CLOSEHOMECONTACTFAQ'SOUR LENDERS BLOGHOW IT WORKS

Month: July 2019

How Much Does It Cost To Run Electrical Items in My Home?

Date 31 July 2019

How Much Does It Cost To Run Electrical Items in My Home? One of the things prompting this question has been our recent heatwave. Record breaking warm spells, not just driving people outside to the beaches and pools, but also to the shops to buy fans and air conditioning units. As Peter Kay once said, “I like it warm, but...

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How to Correct Errors on Your Credit Report

Date 30 July 2019

How to Correct Errors on Your Credit Report One thing we all should do, and many of us do not do, is to check our credit files periodically. We should do this and also know our credit scores, as if the day comes we need to apply for a loan, we will be prepared as to if we will be...

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The Future is Here: Contactless Payments Made By Microchips Implanted in Us

Date 29 July 2019

The Future is Here: Contactless Payments Made By Microchips Implanted in Us Would you like to become your own contactless payment card? A human cash card. Part man/woman….part cash card. You pay for a purchase by waving your hand over the contactless card machine. If it sounds like something out of a cyborg, banking terminator film, it isn’t, it is...

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How Big Is Your Carbon Footprint?

Date 26 July 2019

How Big Is Your Carbon Footprint? If you had asked someone a few years back, do you know your carbon footprint? They may have looked down at their shoes and said, size 10??? There are so many new terms and lifestyle things being bantered about these days. What about your “digital footprint”? Again someone may look down at their feet...

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Who Knows How Much I Earn?

Date 25 July 2019

There are some things in life we like to keep to ourselves, and one of those things seems to be our money; in particular how much we earn. We do not sit around at parties and social gatherings discussing how much money we make, how much money we have in the bank, or really money in a personal tone at...

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Do I Really Need Credit and a Good Credit Score?

Date 24 July 2019

Do I Really Need Credit and a Good Credit Score? This is a good question, and one that can be answered very easily, but it can also get complicated. How’s that for speaking like a politician:) The question is: Do I really need credit and a good credit score? The answer is: Technically no, as long as you never need...

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When is a Gift…No Longer a Gift?

Date 23 July 2019

There is something in many of us, a gift giving gene, a sense of wanting to help people, be generous, and share what we have. And if someone is in need, this just makes that gene really come to the forefront and make us want to help. However, why is there always a “however”, or a “but”, or some different...

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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.