Should I Borrow The Deposit to Buy a Property?

Date 27 February 2019

Getting on the property ladder is a dream many of us share. No more Mr. or Mrs. Landlord, but our own home to live in, decorate, and do with what we wish. However, with property prices rising in certain parts of the country, getting on the property ladder can be a dream that gets further and further away. One of...

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Will My Student Loans Affect My Credit Score?

Date 26 February 2019

There seems to be two (2) big debates that have been making the rounds, and actually been debatable for some time now: * The difference between good debt and bad debt. * Are student loans worth the cost in terms of being good value for money. In the debate regarding there being a difference between good debt and bad debt,...

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Do I Need an International Driving Permit to Drive in The EU?

Date 25 February 2019

With the date of the UK leaving the EU, or Brexit looming, 11pm March 29, 2019, there is much concern over how this big move is going to affect us. Even the “leavers” have expressed concerns. There are fears food prices may go up, banks and business setting up new headquarters in the EU, and also will the airlines be...

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10 Money Saving Tips For Weddings

Date 22 February 2019

It is every little girl’s dream, well many little girl’s dream, to have a fancy, lavish wedding showing the world her and her partner’s love for each other. Weddings are special! They bring friends and families together for a couple of days to celebrate the joining of the couple, and in the end bring the friends and families together for...

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Rent-to-Own Can Mean Rent-to-Debt

Date 21 February 2019

In the world of bad credit loans, there are a few loan options available to someone with bad credit: Payday Loans: Payday loans are short-term loans of usually 30 days, to be paid back on your next payday. The loan amounts are usually a few hundred pounds, and the interest rates/APR’s are very high, 1599% to over 2000%. Guarantor Loans:...

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How The Term of a Loan Affects The Interest You Pay

Date 20 February 2019

When you take out a loan there are a few factors the lender uses to make a decision as to if they will grant the loan or not. Two of the largest factors are affordability, and also your credit score. Affordability is usually the main factor looked at first when underwriting a loan, with credit history and credit score right...

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New Factors That Can Affect Property Prices

Date 15 February 2019

New Factors That Can Affect Property Prices For many years there were just a few things that affected property prices, and had an impact on what a seller could charge to sell a property. In the beginning it was the value of the property, what was it worth. No lender is going to lend £200,000 on a property only valued...

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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=”” data-mce-href=””>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=”” data-mce-href=””>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=”” data-mce-href=””>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.