Payday Loans Blog

FLM Quick Loans

Paula — Mon, 30 Jan 2012 23:34:59 +0000

FLM Quick Loans offer a very different form of payday loan called a guarantor payday loans. They have been rather clever and added a 3rd person into the loan agreement, this person guarantees the loan is repaid which means they will repay it if the borrower does not. There are several very big advantages to this:

It means the loan is a lot cheaper than offered by other payday lenders.
The borrower does not need to have good credit, or even a credit history to get a loan. Only the guarantor is measured.
The borrower can get credit when declined by many other companies.

Loan Details

The Borrower:

Requirements

Age 18 years old or older
Be A UK Resident
Not be a bankrupt or on an IVA

The borrower can have poor credit, the only complication arises if they have been declared bankrupt in the last 5 years.

The Guarantor

Requirements

18 years old or older
UK Resident
Fair credit score and no CCJs, not a bankrupt or on an IVA
Possess a UK bank account with debit card
NOT need to be a homeowner
Must earn more than £500 per month, it doesn’t matter how. It can be through work, benefits or a pension, it doesn’t matter.

Guarantor Loans

Paula — Sat, 28 Jan 2012 22:22:47 +0000

One of the newest forms of lending that has appeared in the UK are guarantor loans. Essentially they give anyone access to credit no matter how bad their situation. This is because they add a 3rd person into the loan agreement, they must have fair credit and be prepared to repay the loan if the borrower cannot. In the last year several guarantor loan lenders have appeared to sit alongside the originators FLM Loans. I will be looking at each of the lenders and giving you more details about guarantor loans and their related products such as a payday version called payday guarantor loans.

Payday Lenders

Paula — Sat, 28 Jan 2012 22:17:45 +0000

There are a number of payday lenders in the UK from Wonga to Payday UK you will have seen many of them advertising on your television during the day. That is unless you are at work of course!

I will be looking at several of them and giving you the low down on their charges, requirements and so on. On top of this I will try and help ensure you avoid unnecessary broker fees.

Payday Loans and Bad Credit

Paula — Fri, 27 Jan 2012 22:40:58 +0000

If you have a low credit score you are probably a victim of circumstance. Missing a payment, paying late while you waited for money to hit your bank account, there can be a lot of reasons. It may not even have been your fault. Having to run our finances in the good times is pretty straight forward, save or spend just make sure you have enough just in case. Now times are tough every penny counts so dealing with your finances day to day is often a real struggle for lots of people in the UK. It is so easy to pick up bills, responsibilities and financial obligations that the repayments can just keep piling up and the slightest miscalculation or mistake can result in a damaged credit history.

The reason this is such a big deal is simple. High Street lenders are themselves in trouble, and when they find themselves in trouble they try to limit their risk. This means they will only lend to people they are absolutely certain will repay them. This is why having a damaged credit rating is often a problem and can lead to rejections when you apply for an overdraft, loan or mortgage. Of course losing this access to cheap credit in turn can cause people to miss further payments meaning their credit score degrades further. This is just the cold harsh reality of finance in the UK today. I haven’t even started to discuss the personal issues this can cause whether it is the after effects of stress or the loss of assets. Ultimately the final nail in the credit score coffin is the CCJ gained as a result of failure of payment.

There are loans designed to help people who are turned down by the high street and these can help people ensure they don’t miss payments, or worse. One of the major and most popular ones are of course are payday loans. Because they rely solely on your disposable income when you are paid and not your credit history they are a gateway to borrowing in more ways than one. They are usually paid out within 1 day and often in under a few hours. The short term loan may also help you repair your credit rating as you prove to companies like Experian that you are capable of repaying a loan in full and on time.

Lets talk Payday Loans and Payday Lenders

Paula — Fri, 27 Jan 2012 20:09:03 +0000

It’s been in my head for a while to start a blog about the payday loans industry in the UK. The great thing is it ties into many aspects of the finance sector in the UK and this will give me a lot to talk about. Hopefully in an interesting manner of course!