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Even Before Your Child is Born Perspective Parents Are Parting With Their Money

What Are Pre-Birth Costs?

Having children is a selfless act, and one that many parents plan for, and are so happy to welcome their little offspring into the world.

However, there is an old saying, if you wait and save for when you can afford children, you’ll never have them.

No amount of saving and planning can prepare you for what changes you are going to be facing and experiencing.

We spend a lot of money in our lifetimes, and one of the largest, and ongoing expenses will be having children.

A few years back it was estimated we will spend £250,000 n our children raising them from birth to age 18.

This includes nappies, food, clothing, child minding/day care, etc, it is a long and never ending list.

The Managing Director at insurer LV, Myles Rix stated, “Having children has never been more expensive and, with costs such as childcare and education continuing to rise, for many families across the UK this is set to remain a pressure point.”

No parent wants their child to go without and given a significant chunk of a family’s income is spent on children, it is important that parents take steps to secure their household’s financial future.

As stated, having a child is a selfless act, financially.

And we have it good here in the UK with our old friend the NHS. All the pre-pregnancy, maternity costs, and medical follow-ups for our children is part of our social medical care.

In America, you can add an additional $10,000 to $30,000 right up front just to have a baby!

Yes, there are health insurance plans to cover much of this, but just ask anyone who live in America how much out of pocket it cost them just for medical and maternity costs for their children. Easily hundreds to thousands of dollars each year.

However, in these times we live in, future parents are splashing out, and costing their friends and family money, due to what is termed, “pre-birth” costs, such as gender parties and showers.

If you are getting married you need a bridal shower, a stag or hen party. Having a baby, a baby shower.

And now, “gender revel parties”.

It is said that for these parties future parents are spending on average £700, and those invited are spending around £60 each.

This just to have a celebration regarding the unborn child’s gender.

I wonder if more is spend on boy’s parties than girl’s, with the gender pay difference thing going on:)

The Founder of NeeNoo, Amisha Modysolely stated, Hosting a gender reveal party is a relatively new concept in the UK but is quickly gaining traction and is one example of the growing trend of publicly sharing every step of the parenting journey.”

Getting ready to welcome a new baby is an exciting but expensive time. On average the cost of a baby is £7,200 in the first year alone.”

Whilst gifts are not required when attending these celebrations, they are always welcomed and appreciated.”

Once again having children is a financial selfless act, and it begins before the child is even born.

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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.