£1000 Loan Comparison: Guarantor Loans Online vs Provident Personal Credit
The previous comparison saw Guarantor Loans Online and Pounds to Pocket go head to head for a £1000 loan taken over 12 months. Today's posting will compare the same loan amount and term, but will replace Pounds to Pocket with Provident Personal Credit who is of course the most popular doorstep loan lender in the UK today. There is no way to receive a loan of this amount at Provident for new customers and so to obtain this data the provident loan calculator was used for returning customers who do have access to £1000 (returns can actually stretch as far as £2500). In comparison, Guarantor Loans Online offer £5000 to all customers. Both of these subprime loans of course vary greatly from each other. With Guarantor Loans Online a monthly premium will be taken from your bank, whilst with Provident a weekly payment will be collected from your door.
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£1000 Loan Comparison: Guarantor Loans Online vs Pounds to Pocket
This first comparison will be made between Guarantor Loans Online and Pounds to Pocket for a £1000 loan taken over 12 months. Guarantor Loans Online have been used due to their fixed APR charge (FLM provide a typical rate and so this rate can change). Pounds to Pocket have been the first company to be compared due to their rising popularity here in the UK. This is a popular lender at the moment that is regularly running TV ad campaigns and is part of the QuickQuid family; I will introduce Pounds to Pocket in detail in a later posting. Typically, many guarantor loan applicants tend to apply for larger loan amounts such as £2000 or £3000, but the £1000 loan example used here is ideal to compare, since there are many lenders out there offering this same loan amount (they don’t tend to offer £2000/£3000 loans).
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Alternatives: Logbook Loans UK
Logbook loans have gained popularity over the years, mainly due to them being no credit check loans. Logbook loan lenders don't require a credit check since they secure the loan against your car (or other vehicle). The loan specially works by the lender keeping hold of the logbook (V5) and usually the MOT certificate throughout the term of the loan. This means that they have the legal right to take your car should you not be responsible to the debt! These subprime loans do work out very expensive for longer payment plans and so you should minimise that borrowing term. In regards to the logbook loan lenders, three popular names include Logbook Loans, Mobile Money and V5 Loans. Two newcomers include Car Cash Point and Easy Logbook Loans. Logbook loans tend to stretch up to £50,000, based on the value of your car. The loan duration can also be stretched over a few years.
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FLM Quick Loans Looking Impressive
FLM Quick (or FLMQuick) is the younger brother of FLM Loans belonging to the Richmond Group family. I didn't take too much notice of this new product when it launched, but when investigating them recently I was certainly impressed with the low costs available. What FLM has created here is essentially a new sub-niche of guarantor loans, that act as small guarantor loans. FLM isn't the only provider in town as well, with Guarantor Loans (Blackheath Ltd) also creating a similar loan product; you may remember that they have always provided large guarantor loans, but now they have lowered the amounts from £100-£750. Moving back to FLM, you may wonder why I have shown such support for them here? A lot of this has to do with the low costs involved.
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FLM Loans Review 2011
There hasn't been much coverage on FLM Loans here at Guarantor Loans UK so far and so this posting will provide a small review of the brand as they are functioning in 2011. FLM Loans arrived on the scene in 2005 and arrived as the first guarantor lender on the market. There was unsecured loan providers catering the subprime market before this time, but most were focused on credit checks, which is something that FLM Loans wanted to change. The guarantor applicant does have a basic credit check carried out on them, but this is made for identification and to simply check that they aren't currently bankrupt. What determines the outcome of the loan will be the guarantor who steps in should the borrower happen to default at any time. Sam Wells is the managing director at FLM, who are a brand of The Richmond Group that is headed by James Benamor.
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Guarantor Loans UK Q&A
Most visitors to Guarantor Loans UK reach the site via the Google search engine. The idea today will be to study the most frequent search engine queries that visitors are entering to find us. Some of these questions may not have been addressed on the site before, although some of them will have been, but I thought it would be a good idea to throw them together in this one Guarantor Loans UK Q&A posting. The most frequent queries will be looked at today and over the future months new ones will be added here and so this will posting will be updated on a regular basis. If you have any questions that you would like to be answered then feel free to get in contact and they will also be added below. So let's start with the Guarantor Loans UK Q&A...
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Bankruptcy Loans: Personal Loans After Bankruptcy
Should you become bankrupt, this bankruptcy will mark a huge dent on your credit profile, but despite what people think this doesn't mean that you won't be able to once again use credit again. This mark will stay on your credit profile for 10 years, but it will disappear soon after this time. How long does it take to become discharged from bankruptcy? Well, this usually takes one year, but it can happen much sooner than this. Once you have become discharged from bankruptcy you can receive credit again, but you will have to accept the high interest rates that arrive with each various subprime loan. Subrime lending is big business for specialist lenders and so with that demand comes the supply. This posting today will be looking at that supply that is offered through various means. Take up these options and you will receive credit again, but more importantly you will get the opportunity to develop your credit profile again from scratch.
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Need Credit Repair Help? Try This
Do you need credit repair help to qualify for personal loans? Some of us are that far into the red that receiving personal loans can at times feel like mission impossible. If you continue to fail credit checks then perhaps no credit check loan lenders providing guarantor loans or logbook loans may be the only option for you. With a guarantor loan the problem you face is that you must be able to find a guarantor who would be willing to offer you that loan backing and with a logbook loan you must have a car that the loan can be secured against. If it so happens that these two options are out of the question for you then just what is the best option to get back on track with your personal finances? Well, the only option from here would be to repair poor credit blips by yourself. There are a number of ways to do this and I thought that I would provide a further suggestion today.
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Best Guarantor Loan Alternative
If it is not possible for you to go ahead with a guarantor loan, for perhaps the reason that you can't find a guarantor, then just what is the very best guarantor loan alternative? If you look to the contents to your right you will see a number of great suggestions such as a doorstop loan or perhaps a logbook loan, but in recent months I have come to the conclusion that the really efficient loan products are coming from the major UK payday loan lenders. Although there are a large number of impressive payday loan lenders operating on the UK market today, it is really the two headliners that pull out all the stops and a recent comparison I made allowed me to see this more clearly. These two major headliners are of course PaydayUK and QuickQuid who continue to take a large market share of all payday loans (cash advances) in the UK.
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What is a Surety?
There are a good number of words particularly in the world of finance that earth in the United States, they then rise in popularity and then quickly make their way over here to the UK. "Subprime" is a good example of a word that in the past several years has become very popular in the United States and it has now more recently become a popular term here in Britain. One such popular word looming from the United States that is not so popular over here is the term "surety"! I have heard it a few times recently and so wanted to cover its meaning here today at Guarantor Loans UK, as you will find that it has a rather relevant meaning with the theme of this site.
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