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Payday Loan Brokers Are a Bad Idea

Jan 24, 2018

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Page 1: Payday Loan Brokers Are a Bad Idea

Amigo Loans

Page 2: Payday Loan Brokers Are a Bad Idea

ASPECTS TO BE CONSIDERED

who is liable to pay off the loan in case the borrower defaults. There are a lot of aspects to be considered when taking out aguarantorloan and they apply for both the borrower and guarantor.

Page 3: Payday Loan Brokers Are a Bad Idea

THE CREDIT REPORT

Page 4: Payday Loan Brokers Are a Bad Idea
Page 5: Payday Loan Brokers Are a Bad Idea

INCREASINGLY DIFFICULT

For some getting loans in UK is becoming increasingly difficult with the changes in regulations that have been direct payday lenders brought over since the FCA took over the financial industry’s regulation.

Page 6: Payday Loan Brokers Are a Bad Idea

THE GUARANTO

The loans should still be assessed in a way which could be affordable to pay off for the borrower, but in case the borrower defaults on the payments, the guarantor has to pay off the payable amount.

Page 7: Payday Loan Brokers Are a Bad Idea
Page 8: Payday Loan Brokers Are a Bad Idea

CONDITIONS FOR BECOMING A GUARANTOR

For becoming a guarantor, most banks will ask for the guarantor to have great credit ratings, sometimes along with a house for security. Some organizations in UK like Amigo loans will prefer a guarantor with a house

Page 9: Payday Loan Brokers Are a Bad Idea
Page 10: Payday Loan Brokers Are a Bad Idea

CONSIDERATIONS FOR A GUARANTOR

Before giving out guarantor loans, lenders check the credit history of the guarantor to see whether they have any negative markings in their credit history.

Page 11: Payday Loan Brokers Are a Bad Idea
Page 12: Payday Loan Brokers Are a Bad Idea

SIGNIFICANT AMOUNT

People planning to act as a guarantor need to think very carefully about what they are doing. Having a significant amount of trust.

Page 13: Payday Loan Brokers Are a Bad Idea

Assessed in a way

Page 14: Payday Loan Brokers Are a Bad Idea

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