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Month: February 2018

Things you need to know about online subscription services

Date 27 February 2018

Online subscription services are only becoming more popular. For clarity, subscription commerce is like a magazine subscription but for just about anything – whether it be physical or digital. Subscription commerce can essentially be categorised in two ways: Convenience Commerce – this is where you receive the same products automatically on a repeat purchase basis, physically or digitally. Discovery Commerce...

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Tips for Saving Money on Online Shopping

Date 27 February 2018

Still in debt from blowing all your cash over the Christmas period? Or are you just trying to save a little money on buying unnecessary things, so you can afford the more important things in life: perhaps a new car, a deposit for a home? Well, you've come to the right place. Here, we give our top tips on how...

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How to prevent online fraud   

Date 22 February 2018

Online fraud can happen to anyone and therefore we all need to know to avoid and prevent it from happening to us. Hackers are everywhere and it is easier to commit fraud now than ever thanks to the mass usage of the internet in the digital age. Although online fraud comes in many forms, are some simple steps that in...

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The Best Online Budgeting Tools

Date 22 February 2018

Keeping track of our money is increasingly difficult with new technologies such as contactless cards and one-click payments. However, today we are also at liberty to utilise the developments of fintech to help track and control our spending habits in a way that was previously unforeseen. There are now a plethora of technologies and online tools that are designed to...

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Traditional Banking Vs Private Banking

Date 22 February 2018

Depending on your financial needs either private banking or traditional banking will be the best option for you. Many differences exist between the two, which are all important to be aware of prior to deciding which is right for you. We take a look at the main aspects of each type of banking, so that you can compare the two...

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What does it mean to be self employed?

Date 15 February 2018

It is becoming more and more common for people to be “self-employed” in today's world. In fact, self-employment has been deemed the new route for graduates to down once they have finished their university education.  Perhaps you are wanting to be self-employed yourself, or you simply do not understand what it means to be self-employed. For reference, here are the...

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What Does a Zero Hours Contract Mean?

Date 02 February 2018

You may be all too aware of the controversial “zero hours contract”. Mass debate has surrounded the topic ever since it was introduced in the UK. Under the National Minimum Wage Act 1998, workers who operate under zero hour contracts, on stand-by time, on-call time, and downtime must be paid the current minimum wage (which can change year to year)...

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
 
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.