The universal global recession known as the credit crunch is still alive and kicking and if you listened to the news everyday then you would stay in bed with the duvet over your head, as the experts keep telling us that things won't get any better for a long time.
Well, here is a revolutionary bit of thinking... the credit crunch isn't that bad!
The credit crunch has probably affected the financial services industry more than any other and these problems have had a devastating effect on the availability of credit, everything from car loans to homeowner loans. Yet there are many loan companies in the UK who are reporting that the demand for loans has never been higher and there appears to be demand for one particular product more than any other... the guarantor loan.
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In simple terms this type of loan is given to the borrower but the lender assesses the credit worthiness of the application not on the borrower but on the guarantor, i.e. The person who is supporting the application and this person normally has a very good credit history with no record of county court judgements or defaults. However you will hard pushed to see these types of loans advertised anywhere because the lenders lie about their existence:Lie 1. Lenders state that they do not lend to people who are unemployed, yet they do this every day of the week. Lie 2. Lenders state that they do not lend to people who fail their credit score, again, they do this all of the time.
How do they do it? By offering a guarantor loan.
This type of funding is a fundamental part of most companies lending strategy. The reason they don't want to publicise it is because of reputational risk, after all, how many lenders will want to publicise the fact that they lend money to people who are unemployed, on benefits, part time only, students and tenants?
Lenders are in the business to lend money and there is only one thing they need to check with all their potential borrowers...will they repay the loan? With a guarantor supporting the loan and being there to repay the debt should the borrower not be able to repay the loan for any reason, then the answer is yes they will.
So remember that what a lender or bank says isn't always what it appears at first glance and the UK loan industry is one of the worst culprits.
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