Forged payslips – A solution or a problem

It takes a little crooked mind to bend the rules. And, perhaps the Institute of Payroll Professionals has exposed one such trick. Yes, I am talking about forged payslips being purchased by the borrowers to get more personal loans.

I think this small time manipulation has the potential to erupt into a big source of trouble. Our nation has already earned the notorious distinction of being the most debt-loving nation in the Europe. God knows, why many Web sites are making it easy for people to get huge personal loans that they may never be able to repay – by giving them fake payslips. I totally agree with Maurice Cheng, CEO of the Institute of Payroll Professionals, who quoted: “To provide a payslip to someone where you have no proof of their earnings has to be deemed fraud.”

A payslip or a Form P60 is a valuable document issued by an employer certifying the details of the employee’s salary, tax, etc. Many web sites offer ‘Duplicate’ pay slips for a small fee without carrying out the official checks on the information provided by the customers. Well, faked payslips are in no way a solution for those financially stretched consumers but a problem that may rather multiply their existing financial woes.

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Personal loans - Loans for all season…

Sometimes in life, you feel like flying away from the daily monotony of work and tensions. A short holiday trip to a secluded island or an exotic beach can help a lot in rejuvenating our energies. Such a trip can take us away from life's tribulations. But, it would cost money and it's not always possible to meet such extra expenditures with our saving or the salary cheque. So, what to do?

Is taking a personal loan a viable choice? Is it sensible to borrow money in form of a loan for a holiday trip? Such questions are natural to occur. But the answer to all of them is yes! Sometimes, it becomes vital to think for our own selves rather than mathematically calculating life. We work so hard to earn our daily bread and thus, all of us deserve a break.

Personal loans taken for holidays can be secured, as well as unsecured. If you fear risking your home for a pleasure trip, go for unsecured personal loans. Such loans give you the freedom to have money without necessitating the presence of any security.

So, all of you who want to take a break from your mundane 9-5 life, avail personal loans and enjoy these golden moments to the fullest.

Personal loans

My childhood friend – Richard – never believed in the modern theory of – ‘buy today and pay later’. For this reason, he never even opted for a credit card. One could always find him in the ‘cash only’ line. However, life comes up with unexpected situations and aspirations.

Richard is a software engineer and had been doing quite well in his field. Yet, like most professionals, he wanted to study further for better career prospects. But, inadequate funds were stopping him from fulfilling his dream.

I discussed his problem with another friend – Alexander – who is a financial expert. For career development plans, he suggested a personal loan. Speaking about its vast gamut, my expert friend told me that this loan category is based on incalculable human needs.

He then informed me that a personal loan is obtainable in both secured (loan against collateral) and unsecured (loan without collateral) form. As I was not aware of the required amount, Alexander decided to explain me both.

He said that with benefits like quick attention, high credit range, low interest rates, multiple rate plans, different repayment methods, and negotiable loan clauses, a secured personal loan is the best choice for a big monetary requirement.

However, it has certain disadvantages too like clientele limitation (credit for homeowners and property owners only), slow approval procedure (due to property evaluation procedure) and repossession threat (in case the borrower fails to payback).

He added that if the monetary requirement is small or urgent then an unsecured personal loan is a better choice. It offers benefits like no collateral compulsion, credit for all, no time-consuming property evaluation procedure, less paperwork, quick service, and no repossession threat.

As the lender’s money remains unprotected, unsecured credit has restrictions like limited credit range, high interest rates, fixed rate plan and payback option, and non-negotiable loan terms and conditions.

He further said, “As both sub-types have pros and cons, decision should be based on monetary requirement and payback capacity; ability and practicality of pledging collateral; and interest rates and overall loan terms and conditions”.

I never thought that in the process of helping my friend, I would end-up gaining such valuable knowledge. Today, Richard is happily pursuing his further studies with the help of UK personal loans.