Guarantor lending safer investment than peer to peer?
Peer to peer lending has grown significantly in the UK over the last few years. According to the Peer to Peer Finance Association, lending rose to £6.5 billion in 2016 in the UK, up from £2.1 billion in 2015. The figures are based on customers borrowing up to £25,000 (Zopa) and £35,000 (Ratesetter) for personal loan use, business purposes or property finance (this could be secured). Interest rates
Read MoreWill You Help To Crown “Best Guarantor Loan Provider” 2017?
The Consumer Credit Awards are the only consumer-voted for awards that are focused on consumer credit in the UK. They’re run annually by Smart Money People, the UK’s #1 financial services review website. We’re excited to announce that this year, we’ll be adding a new category to the awards…guarantor loans, following the increased popularity of this financial product as an alternative to payday or personal loans. But we need your
Read MoreA Guide To Default Rates For Loans
What is a default rate The default rate or 'delinquency rate' refers to the percentage of funded customers that fail to repay their loans. When a customer misses repayments and finds themselves in a position where they are unable to repay at all, their loan is moved into a state of arrears, also known as default or delinquency. A customer that misses one repayment and then makes the next one or
Read MoreAre late repayments taken automatically from the guarantor?
The question: If a borrower defaults on their guarantor loan, is the outstanding balance automatically taken from the guarantor's debit account. The answer is simply, no. Whilst every successfully funded customer will have a guarantor back up their loan in case they cannot repay, if it just a monthly payment that has not gone through, the lender will always try to collect outstanding funds from the main person first and foremost.
Read MoreWe are working with Talk Loans!
We are pleased to announce that we have recently started a partnership with Norwich-based company, Talk Loans. Talk Loans are different to other loan companies because as their name suggests, they like to talk to the customer. In an age where more applications are processed online and through comparison websites, the personal touch and quality customer service is slipping away. But with our new relationship with Talk Loans, we are
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