Interesting Facts About the UK Currency That You Didn’t Know

Every currency has its own history and most of them have some interesting and even quirky facts. Today, we decided to have a look at our own currency and its weird and wonderful facts. Some will definitely surprise you while others may be less of a surprise.

Million pound and larger notes exist – Yes you read right. There are £1m and £100m pound notes in existence. They will never be seen in public or become part of circulation as they are only used in banks as part of the financial system.

Quid comes from quid pro quo – It is generally accepted that the term quid comes from this famous saying that means ‘what for what’. No-one is exactly sure what it has to do with money, but it stuck and now we use it.

The monarch faces a different direction with each new appointment – The head of the ruling monarch appears on the coins and every time a new monarch takes the throne, they have to change the direction in which they face on the coin.

You can legally burn money – No, it is not illegal to burn money, as long as you destroy it. Defacing money, however, is another thing altogether. You can be fined for defacing money, but you won’t be breaking the law or carry any legal consequences if you burn and destroy money.

We rule at counterfeiting – There are approximately 300 fake notes in every batch of one million sterling notes in the UK. In the US, there is only a 100 out of a million and the Euro is about 50 out of a million. Clearly, the UK rules at counterfeiting.

Paying fines with pennies – It seems that we have a lot of stories about people paying their fines with pennies. However, this may not always be the best course of action as it may not be accepted. There are certain restrictions that apply to smaller sums.

There you have it. Some weird, some wonderful, and some just unbelievable. At least we don’t have a boring currency.

 

5 Tips for Taking Out a Personal Loan

With the economic environment uncertain practically in every country, many people are turning to loans to help them get through the tough times. Whether you want a loan for £500 or for £500 000, you need to know the right way to go about it. There are many ways in which you can get caught in something you didn’t realise. Have a look at our tips before taking out a loan and make sure you make the right decision.

  1. Don’t just choose a loan or a bank – It is important that you shop around a bit. The first place you go to may not have the best rates. Rather approach a few loan providers and choose the one that offers you the best rates.
  2. Read the fine print – Before you apply for a loan, find out what the requirements are. Some financial providers have interesting and sometimes impossible conditions on which they give out loans. To save you time and disappointment, read the disclaimers before applying.
  3. Check your credit rating– Your credit rating can definitely influence the type of loan and repayment rates that you will be offered. If your credit rating is in bad shape, you will very likely be given a more expensive deal.
  4. Consider a credit card first – If the amount you need is not that big and a credit card may be cheaper, rather go for that. Some credit cards work interest-free under certain conditions. Find out about possible offers and compare a credit card and loan to decide which will be best.
  5. Find peer-to-peer options – There are online sites where you can find peer-to-peer loans where people borrow and lend money without the involvement of banks. This can be a better option than a bank. Do the necessary comparisons to see what is best.

A loan can be a lifesaver in difficult situations but it should not be approached recklessly. It is a big commitment and you need to know what you are letting yourself into. Avoid applying for too many loans as it creates a bad image.

Tips for Beginner Investors in the UK

People who haven’t done any trading or don’t have any investments, tend to have interesting ideas about it. These ideas are often incorrect or just downright ridiculous. If you are interested in making investments for the first time and doing it correctly, keep reading. Today, I share some tips for beginner investors.

You don’t need to be rich to invest. There are different shares and different investment funds. Not all of them require a £100 000 deposit. Many only require a £50 or £500 deposit every month. If you do your research, you can find the investment option that works for you.

Decide where you want to put your money. There are different types of investment options. You can do cash investments, bond funds, currencies, and obviously shares or equities. Before you invest, do some research on returns and risks for each type and then decide where you want to invest.

Spread out across different companies. You don’t want to place all your money into one place. If the company fails, you lose everything. It is important to build a portfolio and diversify. Invest in different companies and across different assets and markets.

There are tax advantages. Savers are entitled to a certain amount tax-free allowance every year on money invested in stocks and shares. The interest paid on dividends and income are much lower than with a normal income and this is especially valuable to higher-rate taxpayers.

Do research and learn as much as you can. Before you can even consider putting your real money into any investment, you need to know how it works and what to expect. Read about it and do proper research. You can even practice without real money on certain apps. Once you feel you understand and can read the trends, you are ready to go for the real thing.

Investing is not as difficult as it may seem, but you do have to know a little bit about it to be able to succeed. Good luck with your new ventures!