Credit Unions Explained
What is a Credit Union? Credit Unions were founded in the 1940s as not-for-profit organisations to help people save money or borrow at low interest rates. The founders of a credit union are joined by a common bond, whether they work together, belong to the same community or church, but their aim is to help local people save money rather than charge usurious rates. Source: MoneyAdviceService Rather than profits being
Read MoreGoogle takes time with the changes to its Adwords policy
Google are taking their time to roll out the changes to their new Adwords policy which is set to affect the paid (PPC) adverts for various loan products in the US, UK and elsewhere. The new policy update was announced on 11th May 2016 with the plans to ban all paid adverts for payday loans and other financial products with a Representative APR of 36% or higher or where payment
Read MoreA Guide to Unsecured Lending
An unsecured loans involves borrowing a few hundred or thousand pounds from a bank, lender or financial institution but you do not need to put down any assets as collateral (e.g car, home) to be eligible. This means that if you are unable to meet repayments, you do not risk your valuable property or items being repossessed by the bank or lender. Examples of unsecured loans include: payday loans
Read MoreWhat happens if your application is not successful
Not every person that applies for a guarantor loan will be successful. As we work with responsible lenders, they have an obligation to find the right product for the customer and not give them a loan that will cause financial difficulty. So despite your best intentions, your application might be turned down because: You have a history of bankruptcy, CCJ or IVA Your guarantor does not meet the criteria i.e credit score,
Read MoreHow to become FCA authorised
The Financial Conduct Authority became responsible for regulating consumer credit in the UK on 1st April 2014, taking over from the Office of Fair Trading. The FCA provides a guide for consumer credit that all participating firms must follow and there is also the Consumer Credit Sourcebook (also known as the CONC) which has a list of conduct standards that companies must adhere to. Compliancy is king So for
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