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Interesting facts about loans

Whether it is to acquire any asset or consolidate the debts, loans are one of the best ways to do it. Even though you are coming under a financial responsibility, it is more like an opportunity that we need to capitalize on.

It is important that one should know about loans as there are good possibilities that they might need it at some point in their lives. In this article, we will see some of the interesting facts about loans.

You can have a fixed interest rate

When it comes to personal loans, you can have a fixed personal rate. If there is a fixed personal rate, two things are very much evident. You have a clear picture of the amount that you need to pay, and you will also know the exact time when the loan will be paid off completely. These are the reasons why people are very much interested in taking personal loans. When it comes to credit cars, the banks might offer a fixed rate for some time for promotional purposes. But it will eventually change depending on the credit card management.

Debt

Loans can be either secured or unsecured

The general belief that people have is that they have all the loans need collateral. There are loans that need collateral, and there are ones that do not need collateral. They can be both secured and unsecured. Unsecured loans are very hard to get as there are a lot of risks involved in it. In most of the banks the unsecured loans do not have pre closures and also have high-interest rates. Hence even if there is an improvement in the financial situation, there is no possibility for you to close the loans earlier by increasing your monthly payments.

Business loans are the hardest

Business is without a doubt is one of the hardest loans to get. There are a lot of procedures involved in it. The banks will ask for all kinds of information like the business plan, financial report, criminal history, insurance information and a lot of other things. The bitter truth is that the possibility of getting a business loan from a bank is very hard. Even though you fulfill all the criteria, there are good chances that your loan will be rejected because the banks will not be impressed by your business plan.

Increasing of rate

Credit score increase

There is no doubt about the fact that it is a bad thing to have a poor credit score. But it is something that you need not worry because there are ways in which it can be improved. If you are having a bad credit score, the officials in the banks will let you know the procedures to improve the credit score. All you need to do is just follow their lead, and in a span of six months to one year you can have a good credit score will help you to get your loans easily approved.

 

Mistakes to avoid while taking loans

There are no second thoughts on the fact that loans are an absolute boon for people. It is because of loans that people are able to afford lots of expensive things like houses, other prosperities, cars, bikes, education and a lot more.

But every coin has its other side. Taking loans is one of the things where there is a lot of possibilities to make mistakes. It is important to be careful in each and every step that you take. In this article, we will see in detail the mistakes that you need to avoid while taking loans.

Taking more than required

Remember the fact that most of the banks are ready to offer you loans it is because for business purposes. But you are taking loans for your emergencies. Just because they are offering you a loan, it does not mean that you can take as much as you like. One of the biggest mistakes that you need to avoid is borrowing more money that you want.  It might look great when you borrow them, but it will create an unwanted burden while repaying them.

Money

Not considering your repayment capacity

Not considering your repayment capacity is definitely the stupidest thing that you can do when it comes to taking loans. Actually, this is the first thing that you need to consider. If you are not calculating it is not necessary for us to state what you need to go through. Some make it a point to calculate the repayments properly and take the loan if you feel that you can pay the repayments properly.

Signing blank documents

There are very fewer possibilities that you will be doing this with banks. It is because every bank that is functioning in the country is approved by the government and hence they will not indulge in these kinds of things. But if you are taking a loan from other financial bodies or lenders, they might ask you to sign in a blank sheet. Even if you are not getting a loan it better not to do that. It is because your sign in the blank sheet can be manipulated in many ways.

Applying for multiple loans at the same time

This is very subjective. There might be instances where you will be in a position to pay the loan no matter what. If that is the case, there is no issue. But if you are already struggling to repay the loan and if you are taking another loan in the same time, it will definitely cause a lot of issues and will have a very big negative impact on your life.

Not understanding the norms

Before taking the loans, it is important that you read and understand the norms of the particular bank. If you are finding it difficult it is better to clarify thing with the officials. Not having a clear picture and proceeding further by signing is one of the worst things that you can do. So take all the time that you need and proceed further only after having a clear picture of the norms of taking loans.

Quick Guide To Guarantor Loans

When you really want to invest in something and don’t have the funds to do so, the option of taking a loan is indeed a blessing in disguise. Loans are further categorized into various types, which makes it easier for you to choose the type of loan according to your requirements and your available finances and assets. In this post, we’ll be talking about guarantor loans and everything else you need to know before signing up for one. Here we go.

For starters, what is a guarantor loan? It’s like any other loan, where you borrow a certain sum of money and then repay it after a specific period with interest added to the principal amount. But what makes the guarantor loan different? Just one extra aspect – you have to get someone reliable to act as a backup to this loan – and the role of this person doesn’t end right there. This person, who is also known as the guarantor be liable for your debt and will have to pay it in case you aren’t able to.

Eligibility criteria to choose a guarantor:

  1. First and foremost, you need to find someone who is more than 21 years of age, that’s the bare minimum criteria applicable to a guarantor of a loan.
  2. The average salary of the person signing up to be your guarantor should have an annual earning of £20,000.
  3. Someone with a good credit record and a pretty strong current credit standing are always preferred by banks too.
  4. Also, having a rented or own home is another criteria – this assures the bank that you actually can bear up your personal accommodation expenditure by yourself.

While these are the underlying conditions to be fulfilled by a guarantor, the requirements may vary from lender to lender. So do check up with your bank.

What are the advantages of taking a guarantor loan?
Well, if you don’t have a good credit standing and are already riddled up with a lot of other loans, no bank will agree to give you a loan of your choice. And this is where a guarantor loan works – you can convince someone with a good credit standing to sign up as your guarantor – which will make getting this loan easier for you.

The disadvantage of this loan?

Possible Careers in Finance!

With passing decades, the chances of getting career opportunities in finance is growing with time exponentially. The specializations and domains have broadened in this field with many aspiring candidates joining the hike. There are still many people who feel, it is a risky business to invest time and money in the career options of Finance while it seems to be the leading ones amongst all. With ocean full of options, there are few options which one can never deny, with the stakes it has raised with the success rates over time. With growing advancements, every industry in every field looks for a good financer. Financers have no stop from being almost everywhere, from banking to management, commercials to equity researches, there is no place, which is not looking for a good investor or looking for people who could get investors. With growing domains, the options to choose functional specifications has also grown and it becomes difficult to choose the best option.

Opportunity

To end the confusion, we are listing few best career domains, one may pursue in finance:

Commercial Banking: There are many roles offered in commercial banking like, loan officer, mortgage banker, trust officer, branch manager, bank teller etc. having specific jobs in the commercial market. The specific zones may require peculiar skill set. They provide decent pay checks with assured growth as you keep developing in work. With public sector banks, the working hours are most suitable to work with.

Asset Management: People with high Net worth feels difficult to manage the revenues and to make decisions with the investments to make more profit. It also gets difficult for them to find an investment goal for the long-term plan, an asset manager helps them to sort such problems but going through analysis and suggesting the best option. The main goal of the asset manager is to keep the revenue safe and investments high.

Calculating profit

Investment Banking: If you have ever watched Wolf of Wall Street then you might be familiar with the term. Investment banker works in the capital market and instead of making a direct contact to the individual investor, he searches for the client and try to make him invest in the major brands for his own good, by giving him some deal or package. He also makes sure, informing the clients about the associated mergers regarding the activity they are related to. In this business, the bankers try to make a profit on both the sides, to the company a client is investing in, as well to the client.

Questions that a bank will ask if you are applying for a business loan

It is just two simple words “business loans.” But the things that you need to go through to get these loans from banks is something that cannot be described in worlds. Of all the loans that the bank offers, business loans are the ones that are very hard to get.

One has to pass a lot of hurdles to get the loans approved, and it is not an easy task. There are a lot of things that the banks will ask when you are applying for a business loan. In this article, we will see them in detail.

Collateral

The first and the most important thing that the banks will ask for is the collateral. It is because there are good possibilities that the business is of a huge amount. Hence it is important for the banks to have solid and reliable collateral.

Collateral

Business plan

You might be new to the business. But you need to understand the fact that they have been there for many years. By seeing the business plan, they can judge up to a certain level about the success of the business. If they are impressed by the business plan, there are good possibilities that the loan will be approved.

The finance details

It is mandatory that you need to provide all the present and past financial details. If you have any debts or bad payment history, it is very difficult for you to get the loan. The financial details include bank account statements and credit card bill statements.

Insurance information

The banks while lending the loans they look for all possible ways to reduce the risk. If at all you do not have any insurance, the banks will insist you take life insurance in case of some unfortunate events. The nominee for the insurance that you will be taking is the banks. So if you die the insurance amount will come to the bank.

Insurance

Personal details

You will have to provide the bank with the complete personal details with all the proofs. The personal details include address proof, identity proof with an attestation. There are also a few banks that you ask you for criminal history. It is mandatory that you have a clean past. Or else there is no way that your loans will get approved.

Agreements on future ratios

The majority of the commercial loans include a special thing called the loan covenant. So the loan covenant means the company agrees to have some key ratios. They are quick ratios, current ratios, and debt to equity. For example, if there is a situation in the future where your financials come below a certain level, then it will be considered as a default of the loan. There are good possibilities that it might confuse you. It is because this loan covenants is a huge thing and will take a lot to understand it properly.

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