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Month: June 2019

Getting a Boost To Get On The Property Ladder

Date 28 June 2019

It is one of dreams that many of us have, buying a property and getting on the property ladder. No more Mr. or Mrs. Landlord, our own little piece of property that we can do with what we wish. However, while qualifying or a mortgage does not have to be that complicated, there is one small matter of a deposit,...

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What Is NOT On My Credit File?

Date 27 June 2019

There can be many mysteries as to what is and what is NOT on your credit file and credit history. These components of what is on your credit files is what makes up your credit score. Credit scores can be thought of in this way: High credit score = good Low credit score = bad It is not a complicated...

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Going to a Music Festival this Summer?

Date 26 June 2019

Do I Need Festival Insurance? Tis the season, the music festival season, when we pack our wellies and high spirits, and trod off the various music festivals that will dot the country; and other countries as well. It may be the big ones like Glastonbury, or British Summer in the Park (Hyde Park), or one of the many other festivals:...

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Are UK Businesses Ready For a “No-Deal” Brexit?

Date 25 June 2019

Some Say No, They Are Not! Brexit, love it, hate it, voted to stay, voted to leave, regardless it is here and soon upon us. And I mean upon us! If no deal is “hatched” by the current so called government by October 31st, Halloween how appropriate, we leave the EU with no deal. What does a no deal Brexit...

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Being Chased By Bill and Debt Collectors?

Date 24 June 2019

A New “Breathing Space” Scheme Has Been Proposed One day life is good and things are rolling along then wham, out of the blue you may be made redundant, take ill, and for some reason no longer be able to work. Your income is reduced or in some instances stopped. You may not be working, but the monthly bills do...

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In The Supermarket Battles Of Who is The Cheapest… Who Wins?

Date 20 June 2019

The supermarket and food industry is a very competitive one, very competitive. We all have to eat, but not eat well, but we all do want to eat well. So we are a captive audience to supermarkets. We have to buy food, they are selling food. Seems like a win-win situation, however, it is the pricing of food, and the...

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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.