Manage your payday debts with a guarantor loan

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Once upon a time we lived in a world where credit was cheap and what’s more there was plenty of it. Up until the credit crunch hit the British economy, mainstream lenders such as banks and building societies were a great deal more willing to grant loans, credit cards, mortgages, and overdrafts to consumers who needed a quick cash injection, even those with less than perfect credit. How times have changed!

Mainstream lenders have closed the doors to those with poor credit

The financial environment is a different playing field these days, and if you want to be accepted for a loan or credit card with one of the big high street lenders, then chances are that you will not get a look in unless your credit score is flawless. If you are one of the many millions of UK consumers who has poor credit, than chances are you will have either used a payday lender to get the money that you need to tide you over or cover that large expense, or at least been very tempted to do so. After all it cannot be denied that they are extremely convenient, seeing as they can pay money into your bank account with no questions asked in less than 10 minutes. In fact if it wasn’t for the ludicrously high interest rates, which for example would see you pay over 5000% APR on a Wonga loan, they might in fact be the answer to your borrowing needs.

Struggling with payday loans? Use a guarantor loan to consolidate your debt

Sadly, many people in the UK have been seduced by the convenience of payday lending and have quickly found themselves in over their heads when unforeseen circumstances prevented them from paying the loan back. Well, that or they were forced to ‘roll over’ their loans; an action which can quickly turn a £500 loan into a £1,500 one. If you are one of the many who have fallen prey to payday lenders and are in something of a spiralling debt problem which you cannot climb out of, the answer to your troubles might be to consolidate your debt. Whether you have one, three, or five payday loan debts hanging over you, consolidating your debt by taking out a large, lower interest loan will allow you to pay off the payday lenders in one swoop, as well as pay back the money that you owe in much more manageable monthly repayments. This is something that you can do by taking on a guarantor loan.

What is a guarantor loan?

A guarantor loan is another form of alternative lending, which unlike payday loans will allow you to borrow the money that you need, minus the extortionate rates of interest. The only condition that is attached to this is that you will be required to find a friend or family member to sponsor you by acting as a guarantor loan. In short, if they trust you, so will we. You will be able to borrow anywhere between £1,000 to £7,500 over a one to five year period, which means that a guarantor loan can be taken on as a short, medium, or long-term option, depending on what your circumstances dictate. Importantly, a guarantor loan will much cheaper to repay than any payday loan out there, and if you were to borrow  £3,000 to pay off your payday loan debt over three years, you would pay the money back in £143.98 monthly instalments, which works out to 47.9% APR. Compared to the payday lenders which charge you £25 in interest for every £100 borrowed, this is a great deal cheaper.

So if you are in trouble with the payday lenders, don’t panic, and take charge of your payday debts by consolidating with a guarantor loan.


April 22, 2014

The Art Of Carefully Selecting The Best Student Loans

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The Art Of Carefully Selecting The Best Student Loans

Financing your education is no longer an ordeal thanks to the presence of tons of options today. Additional financing is necessary if you are starting out with higher education or if you happen to be the parent of a student. Certain others also return to finish off their degree; they may also require financial assistance from trustworthy sources. Enter private student loans – the paradigm that has brought forth considerable changes in the lives of many people across the country. Long gone are those days when one had to settle for the mediocre paying high interest private student loans! Today, anyone can use the vast number of online resources to opt in for lucrative loan offers.

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There are considerable advantages in store for a student searching for loan provisions in the internet. For starters, they will get that opportunity to compare the available rates and other options very easily. Once they find a suitable financial proposition that is seemingly interesting, it is easy for them to apply for the same. Most providers of financial assistance will offer comprehensive account management systems to those who would like to keep a track of their loan. Repaying the loan amount through the online payment gateways is easy, in the same way!

While all the above-mentioned aspects might appear enticing, the real ordeal starts when a student begins to look into the options that are available for them. The lucrative nature of this industry has prompted many organizations to come forward and offer student loans. The sheer number of options that are available to a student can confuse them. There are certain aspects that every student will need to be aware of, when he or she is searching for additional financing that will help him or her to get their desired degree. We will consider some of them in the rest of the discussion.

Start by looking into the features made available to the students by the student loan companies. Secure sites and accreditation by the Better Business Bureau, along with various kinds of online payment calculators will help in putting the students and their parents at ease. Several tools offered by the student loan company should work in unison so that the students will always end up getting the best deals made available to them. The larger the number of tools provided to the students, the better it will turn out!

Secondly, one will have to consider the help and support that they will get from the student loan company. Many student loan providers do not take the queries put forward by the students seriously. The students must get satisfactory answers to all of the queries that are present in their mind. It is possible to assess the quality of the help and support offered by one such institution by looking at the number or kinds of communication platforms they have embraced. Some of the best student loan providers now offer online chat facilities that will enable the students to get immediate answers for their doubts.

Please pay attention to the types of loans offered by the student loan company. Some establishments offer loan consolidation, which is a huge respite for a large number of students. Opting for student loans after gaining comprehensive information about them makes more sense rather than jumping into the bandwagon and regretting it later!

 


February 12, 2014

How Can Guarantor Loans Help In Mending Your Credit Scores

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How Can Guarantor Loans Help In Mending Your Credit Scores

People do not think much about their credit ratings or history until they fall in tough financial conditions. Once you begin to search for different types of credit, then one aspect becomes obvious. It is nothing but the simple fact that banks can disregard your loan application, if they find that you have a low credit rating. Luckily, various well-known and little-known sources can help you with your tough situation. Most of them will readily offer payday loans that come with exorbitantly high interest rates. Moneylenders often take into account the credit rating of the loan applicants because they wish to know whether the applicant can repay the loan amount properly without causing any issues.

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Many people are simply not aware that guarantor loans can help them to improve their credit ratings. We will consider more of this in the rest of the discussion. First, let us look who all can benefit by taking a guarantor loan. People who have low credit scores can benefit a lot by taking guarantor loans. Those who have not taken any kinds of loans before can also use the same to improve their credit ratings. The underlying idea is plain and simple – it is nothing but to build your reputation among the lenders so that they will sanction loan amounts readily at some other point later.

Understanding the paradigm of guarantor loans at this stage will help a lot with the ensuing discussion. This form of loan is available to those who can produce someone else as a guarantor.  This lends additional credibility to the person who is applying for the loan in the first place. The moneylender will also get to avail that extra sense of security from the applicant because someone else is vouching for them!

One of the easiest ways with the help of which you can improve your credit scores using guarantor loans is the following – make it a point to repay the loan amount properly within a designated period. This should not be much of a problem for someone who truly realizes the gravity of the situation they had gotten themselves into. Repaying the guarantor loans properly implies that you have the necessary financial responsibility and this is a great deal for the moneylenders. Getting back into a financially stable position that will help you to grow –every moneylender in the industry will pay attention to this simple concept.

The companies dealing with guarantor loans can offer amounts ranging from £1000 to £5000. You will have access to easy repayment terms – this will usually range from one year to five years. Typically, a guarantor must be present in order to avail the loan amount. Those who opt for guarantor loans that come with longer repayment periods will have an opportunity to mend their credit ratings. Paying off the loans in a slow but steady manner has its own share of benefits – this being one of them. According to mobiloans.co.uk, the annual percentage rate for the guarantor loans ranges in between 45 to 50.

Mobiloans is an interesting web portal, which will help you to learn in depth about the loan options available for those having low credit ratings. Visit this website today in order to learn more about the ways with the help of which you can gain credit scores in an easy and safe manner.


February 5, 2014

The Relevancy Of Guarantor Loans And How They Are Better Than Payday Loans

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The Relevancy Of Guarantor Loans And How They Are Better Than Payday Loans

Many people understand that different types of credit are available during these times. One of the good things about these credit options is the following – you can customize them according to your requirements. Finding a product that can help you during some of the toughest money crunching periods is as simple as booting your computer and searching for them online. By all probabilities, you may have heard a lot about payday loans. However, are you aware of the disadvantages that are in store for someone who signs up for such kinds of loans without thinking too much?

The interest rates charged by many payday loan providers can be up to 1500% higher in comparison with the traditional systems. According to mobiloans.co.uk, many well-established banks within the UK consider those who opt for payday loans as a risk factor and there have been instances where the bank denied them loans or other similar provisions because they account holder dealt with payday loan companies at some earlier point of time. Enter guarantor loans that is an extremely versatile option, which can help anyone to tide through some of the toughest financial situations. Not many people are aware of the fact that they can get these kinds of loans from amounts ranging from £500 to £7500.

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Another interesting characteristic of guarantor loans is its repayment terms. According to the earlier mentioned website, the highly flexible loan repayment conditions happens to be the aspect that attracts hordes of people to get this form of loan. Consolidating all kinds of debts that you may have is easy when guarantor loans are present. Anyone can take this type of credit arrangement in order to pay off their debts (including that dreaded payday loan). Such loans also play a pivotal part in helping you with small but significant purchases.

Contrary to your belief systems, purchases under £7500 can occur quite frequently in life. Banks that often specialize in offering large loan amounts might not provide their account holders small loans. This in turn forces them to opt for alternate loan options such as payday loans and guarantor loans. As you may have guessed by now, guarantor loans require someone else to back you up. Only then, the money lending company will allocate the desired amount. Make it a point to ask someone who has a good credit rating and financial stability to be your guarantor.

The companies that offer guarantor loans is a respite for many people who have been suffering for all these years under the other establishments that imposed strict repayment conditions. People now have an option to flex their spending abilities according to the requirements at hands – thanks to guarantor loans. Avoid reaching out for instant credit available from various well-established and little-known sources on the online or offline world. You will have to stop and think whether the loan provider is following a trustworthy system that will help you to repay the loan without much difficulty.

Guarantor loans occupy a safe spot in between the traditional payday loans and the other loan options that involve a homeowner using his or her home as a collateral to get the amount. Visit mobiloans today to get an in depth understanding of the various types of credit options available for commoners. Do keep us posted with your experiences after taking such loans.


February 5, 2014

Bill to be filed to cap payday loan rates in R.I.

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Two Rhode Island legislators – Rep. Frank Ferri and Sen. Juan Pichardo – said they will reintroduce bills to limit the interest rates charged on payday loans. The proposal from the two Democrats has failed repeatedly in recent years in the face of strong opposition from payday lenders.

The bill would cap interest rates at 36 percent. Now, payday loans come with annualized interest rates of up to 260 percent.

Owners of the businesses say the loans are a valuable financial tool for many people and that capping interest rates could force their businesses to leave Rhode Island. (Associated Press)


February 3, 2014