CLOSEHOMECONTACTFAQ'SOUR LENDERS BLOGHOW IT WORKS

Month: May 2019

Facebook to Launch Its Own Cryptocurrency

Date 31 May 2019

Facebook to Launch Its Own Cryptocurrency Facebook has really come out of no where many years ago, and has literally exploded onto the virtual world. Facebook also seems to polarise different people, either they fove it and are regular, if not very regular users, like almost hooked on it, or there are those that dismiss it, and would never be...

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Can I Improve My Credit If I Take Out a Loan?

Date 30 May 2019

Can I Improve My Credit If I Take Out a Loan? There is an age old question, and a “Catch-22”, if I don’t have credit, how can I get credit? This also ties in with trying to improve one’s credit rating and credit score. Someone may have a low credit score for many reasons, and not always due to previous...

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How To Save Money on Airfares

Date 28 May 2019

How To Save Money on Airfares The title of this is slightly misleading, while it may say “how to save money”, in some instances as we will see, there is no way to save money on airfares. We will always be at the mercy of the airlines, which in some ways is the “man behind the curtain”. We don’t know...

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The Financial Costs Involved in Getting a Divorce

Date 24 May 2019

Is has been said before that no one enters into a relationship, be it a partnership, or marriage, with the thought of it ending; and possibly ending badly. When we are in love our emotions rule, and unfortunately when we look at ending a relationship, be it a partnership or marriage, our emotions rule as well. Beginnings and endings are...

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Supply and Demand and Peak Pricing

Date 23 May 2019

Recently Easyjet came under criticism for how their airfares were being priced on flights to Madrid where the Champions League final was being played June 1st. Prices for these flights which were usually around £250, were now showing up as costing £1,000 or more. Obviously, fans were not impressed, and voiced their concerns. Easyjet naturally defended its position, stating that...

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Do I Really Need Credit?

Date 22 May 2019

A question some people may ask themselves is, do I really need credit? Do I ever need to borrow money and have a credit score or credit history. The answer to this is very simple, no, you do not need credit, but you may need a credit score, and a good credit score at that. And you do not need...

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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.