As the festive time is coming close followed by the Brexit due on Friday, 29 March 2019, British are getting more concerned to their financial securities and the funds to meet out the expected recession. Just after few months, the UK will leave the European Union because of a referendum on Thursday 23 June 2016. To make the things simple, European Union (EU) is a political and economic partnership between twenty-eight European countries. Uncertainty because of Brexit has slowed the UK.'s economic growth to 1.3 % in 2018. All is known and new speculations from diverse survey agencies surfacing on digital spaces are making the British people extra conscious to have financial reserves. Keeping the savings on the track, the majority of UK households highly relies on guaranteed loan and don’t mind paying a cost.
What are Guaranteed Loans in the UK
Guaranteed loan is a term made popular by the direct lenders in the UK from British-lenders.uk. The term denotes that any applicant has very high chances of loan approval irrespective to credit score, professional status, nature of profession etc. Although mainstream regular banks don’t have such a term in their product portfolio majority of direct lenders do have. The best part of a guaranteed loan is that this financial help is made available almost instantly latest within a day with minimal documentation. Even the borrowers having no guarantor or no asset are eligible to avail this any time cash help. Generally, this small amount cash help is provided for a short-term but it is a dependable way to meet out emergency expenses without disturbing the savings that are sure to be a great help during expected recession period after Brexit.
Guaranteed Loan Approval- Favorable Or Unfavorable:
The UK borrowers often see online advertisements highlighting attention-grabbing phrases like same day quick guaranteed lending without the guarantor, no credit check loan guaranteed cash loan etc. The widely advertised guaranteed lending the credit means that direct lender is not much concerned with possible loss due to non-repayment? Does it mean that borrower is free from repaying responsibility? The answer is ‘NO’.
Every direct lender strives to safeguard its business interest. Borrower too is bound for on the time repayment because repaying the loan is moral as well as legal responsibility. If a borrower fails to repay the loan because of any reason, he gets the red mark on credit score report that makes future borrowing from any agency tougher. Guaranteed cash loans, approved quickly, come at a very high interest rate. Taking this financial help is a good choice only if you have no other way to arrange the required funds. A guaranteed quick loan is a good choice only for the small amount short-term need that too only if you are confident to pay back the entire amount within a couple of months. A guaranteed payday loan is the best option in this category.
If you think that borrowing instant decision cash loan at a high interest rate from a private lending agency (British Lenders UK) is something wrong or an act to feel ashamed, you are wrong. Almost 3 million British households use high-interest rate loan each year. As on 16 July 2018, there were 58,000 FCA authorised financial services providers; and the total volume of personal guaranteed credit was £37 billion in 2016-2017. The term guaranteed loan contains the ‘Oxygen’ for British households; inhale it whenever you feel suffocated by financial crunch.