UK Credit increases its maximum loan size
UK Credit, one of the leading guarantor lenders in the country, has increased their maximum loan size. Announced last month and pushed live in the beginning of July, the Norwich-based lender increased their homeowner product from £7,500 to £10,000 and tenant product from £4,000 to £6,000. The table below shows the minimum and maximum terms for all loan sizes: Representative Example: The Representative APR is 39.9% APR (fixed) so
Read MoreIf our guarantor lenders were teams in Euro 2016
With the Euro 2016 competition currently in full swing, our creator randomly started thinking about which lenders would be a Euro 2016 team based on their criteria, style and culture. So without further ado, we give you the Guarantor Loans Euro 2016 Competition! Rules of the Guarantor Loan Euro 2016 Competition: You need the help of a teammate to score a goal, otherwise you will be caught offside or knocked out of
Read MorePayday Loans Complaints Increase Whilst Guarantor Loan Complaints Remain Low
Last month, the BBC reported that the number of payday loan complaints has tripled in the last year despite new laws introduced to protect consumers. Accordingly, there were 3,216 complaints about short-term loans in 2015/16, compared to 1,157 in 2015. Several new rules have been brought in by the FCA since January 2015 including: a price cap charged by lenders at a maximum of 0.8% borrowers will not be allowed to
Read MoreGoogle to stop showing paid adverts for payday loans and guarantor loans
Last week, Google made a huge announcement that they will not longer be allowing payday lenders to advertise in the paid section of their search results. This has huge implications for the £2 billion payday loan industry in the UK (and of course the US where the policy is originated). With over 201,000 monthly searches for payday loans in the UK, the pay-per-click section is likely to be accumulating around
Read MoreBank Unauthorised Overdrafts More Expensive Than Payday Loans
Payday loans are commonly criticised in the press for being too expensive, and their sister guarantor loans also don't get off easy. Before the FCA regulation come into effect in January 2015, the payday industry charged representative APRs of 1,000% up to 6,000% - which led to a lot of backlash from MPs, journalists and religious figures. However, in reality, those loans of up to £1,000 that are supposed to
Read More