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Month: April 2019

Some Really Simple Ways to Save Money

Date 30 April 2019

Some Really Simple Ways to Save Money If there is one thing most of can agree on, and that saving money, and finding a bargain. However, finding a bargain actually implies spending money. You have to spend money in order to achieve the bargain; so you have to ask yourself, are yu really saving money if you are spending money?...

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Forget Millions and Billions, Now There Are Trillion Dollar Companies

Date 29 April 2019

Forget Millions and Billions, Now There Are Trillion Dollar Companies In economic times, and terms, these are interesting times. We see posed on the precipice of a a new industrial revolution, which many feel we are already in a 4IR, or Fourth Industrial Revolution. These revolutions have a huge impact on our economy, and on us as consumers, which also...

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What Happens If I Go Bankrupt?

Date 26 April 2019

What Happens If I Go Bankrupt? As with anything, knowledge is power, and knowing what to expect in any situation aids in preventing fear of the unknown. If you know what to expect and what will happen, you can be more at ease and relaxed in a situation, and bankruptcy is no different. Many people struggling with their bills and...

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How Do I Know If I Need To Go Bankrupt?

Date 25 April 2019

How Do I Know If I Need To Go Bankrupt? This is an age old question, and one may people have asked themselves, should I go bankrupt? Not to answer a question with a question, but in counselling and talking with people over the years, I have always said, “if you think you need to go bankrupt, you probably do”....

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Help! I Have Bad Credit and Need a Loan

Date 24 April 2019

Many people throughout their lifetimes will experience a financial disaster, which may in turn cause their credit score and credit rating to drop. It could be due to illness, the loss of a job, or even something self-inflicted such as borrowing too much and being over extended. Then when you do get back on-track, it seems to take forever to...

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Can I Lose My Job Due to Bad Credit?

Date 23 April 2019

We know that when we apply for a loan, the bank or lender is going to check our credit reports and credit scores. A high credit score is good, a low credit score is not so good. Just having a low credit score does not necessarily mean you will denied a loan. Different lenders use different scores to determine if...

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Not Telling The Truth on Loan Applications

Date 22 April 2019

Over the years, almost 32 of them to be exact, in the personal finance world, you can imagine I have heard it all, from how people found themselves in debt, to why they may need a loan, and some funny tales as well. However, there is one question that has popped up time and time again over the years, and...

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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.