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How to “Parley” a Small Item or Change…Into a Fortune!

Many people have watched the Pirates of the Caribbean films, and know the word parley; which in the film means to have a meeting, “take me to your Captain”.

The reality and other meeting of parley is “is a series of bets in which the money you have won is used as the stake for your next bet”, to take something small and make it into something larger.

Financially, money wise, this is making money grow.

In gambling the term used is usually, “let it ride”, meaning let the winning bet continue to be played.

However, or our purposes here, we are going to be discussing how to take a small amount of money and have it grow into a larger amount of money, and this is usually done by selling items on. Items that may have been purchased for a small or lessor amount, and then sold for a larger amount.

The items may have been purchased new at a large discount, or purchased on the cheap and in need of repair or refurbishment, and then sold for a larger amount.

Auctions

One of the older ways to parley an item to make money is via auctions.

If you have watched the TV show “Homes Under the Hammer” then you have a good sense of this concept.

You buy something at an auction, getting it cheaper than if you were to try and purchase it else where, and then sell it forward for a profit. In real estate or housing terms, this is called “flipping”.

Of course buying property at auction, while a great way to bag a bargain, still means putting out some cash; houses are not cheap.

However, there are other items and bargains to be found at auctions.

Many cities have local auctions and you would be amazed at the items being sold at them, and the item list changes all the time.

Auctions, while a great place to buy something cheap to sell on, can also be tricky. On some days there may be no activity on some items, and on other days everyone is bidding.

So you need to keep a clear head and be mindful of how much and for what you are trying to bid on.

The fact is there is money to be made, and one gentleman has made over £1,000 in the past few years.

Ebay Empires

There are many ways to save and make money, and with this being the digital age, why would we not turn to the Internet to do so, and so eBay was born.

Ebay is essentially an online auction forum, but it has grown into so much more.

While people can bid on items to purchase, they can also just “buy it now” for the seller’s price.

There are many sellers on eBay who will buy large lots of a specific item cheap, and then sell them onward on eBay. And this is a good way to parley a small investment, into something more.

You can also use eBay to sell your unwanted items you may have lying about the house.

There can be fees involved with selling on eBay, so these need to be taken into consideration, and also you need to consider shipping costs to post off the items to the buyer.

Boot Sales

Tried and true, the old fashioned car boot sales, can be a place to buy on the cheap and sell items for more money.

Years ago I knew a person who spent all their time at car boot sales, buying and selling. Initially it was to sell some old unwanted household items, but they then began buying “stuff” at the sales and then just simply moving the items over to their table and increasing the prices by a percentage or an amount higher to make a “few bob” as they used to say.

Actually this concept is easy to apply to auctions or anything; you buy something and then just forward it on at a higher price. You are becoming a “middle-man” of sorts, just pocketing the extra money.

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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.