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Who Knows How Much I Earn?

There are some things in life we like to keep to ourselves, and one of those things seems to be our money; in particular how much we earn.

We do not sit around at parties and social gatherings discussing how much money we make, how much money we have in the bank, or really money in a personal tone at all.

A slight digression: In writing this I was discussing the topic with someone I now who works for one of the largest employers in the UK, let’s just say…..the government.

They said that everyone in their office knows how much they each earn as their annual salaries are common knowledge.

And that on payday everyone is printing out their wage slips, as they do not have access to them outside of the office computers, and some times people grab the wrong wage slip, or there are multiple wage slips being printed out and anyone can view them.

I found that odd, and also the opposite of what I am discussing here.

Digression over.

The point is that for many of us, our incomes are kept out of view, we do not tell people how much we earn, and for some, they may not even know how much they earn from month-to-month as they may be paid hourly, or work different shifts, hours, and rotas each month.

Not knowing how much you will earn each month, makes budgeting difficult.

So to answer the question, who knows how much I earn? The answer(s) can be the following:

* Our employer(s)

* HMRC

* A lender or bank if we apply for a loan

* Anyone we decide to share that information with

The reality is that it can be a large list of those who know our income. Maybe more than we realised.

And there are various reasons why those on this list may know or want to know our incomes.

* Employer(s): As they are the ones who pay us, and set the rate of pay for the job we do.

* HMRC: As they are the ones we pay taxes to, so unless we have a “cash-in-hand” job or earn money on the side, the tax man knows what we earn.

* A Lender: If we are asking for a loan, lenders need to do affordability checks to insure we can repay the loan. For some loans such as guarantor loans, and for any loan, affordability tests must be done to show you can afford to repay the loan.

Using guarantor loans as an example, the only two requirements for the loan is affordability and having a guarantor.

As for who else you may share your income details with, that is your choice.

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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.