your routine task. Can you cut out, reduce, speed-up or combine steps - without sacrificing effectiveness? Don’t fall in the habit of doing routine task with a routine attitude. Stay alert to the possibility of doing it in a different way. Think outside the box if it can save you time, money or frustration .

3. Work hard at thinking ahead as much as possible.

The best chess players always think one move ahead. You should always try to do the same. Prepare yourself mentally before you act physically. This alone will help you avoid wasting time and making costly mistakes. The best athletes establish the habit of anticipating there next move ahead of time. The best quarterbacks know what they’ll do if they’re primary receiver falls down.

4. Work hard at finding working hard at working smart role models.

Always be on the look out for people who work hard at working smart. Here’s a hint; they’ll usually be the people who do more in less time and with fewer sources of money, time or people to help them than others.

5. Work hard at learning quickly from your mistakes and the mistakes of others.

You’re smart if you can learn from your mistakes, you’re intelligent if you can learn from others mistakes - but you’re wise if you can do both. Learn how to fail constructively. You learn constructively when you ask who , what , when , why and how questions. For example, next time who will I consult with first, what did I do wrong, when did I do it, why did I do it and how can I do better next time.

6. Work hard at finding ways to wisely multi-task.

What’s most important about multitasking (doing 2 or more tasks at once)? Is knowing when to multitask and when not to. Routine task is perfect for multitasking. But detailed, risky, and dangerous projects should not be.

7. Work hard at keeping current on the latest technology related to your task.

Allow technology to help you work harder at working smarter. Whatever your task, their is a gadget, software program or tool that can help you do it more efficiently.

It is my hope that these 7 tips will inspire you to think of more ways you can work hard at working smart. The benefits and satisfaction will be well worth your time and effort.

Our guest author, Roy Primm, is a freelance writer who has written hundreds of articles showing how to make money by creating small niche products and services. To learn more about the power of niches go to http://www.NicheBrain.com

The Money Blog has no connection with the author or the website.

What are the facts behind all those offers of instant payday loans? Are they genuine? Are they a good deal. We find out the truth :

You see the offers everywhere. They are instant payday loans, which can give you from as little as $1000 to over $1500 overnight with no credit checks, and you can get it for a small fee. They guarantee instant loan approval within minutes, and you can do it entirely online. For someone who is short of cash, has an unexpected expense, or is simply looking for some extra money until his or her next payday, which seems to be too far away, this sounds like a very good deal. The truth is that anything that sounds too good to be true usually is and there are always strings attached. No one gives you something for nothing in the financial world.

The requirements for these types of short-term money lending operations are very loose. It is almost too easy to qualify for this type of loan. For most of these kinds of payday cash loans, you must only be at least 18 years of age, have a checking account that has been in operation for at least 90 days, and make at least $1000 a month from your current job or receive $800 a month in social security benefits.

If this sounds like something you should be suspicious of, you are correct in thinking that. While they say they only charge you a small fee for this fantastic short–term loan service, in actuality, it is an astronomical annual percentage rate (APR). The fees vary from site to site and depend on how long you need the loan for. For more than two weeks, the price is more significant. For less than a week, they price is smaller, but it can still get you into trouble.

If for some reason you can’t pay back the loan on the specified day, all sorts of charges can occur. Since some services use a post-dated check, you can have bounced check fee from both them and your bank. If it is done electronically, you don’t usually have fees from your bank, but they charge you for every extension that you request beyond the original pay date. They can charge you an extension fee, another fee for the amount you borrowed, and they can continue to double the amount of the fees for every extension after the third one. This can add up very quickly! You could find yourself in over your head in no time with the various fees while still owing the principal amount.

So, while an instant payday loan may sound like a good option if you are short of cash, it is smarter to simply live within your budget and consider alternate options if an emergency arises. These companies make an advance on your payday appear to be a simple thing, when in reality, it can turn into a big mess.

Our guest author Bob Hett offers tips and advice regarding all aspects concerning loans. Get the information you are seeking now by visiting http://www.loanscentral.info.

The Money Blog has no connections with the author or website listed.

What are the best strategies for saving money on mortgages? Here Seymore Hennigan gives us the lowdown.

We all like to save money. Why pay more for something, when you can pay less? We could all use an extra few dollars in our pockets, couldn’t we? Most people don’t realize that there are a number of ways to save money on their mortgage. If you were to take out a mortgage on a 25 year term, chances are that by the time you repay the entire loan you will have paid the bank double the amount you borrowed. And you wonder how the banks are making record profits?

One of the best ways to save money on your mortgage is to put down the biggest down payment you possibly can. This way, the initial amount you are borrowing from the bank is lower and the interest you are paying back will be less than if you borrowed a larger amount. Most of us do not have tens of thousands of dollars sitting around. If possible, why not consider borrowing your down payment from a family member? The banks are not particularly keen on this practice, but if someone in your family can afford to loan you the money without interest it can be very helpful in the long run.

Another thing to consider, once you have been approved for a mortgage, is your repayment frequency. Most people opt for a simple monthly payment. There are other ways, however, to approach this. Why not increase the rate of repayment? If you can manage making a mortgage payment either weekly or bi-weekly, you will save thousands of dollars over the term of your mortgage. Many banks will also allow you to make an annual lump sum payment on the principle of your mortgage. It is wise to take advantage of this opportunity, as you are paying directly on the principle amount of your loan.

For most people, purchasing a home is the single greatest investment they make in their lifetime. Owning a home provides stability for your family, and in time you will have a significant amount of equity tied up. Buying a house can be considered an investment, and you should look at ways to maximize your investment. There are ways to save money on your mortgage, and you would be wise to consider all of your options. Wouldn’t you rather make your money work for you, than to always work for your money? Short term compromises can lead to long term savings. Think ahead!

Our guest author, Seymore Hennigan, has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about buying a new home - http://www.mortgageguide101.com/buying-a-house.aspx, home buying tips - http://www.mortgageguide101.com/articles/when-you-shouldn’t-buy-a-house.aspx, first time home buying - http://www.mortgageguide101.com/first-time-home-buyers.aspx and more.

The Money Blog has no financial connection with the above websites and businesses.