There are various different reasons why a loan application can be declined, from not meeting the age, income or credit status requirements. It is important to know that every lender is different and although you were declined with one, does not mean that you will […]
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If you’ve looked for a loan before, you’ll have come across the term ‘APR’, this being used for loans, mortgages, car finance and credit cards. The APR on products can help prospective borrowers find and compare the right personal loans for them. But what exactly […]
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With stricter lending criteria coming into place and a boom in digital technology, the UK is experiencing a huge demand within the loans industry – many now looking to apply for a loan online. Lending giants such as Wonga, QuickQuid and more have recently fallen […]
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The phrase “Subject to Status”, when applied to a loan, means that the success of a loan application will be subject to certain factors – e.g. the applicant’s income and credit history. Many may have noticed this phrase used on loan applications, wondering why it’s […]
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No, once you have signed a guarantor loan agreement to become a guarantor and the loan comes through, you cannot stop being the main borrower’s guarantor. There can however be a two-week period after the loan has been sent to your, the guarantor’s, account, where […]
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If you have applied for a guarantor loan, but then get declined due to the guarantor you have chosen for the loan application, you may be wondering why this has happened, and what it means when applying for future guarantor loans. Your guarantor may have […]
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If you haven’t got the rate that was advertised for a loan, you might be wondering why this is – the answer: it can be a number of different things! Not getting the rate that was advertised on a loan can leave some borrowers feeling […]
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A lender will only ever contact an applicant’s employer in certain circumstances. For example, if you are applying for a mortgage or certain loan products, then some lenders may phone or email your employer to verify your employment, as well as other additional financial details. […]
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If your guarantor refuses to pay in the circumstances where they are contractually obliged to, the lender will usually take the necessary steps to try recover their funds via the guarantor. When a guarantor signs an agreement, they are legally obligated to see it through […]
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When becoming someone’s guarantor for a loan, there are certain obligations expected from you. When becoming a guarantor, you’ll be required to cover any repayments that the main beneficiary fails to make. If the borrower you are a guarantor for fails to keep up with […]
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A Financial Advisor advises both individuals and organisations in their decisions with financial matters: including savings, mortgages, insurance products and pensions. The main role of a Financial Advisor is to provide financial guidance that is tailored to their client. This guidance can extend to a […]
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Early Repayment Penalty also refers to Early Repayment Charge (ERC) and indicates a fee you might be required by a lender in case you paid off your mortgage or loan prior to the credit facility’s scheduled term. A redemption penalty is usually equal to one […]
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Choosing the right type of loan can be difficult, especially when there are so many different types out there for borrowers to consider, with varying interest rates and specific requirements attached to all of them. If you are struggling to take out a loan through […]
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Approximately 30% of people in the UK are at risk of not getting the best deals when it comes to loans because of their credit rating. The lower your credit rating, the lower your chances of being approved. Thankfully, there are things you can do […]
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According to figures released by the Office for Budget Responsibility in March 2018, the average household’s debt-to-income ratio has been steadily increasing over the past few years and is set to reach 146% by 2023. Unfortunately, this means the number of people missing payments, defaulting […]
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Last year, one in five people were turned down for a personal loan or credit card. Over 40% of these were rejected because of poor credit. If you were one of those people, and need to take out a loan, you might think your only […]
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Guarantor loans are a form of unsecured debt which – as the name suggests – require someone to co-sign your loan application, acting as a guarantor and agreeing to make repayments if you’re unable to. Generally, guarantor loans are for between £1,000 and £15,000 and […]
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A guarantor loan is an unsecured loan, generally taken out by someone who has a poor credit rating or no credit history. They need a person with good credit to co-sign their application. This person is known as a guarantor and becomes responsible for payments […]
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When you need to borrow some money, it can be difficult to know which type of financial product is right for you. There are loads of different lending options available, from mortgages and car finance to credit cards and payday loans and knowing which is […]
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While loans are there to help you through difficult times, keeping on top of payments is especially important to keeping your credit rating secure and ensuring your financial situation stays in tip-top shape. Finding yourself in a difficult financial situation can be incredibly difficult, especially […]
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Credit unions are community-based financial institutions that are owned and controlled by their members. Traditionally, they were set up by groups with a common bond, e.g. workers, trade unions or people who all lived in the same area, but this changed in 2012 and now […]
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Doorstep and home credit loans are one in the same thing, a way of lending money without having to apply to a bank, building society or credit union for a loan. Instead, loans are provided by home credit lenders who visit you at home to […]
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With the life expectancy of people in the UK increasing on a yearly basis, more and more older people are searching for money to help see them through retirement and beyond. Unfortunately, getting a loan as an older person is difficult to do from standard […]
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Finding the money to deal with unexpected costs in a time where peoples’ financial situations are at their worst is tough. Often, people will undertake desperate measures to make sure that they don’t go without. More and more people are opening themselves up to the […]
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Whether you are planning on applying for credit or just like to keep track of your finances and credit score, getting a free credit report is often a good idea. There are hundreds of websites out there offering credit reports and other services and knowing […]
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Being turned down for credit can leave you wondering where to turn to next. If you are in a situation where you need to borrow money, getting refused credit can be very frustrating, and leave you feeling as though you are out of options. Many […]
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If you have a poor credit rating and are unable to resolve it quickly, it can feel like you have no options when it comes to borrowing money. It is possible to get some forms of finance without the lender having to run a full […]
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Getting on top of your finances in an economy such as ours can prove to be a difficult thing and the number of people requiring alternative methods of funding has increased exponentially. Borrowing money in a wide range of different ways has never been easier […]
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Whether you are looking to purchase a van for your business or for personal use, finding the funds to buy a new vehicle can be a struggle. A van is often much more than just a useful vehicle for getting you from A to B, […]
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Having a range of different debts in various forms and across an array of lenders can be difficult to manage. Even the most organised of individuals can struggle to keep up with repayments on multiple debts and accidentally missing one can have a huge impact […]
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There’s a wide range of asset finance products, and for some business owners it can be hard to see the wood for the trees when looking for the right one for your firm. Asset finance is all about assets, and there are different scenarios where […]
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