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

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 mean? Is it a good thing, or a bad thing?

Once again the deal or no deal sparks debate, just as leave or remain sparked debate.

While a deal or no deal is too huge to list and cover here, there are a few highlights we can make.

One is do we stay in the single or “common market”, which is the EU. The common market we are now a part of allows us to sell, buy and trade with other EU countries without tariffs or additional costs to do so.

No one country can produce all the food, fuel, and everything that country requires, so we trade with other countries.

Having a common market aids in “improving the efficiency of the allocation of resources”.

Once we leave the EU if no deal is made regarding trade and tariffs and this single market, we could be out of the market, and on our own. Being independent may sound good, but it could mean some products we buy here that are made, grown, or produced in other EU countries, will now have a higher price tag.

Labour costs for workers could very well change, which could cause a spike in some food items.

As an estimate there are over four (4) million EU workers in the UK currently, if we add in their families, this number could rise to over eight (8) million.

By leaving the EU and closing our borders to “free movement”, we could lose some of these workers, which impacts our economy.

Part of this has been addressed by the government in the form of the EU Settlement Scheme, which allows those from the EU to live, stay and work here in the UK.

Then there are some more personal at home thins a no deal may bring about, such as roaming charges for mobile phones when we are a broad, the need for a special drivers licence to drive abroad, travel insurance may become more expensive, and we may need Visa’s or some form or identity documents outside or our passports just to holiday abroad.

And those that think leaving the EU without a deal means we do not need to pay the “divorce bill” of what may be over £37 billion, that’s right billion, think again.

The EU is not going to forget or forgive that amount of money.

So one question asked is, how does a no deal affect businesses?

Businesses Preparing For Brexit

Some industries, such as the airline industry, have already been preparing for the Brexit, and for a no deal scenario.

They are leaving the UK, not in the sense of adios and goodbye, but by opening headquarters in the EU so they can still have the ability to work, trade and make use of the EU laws and rules, and have a presence in the EU.

With some industries moving abroad also means billions of pounds being moved abroad, outside of the UK.

Companies want to be prepared for any event if they wish to survive, and a no deal Brexit is a huge event!

But not all companies and businesses can and will be prepared.

Mark Carney, who is the Governor of the Bank of England, feels that 150,000 firms are not “fully ready” for a no deal Brexit.

He stated, “Business will be reliant on what the governments are able to do in order to keep the ports open, the trade flowing.

Some firms may not be ready for an increase in goods they require to produce or manufacture their products, or there could be reduction in those good or products.

All of which would cause a spike in their costs, which in turn would be passed onto us the consumer. And not all companies may be prepared for this, it could slow production, putting some out of business.

All this does not mean that leaving the EU with a “deal” is good either, it would depend on what that deal involved and covered.

A very complicated and complex issue. Why to was put to a general referendum and vote to the general public is beyond many people’s comprehension???

If the politicians and lawmakers cannot fully decipher the concept of leaving the EU, how can the general public?

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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.