If you checked out our Guarantor Lender Comparison you will see that we did mark all of the companies that accept tenant backings. We didn’t however compile a list factoring also ages and so we do that here and also update the main comparison page. The introduction of non homeowner guarantor loans has been a major development in this niche, making the products much more accessible. Before hand it was very tricky to find a backer who owned their home. In many cases, the applicant would have had to ask their parents to support the agreement. Through the relaxed change it is now more likely that friends or work colleagues can step in.
Firstly, you can view all of the logbook lender prices in this V5C Comparison. On receiving this query a few checks were made to see if there had been any changes at the top end and there wasn’t any. As before, the cheapest logbook loan online is available from The Car Loan Centre. Their charge per £1000 over a year is £394.74. The APR for this is 90.79%. This company (who also provides finance) is some way ahead of the competition. Their closest contender is Mobile Money who ask for £426.80. These 2 noted V5 lenders are the only companies that charge less than £500. Varooma’s Platinum plan is £430, but you’ll need to be a homeowner with top credit.
Hi, a similar question was asked back In 2015. That submission went on to become the most popular page viewed on Lenders4U and this one here has been trending the most for several months now. This query reached us in late January and so there hadn’t been any brand new payday lenders 2016 back then. Time has passed on (now in October) and we have seen a few newcomers. The question did also extend to 2015 firms and so we also have added those. In the future, most newer companies will be expected to target instalment periods or at least be extra picky on shorter repayments. Whilst it is nice to see additions, there has been some recent Closures.
A £30,000 loan would be outside of what most banks offer with the maximum usually being set at £25,000. There are 2 exceptions to this though that includes Barclays and Sainsbury’s. With the Barclayloan you can actually receive as much as £50k. To apply you must however be an existing banking customer or be willing to switch across. The supermarket giant on the other hand has no such requirement in place. Nectar cards holders just usually get a slightly cheaper deal, although this isn’t the case at 60 months that is the maximum selection term for this queried sum. If you borrowed £25k you’d strangely be offered an extended repayment of 84 months.
Through running some checks on the majors there was usually 10 bank branches in Manchester. This was seen with the likes of Barclays, HSBC, Lloyds, NatWest, Post Office and RBS. There really wasn’t much to call between these and they do tend to bunch up their outlets in all of the same highly populated areas. It would perhaps be a better measure to look at the total network sizes across the entire UK. As it stands, the Post Office has the largest network of 11,500 outlets. They don’t hold their own banking licence, but their products are issued by Bank of Ireland. Moving on, NatWest has a large network of 1600. Barclays sits very closely to them with 1500.
Non of the many banks that we have Compared cater applicants with low scores. When scanning through eligibility requirements it has been common to see the headline that a CCJ would trigger a decline. There hasn’t tended to be supporting notes regarding missed payments, defaults etc, but the chances of seeing a decline would be high. The banks have remained strict since the financial crisis took place (2007/2008). You also have to factor in that they are offering unsecured agreements on sums that run in the thousands. Barclayloan even heads to £50,000. Minimal risk of default is essential and so they’ll seek a high score out of 999 from Experian (some may use another CRA).
From our collected data, the cheapest £1000 loan taken over a year is available from HSBC’s First Direct. They charge just £39.93 (7.5% APR). To qualify for this you will need to be banking with them on their 1st Account. If you switch to them they currently offer £100. In essence, with this bonus in place you would be receiving a free loan. On investigating this account further they charge a monthly fee of £10, but this can see a waiver when paying in £1000 each month after 6 months. An added perk is their interest free £250 overdraft and their support team operates 24/7. Once joined up they initiate immediate funding.
The most common solution taken is to contact the Financial Ombudsman Service (FOS). Before you do this however you must be able to satisfy them that the complaint has been brought to the attention of the business in question. They’ll have 8 weeks to get an answer back to you. This can be sidestepped if you are unhappy with the response or treatment provided in your matter. The UK’s Financial Ombudsman Service was established by the government in the year 2001 to help settle disputes between consumers and UK businesses whether the company is involved in banking, finance, insurance etc. Essentially the aim is to solve disputes and to prevent them heading through the courts.
Most companies hand their customers with the opportunity to make early loan settlements. Very few companies however disclose specific information surrounding any charges that may be incurred as a result of a settlement. In most cases there will be no required admin fees, but the full interest charge for that complete month may need to be paid. Some firms may even ask for an interest charge for the subsequent month. There are differences across sectors and obviously each company will have their own individual requirements. Some lenders may only charge you interest until the day that you clear your balance. Amigo Loans and Wonga are a few popular firms that price to the exact day.
Bank overdrafts are cheaper in most cases. This really depends on the amounts and the time period that funds are borrowed for. There is also a great variation between the overdraft charges imposed across most banks. The assumption is being made of course that you are accessing a planned overdraft (aka arranged or formal). If you do go into the red when it is unplanned, the fees are always going to be much more expensive than any payday loan. Since 2015 arrived, we have seen industry price capping in the payday sector that has helped to keep things simple on that side. The charges here can not exceed 0.8% per day.
Best Value Sectors:
2) Finance (P): B/H/L @ 4.6%
3) 12 Month (P): First Direct @ 0.011%
4) Finance (Sub): Advantage @ 29.26%
5) Guarantor: UK Credit @ 0.053%
6) 12 Month (Sub): Likely @ 0.063%
7) Logbook: Car Loan Centre @ 0.108%
8) Instalment: Fair Finance @ 0.157%
9) Doorstep: Mutual @ 0.165%
10) Payday: Drafty: @ 0.180%
11) Short-Term: Drafty @ 0.180%
* Daily interest to 3DP
* Finance rates shown as APR
* (P) = Prime | (Sub) = Subprime
* Sainsbury’s leading rate is 3.1% APR.