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Brexit Deal or No Deal Hitting Our Pound

How The Brexit is Hurting the Pound

The summer is here and holiday times are upon us, so off we go packing the sunscreen, drinking too much, and exchanging money for our well earned holidays.

But wait, have you looked at what the exchange rates are lately???

They are how should we put it, not so good.

The Pound has been fluctuating in value for a couple of years now, hitting some all time lows, and most of this is due to the Brexit.

Like it, hate it, voted to leave, voted to remain, it doesn’t matter now, the Brexit is soon to be here; deal or no deal!

And when you toss in the fact we will have a new Prime Minister in a couple of weeks, and the uncertainty of this, it all makes for a mix that affects the value of our beloved Pound against other currencies.

Especially the Euro and the USD/Dollar.

These seem to be the two big currencies we deal with as Brits, especially on holidays.

And what better time to have a have a new Prime Minister and have to deal with a “deal or no-deal” Brexit than around the summer months and peak holiday season.

The Pound drops, and our holidays cost us more.

Instead of a Pound getting us 1.10 or more in Euros, it has become less. And why you may ask, confidence, confidence in the currency and our politics, all affect the Pound’s value.

In fact Sir Richard Branson has said that the UK leaving the EU without a deal “would cause the pound to slump”.

He has stated, “The pound was at $1.53 when the referendum took place. The pound today it is at $1.22, $1.23, and the pound will collapse to parity [one for one] with the dollar if there is a hard Brexit.”

Regarding his Virgin conglomerate, he stated no-deal would be “devastating for many Virgin companies.”

He adds, “It obviously is going to result in us spending a lot less money in Britain, and just putting all our energies into other countries.”

I am sure he is not alone in his thinking…well all except Tim Martin, the Chairman of JD Wetherspoon.

However, the Pound slumping doesn’t just hit us in our holiday pocketbooks, it may else where as well. In the cost of goods and some services.

Anything we buy from the EU or the states, will cost more in the end as the Pound will not go as far.

Paying Debts Abroad and Exchange Rates

As the world has gotten smaller and we travel more, we may take up residence in another country, and that country may be in the EU.

We live and work there for a period of time, and then may move back to the UK, and while we were living and working abroad, we ma have taken out credit cards, loans, or in some way accrued some debts.

Debts which we are now still paying while we are back here at home in the UK.

Debts which we may have initiated with Euros, we may have borrowed 1,000 Euros, or had a credit card with a credit limit of 2,000 Euros.

Paying these using our English accounts here and transferring money, we always were on the better end of the exchange rate.

If a monthly payment on a loan was 100 Euros, it might cost us £80 if the exchange rate was 1.25 Euros to the Pound.

If the Pound drops, and the Euro gets stronger, then we pay more each month; and if the Pound and Euro go on par, a 100 Euro payment will cost you £100.

This can occur with any currency in the world, if the Pound is weak, it can cost us more.

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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.