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My name is Jenny Elmore.I am from London and currently working as a Financial Adviser at Best Unsecured Loans. For more info :
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Jenny Elmore

Jenny Elmore

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  • 17 Aug 2018

    How The Fca Are Protecting Consumers

    Did you know that borrowers who take out short term loans and payday loans receive far more protection than borrowers who take out unauthorised overdrafts, logbook loans, guarantor loans, and many other types of financial products?

     If you’re looking for between £80 and £2,500 with between one and twelve repayment dates, there are far stricter rules governing both how much you’ll pay for your loan and how the company you’re borrowing from treats you if you get into financial difficulty than with any other part of the financial sector.

     In this article, BestUnsecuredLoans looks at:

    • who the Financial Conduct Authority is
    • why payday loans and short-term loans are as heavily regulated as they are
    • what the FCA’s 8 golden rules are
    • how BestUnsecuredLoans and our panel of lenders are licenced and fully compliant
    • how to apply for a payday loan or a short term loan through BestUnsecuredLoans

    Who are the Financial Conduct Authority?

     Independent of the British Government, the Financial Services Authority (FCA) regulates most of the UK financial service industry. That’s everything to banks to financial advisors to investment funds to loan providers.

     They replaced the Financial Services Authority(FSA) in early 2013. The FSA was widely thought of as being far too lenient on financial services companies. Many people blamed them for the lax lending standards which led to the house price bubble which exploded in 2008. Other people blamed them for being too soft with the banks on issues like payment protection insurance, overdraft charges, and more.

     The FCA is the tough new regulator whose role is to stick up for the interest of people and not companies. One of the first areas that they set to work on was sorting out the payday loan and short term loan sector, otherwise known as the HCSTC (high cost short term credit) industry.

    Why do payday loans and short-term loans need such heavy regulation?

     By the time the FCA come into existence, payday loans and short term loans had attracted a lot of bad publicity. Some called it the “Wild West” of lending because it was a brand new industry and no-one was quite sure how the company in the sector should behave.

     In 2015, 8 new golden rules were introduced that all payday loan and short-term loan companies had to follow – including brokers. These rules were put in place to protect consumers from what many debt charities felt were lenders who were charging too much and who were using unfair techniques and tactics against borrowers who had not kept up their repayments.

     The new rules were strict. Lenders now had to prove to the FCA that all the systems within their companies could comply with the new regulations. If they could prove it, they would win a licence which would allowthem to offer loans to people. Many companies dropped out straight away with others leaving the sector a bit later on, as reported on industry website Loantalk.

     What are the eight golden rules which give you, as a borrower, more protection than ever before?

    The FCA’s golden rules

     Rule 1 – no more than 0.8% interest per day charged on a loan

     That’s equivalent to 80p per day on every £100 you take out. That means that, if you take out a loan for £100 over 30 days, you can’t be charged more than £24 in interest (that’s 30 days multiplied by 80p a day). Likewise, for a loan of £500 over 60 days, you can’t be charged more than £240 in interest (that’s 60 days multiplied by £4 per day).

     Rule 2 – no more than £15 charged for defaulting on your loan

     If you fail to make a repayment on the date that it’s due, your lender can charge you no more than £15 in fees for the “default”. Since the new rules came in, to remain competitive, many lenders have actually dropped their default fee altogether for customers struggling to pay back their loan. Please make sure that you check with your lender prior to taking out a loan whether they apply a default fee to your account if you miss a scheduled repayment.

     Rule 3 – fees and interest must cost no more in total than the amount of money you borrowed in the first place

     Although lenders are allowed to continue charging interest to customers who have defaulted on their loan in some circumstances, the total amount any borrower must pay back in interest and fees must never come to more than the value of the loan in the first place. So, if you borrow £500, you’ll never pay more than £500 in interest and fees.

     Rule 4 – lenders cannot attempt to collect payment from you more than twice

     When you agree to take out a short-term loan or a payday loan, your lender collects payment from your debit card using something called a Continuous Payment Authority (CPA). A lender may attempt to collect a payment from your account twice using CPA. They are allowed to charge a default fee on the first failed attempt to take money from your bank account but not on the second.

     If they have been unsuccessful in collecting payment twice, they are not allowed to make any more attempts to debit your account. From that point on, they must try to contact you to find out why you’ve not made your repayment. To reactivate your CPA, you have to give your lender the permission to do so.

     Rule 5 – lenders must point you in the direction of help if you’re struggling to make repayments

     Once you let your lender know that you’re experiencing difficulties in making a scheduled repayment, they must direct you to somewhere which can give you free, independent, and impartial debt advice. If you engage with a debt recovery expert, your lender must give you all the time you need within reason to work out a repayment plan that’s realistic and that’s not going to impose further hardship on you and your family.

     If you have any complaints about the way you have been treated by your loan company and you don’t feel that your complaints were treated fairly or to your satisfaction, they must direct you towards the industry ombudsman who is there to sort out all disputes between borrowers and lenders in a fair and even-handed way.

     Rule 6 – lenders must give you time to work out a realistic solution on how to pay back your loan

     If you ask for help and you let your lender know that you need breathing space to sort out your financial affairs, they must be as accommodating as possible to you. They need to take the attitude that they’re here to help you, not to make things more difficult for you.

     You and they must focus on getting the debt as it is today paid off and every attempt should be made to make sure that your level of indebtedness is not added to. There is an onus on you as the borrower here – if your lender doesn’t know, they’re going to struggle to help you. Be open, be transparent, and be realistic with your lender to get the fullest range of support possible from them.

     Rule 7 – lenders must consider any offer you make to pay them in small increments while you get your financial situation sorted out

     If it’s got to the stage with a borrower when they’re in real financial difficulty, a lender must listen. If making a repayment is going to make other areas of life difficult like paying the mortgage, paying the rent, buying food, or being able to meet your electricity or gas bill, your lender must be open to accepting small “gesture” payments from you so that you can reduce your overdue balance while you’re getting yourself sorted out.

     Rule 8 – there are strict rules about contacting someone who is behind on payments

     When you’ve let your lender know that you’re having financial problems and that you’re unable to stick to the repayment schedule you agreed, there are strict rules governing how your lender makes contact with you.

     They must not make an excessive number of phone calls to you nor send you constant texts or emails. The tone of their communications with you must be non-threatening and they not use menacing language in any way.

     Lenders are not allowed to phone you at work without your prior permission nor are they allowed to speak about your debt with your employer or your family members. In fact, they can speak about your debt with you and only you unless you have given them permission to speak with a debt advisor acting on your behalf.

    BestUnsecuredLoans and the FCA

    Along with the rest of the industry, BestUnsecuredLoans supports the Financial Conduct Authority in its attempts to protect consumers when they get into financial difficulty.

     We’re an FCA-licensed broker (check out our licence by clicking here) and all of the lenders on our panel are FCA-licenced too. For you, our customers, that means that you can be assured of compliance and best practice at all stages of your application and on how you’re treated after you’ve received your short-term loan or payday loan.

     How is a broker different from a lender? A broker doesn’t actually lend you money – what we do is to put you in touch with lenders who’d like to work with you and lend you money. There’s no charge to our service at any point, regardless of whether you take out a loan or not.

     Every lender we work with looks for a certain type of borrower and they share this information with us. When you apply through BestUnsecuredLoans, we compare the details you give us with the information we get from our lenders about the type of borrowers they like to work with. Our computer then matches you up to the most suitable lenders for you – this all happens within seconds.

     We then run a credit search on you and send those search details to the lenders for review. Again, within just a few seconds, we start to get the first “yes” and “no” answers back. Once we have the details of the loans in from all the companies which have approved you, we then present you with the cheapest loan we can find.

     It’s that simple. If you like the offer we’ve found you, read the terms and conditions of the loan and if you’re happy with them, electronically sign the documents and your loan will be in your bank account normally within the hour (it may be longer depending on the loan company you agree to work with and the policies of your bank).

     Apply for the right loan for youwith full FCA protection through BestUnsecuredLoans

     Here at BestUnsecuredLoans, we have very close relationships with the widest selection of lenders so that you have the very best chance of getting the cheapest payday loan or short-term loan for you.

     To start your application, please click here.

  • 10 Aug 2018

    5 Top Tips For Finding The Right Personal Loan For You

    Finding the right personal loan for you and your circumstances can be time-consuming and stressful, particularly if you need money in a hurry to cover an emergency.

     We have collected the top five tips from industry experts that will help your personal loan application be accepted. We’ll look at:

    • how much do you need to borrow?
    • what type of loan do you need?
    • what’s your credit report like?
    • do you have the information to hand that a lender would need?
    • do you choose a lender or a broker?

    How much do you need to borrow?

     Before starting your application for a payday or short-term loan, you need to figure out how much money you really need to borrow.

     First, when you take out a personal loan, you already know that you will be charged interest on top of the amount of money that you have borrowed. So, by taking out a larger loan than you need, you’re adding more interest to the amount you’re paying back and you’re ultimately creating a larger debt for yourself.

     Second, if you ask for a larger loan than you need, your application could have a higher risk of getting a “no” from a lender.

     Every loan company has a set of criteria that a borrower’s financial situation should closely match before they are considered for a loan. This is called a “borrower profile” and let’s have a closer look what’s in one of these profiles.

     There are three parts to a borrower profile. The first is how much you earn and how you earn it, the second is how much you spend, and the third is what have you been like in the past when repaying loans and just meeting your monthly outgoings in general.

     How much you earn is very important. Some lenders will want to see £400 coming into your household, others want to see £600 – every short-term loan and payday loan company is different.

     Equally, how you earn your money is a big factor. Your earnings can be your salary, your tax credits, and the benefits you receive. Some lenders are comfortable working with customers on benefits and others aren’t. Most are somewhere in the middle but many of them like your salary and your tax credits to be, say, 80% at least of the money that comes into your household.

     A lender’s borrower profile will then consider how much you spend each month, how you spend it, and how much is left over at the end of the month.

     When you’re filling in an application for a loan, you’ll typically be asked how much you spend a month on your rent or your mortgage, how much your council tax monthly payment is, and how much you spend on gas, electricity and water.

     That’s not all though. They’ll want to know how much you spend on food, transport, clothes, entertainment, health and beauty, the kids, loan repayments, credit card repayments, and more. The reason they ask all of these questions is that they want to get as full a picture as possible about the obligations you have to meet every month.

     Once a lender knows how much you spend and how much you earn, they’ll be able to work out your level of “disposable income” – that’s the money every month that is not committed to paying bills. How much disposable income you have a month is one of the most important features on any borrower profile. Some companies will be happy with £300 a month disposable income and others will want more.

     This is why it’s so important to make sure you ask for only the money you need because if you ask for more, it might be the case that a lender is uncomfortable with offering you a loan that has £150 a month repayment if your disposable income is £300 but they’d be happy to consider a repayment of £130 a month. That extra bit of money you asked for could turn a “yes” into a “no”.

     The last part of a borrower profile is to do with what’s on your credit report and we’ll cover that later in this article.

    What loan type do you need?

     There are two types of personal loans and it’s really important that you understand the difference between the two so that you make the right choice for you and your situation. There are “secured loans” and “unsecured loans”.

     What are the 5 things that BestUnsecuredLoans thinks you need to know about secured loans?

    1. Most secured loans have looser credit requirements so even if you have a less than perfect credit history, you have a slightly higher chance of being accepted for a loan
    2. Your interest rate could be lower than an unsecured loan
    3. However, you will need to put down “collateral” or security which the lender can take from you if your permanently default on the loan.
    4. Pawnbrokers offer secured loans – they’ll take your jewellery or valuable household items as security. Logbook loan companies take your car as security on their loan. A secured home loan puts your house at risk. With all of these three types of secured loans, you are at risk of losing your security if you don’t keep up your repayments.
    5. If you don’t repay your loan in full, the lender will try to sell the security you offered as part of the loan agreement. However, if the value at sale of the item doesn’t cover the remaining cost of your loan, you will have lost your security and you will still need to pay the lender the balance.

     What are the top 5 things that BestUnsecuredLoans thinks you need to know about secured loans?

    1. You don’t need to own a home (renting is fine), a car, or trade in your valuable personal possessions to get access to money you need
    2. You can pay back in one big instalment (a payday loan) or in up to 12 instalments (a short-term loan)
    3. Very few unsecured lenders impose early repayment penalties on their loans meaning that if you come into money, you can pay off your loan early and save a lot of money in interest
    4. Payday loans and short-term loans are very heavily regulated by the Financial Conduct Authority meaning that, if you start to experience troubles making repayments, your lender has to work with you and that they can add default fees of no more than £15 onto your account
    5. Payday loans and short-term loans can be approved in seconds and be paid directly into your bank account within a few hours. Secured loans generally take much longer to process.

     What’s your credit report like?

     Your credit report is like a financial scorecard that lending institutions and big businesses keep on you. It’s updated every month and, depending on the information that’s stored on it, you will receive a good, medium, or poor credit score.

     It’s always a good idea to check your credit report before you make an application. The reason for that is that millions of UK citizens’ credit reports contain errors – some of them quite important errors that affect the possibility of a person getting a loan, a credit card, a mortgage, or even a mobile phone. Thankfully, each of the three credit reference agencies allow you to correct any mistakes you find on your credit report.

    Do you have the information to hand that a lender would need?

    You will need certain bits of information available when you apply for your loan so putting together a checklist can save you time by speeding the whole process along.

     You’ll definitely need to be able to provide information on your income and your monthly expenditure– we saw why that was important earlier on in this article.

     Other details you may need to provide include:

    • who your employer is (and how long you’ve worked there)
    • the line of business your employer is in
    • the type of employment contract you’ve got
    • your last three to five years’ address history
    • your next pay date and the pay date after that
    • your bank details including your debit card type and number

     Do you choose a lender or a broker?

     Every loan company and financial institute is differentand, in an ideal world, you should compare several lenders before committing to one.

     However, when applying for loans, this can actually work against you if you don’t do it in the right way. Why is that? Because lenders generally do not like to see a lot of applications for loans from other companies in a short space of time on your credit report.

     The chances are that most borrowers are just doing the sensible thing – they’re looking around for the best offer. After all, you wouldn’t accept the first quote you receive if you want to fit new windows in your home. You always haggle the salesmen down on the car showroom forecourt. Why should you be any different with loans?

     There is another way – use a payday loan or short-term loan broker.

     This is how a payday loan or short-term loan broker works. They have good, productive, ongoing relationships with lots of different lenders. Each lender tells a broker about their preferred borrower profile. When you submit your loan application with a broker, they compare the details you’ve sent them with each lender’s borrower profile they have on file. When they find a close or exact match, they propose you to that lender together with your credit report.

     A broker might find one, three, or even ten lenders whose borrower profile you’re close to matching. Because each lender trusts their brokers, they also trust the fact that the credit report they send over is accurate and up to date. So, up to ten lenders may be considering your loan but none of them have to do a credit search on you – that’s a result.

     Most brokers can deliver you quotes back from lenders within seconds and the money can be in your account within an hour (although it’s best to budget for up to 12 hours).

     Apply for a loan that works for you through Best Unsecured Loans

     Here are BestUnsecuredLoans, we have all the broker technology and the relationships with lenders needed to give you the very best chance of getting the cheapest loan for you with the right lender.

     To start your application, please click here.

  • 3 Aug 2018

    9 Jargon Busters Every Borrower Should Know

    The world of loans and lending money has a jargon all of its own which can make it hard for people who don’t work in the industry to understand exactly what’s been talked about.

     Taking out a loan is something you need to consider carefully – it should not be an easy decision. If you’re taking out a short-term loan or a payday loan, you should only think about using one of them if an emergency has come up and you don’t have enough in your savings account to pay for it. You also need to make sure that you can make repayments on your loan in full and on time.

     In this article, BestUnsecuredLoans looks at industry jargon and our experts explain exactly the meaning of each term and how it affects you.

     Credit score

     A credit score is a number that credit reference agencies come up with to describe how good you are at:

    • repaying loans and credit cards, and
    • keeping up with your household bill payments.

     There are three credit reference agencies in the UK – they’re called Equifax, Experian, and CallCredit.

     Every time you take out finance or you sign up to a company that provides something for your home (like utility bills, Sky Television, broadband, and so on), they keep the three credit reference agencies up to date with how you’re handling your account.

     When you make a payment on the expected date and for the expected amount, that’s recorded on your credit report and that’s good. If you miss a payment, that’s also recorded but it’s bad.

     Your credit report contains details like how much debt you’re in, how far away you are from the limits on your credit cards, and whether you have County Court Judgements or you’re in an Individual Voluntary Arrangement.

     When a lender is considering whether they’re going to say “yes” or “no” to your application, your credit report and your credit score are an important part of their decision-making process.

     Direct lender

     A direct lender is a loan company you approach directly for finance.

     There are two types of direct lenders:

    • those who will only deal with applicants themselves, and
    • those who will both deal direct with applicants but also work with customers introduced to them by loan brokers (more on that later)

     Direct lenders, whether you approach them yourself or you’re introduced by a credit broker, will only generally offer a loan to an applicant close to the “profile” (more on that later) of the type of customer they like to deal with.

     Early repayment penalty

     Most unsecured loan companies, including payday loan and short-term loan firms, are fine with you paying their loan back earlier than expected. It’s not always been that way though. As little as 10 years ago, nearly every loan company would “fine” you for settling your loan in full earlier than expected.

     What are the benefits to you of working with a loan company which has no early repayment penalty? Let’s say you take out a payday loan for £100. By law, the maximum a payday loan company can charge you in interest rates (more on that later) is 0.8% per day – 80p. So, if you took a payday loan out over 30 days, the most they could charge you in interest is 80p multiplied by 30 days which equals £24.

     If you are in a position to pay back the loan over 10 days, you’d only be charged £8 in interest instead of £24 if you paid back on the 30th day.

     Interest rate

     This is an area that confuses a lot of people. The sums behind working them out can be very difficult to understand and, in the opinions of some, the way that interest rates are displayed makes some loans look more expensive than they actually are and other loans look cheaper than they actually are.

     Let’s take a look at “APR”, “representative APR”, and “daily interest”.

     APR is short for “annual percentage rate”. This indicates how much interest you will be charged on a loan over the period of a year. APRs are helpful when you’re wanting to take out a loan that you’ll be paying back over a period of 12 months of more.

     Some argue that they’re not that helpful with payday loans and short-term loans because the rate of APR seems high but the loans they’re trying to describe would not be lent out over that length of time anyway.

     Representative APR is there to give borrowers an idea of the level of APR on the loans provided by a particular company. A lender can display a representative APR if 51% of their borrowers are offered that APR. Of course, that does mean that up to 49% of successful applicants will either pay more or less on their loan than the representative APR.

     By law, every loan company and loan broker (more on that later) must display a representative APR on all of their advertising including on their website.

     Daily interest is something you’re more likely to see displayed in addition to APR on advertising from payday lenders and short-term lenders. As we mentioned earlier, a payday loan provider may only charge up to 0.8% daily interest on their loans to borrowers.

     If a payday loan provider charged 1% interest per day on the money they lent out, the APR would be 5,853%. When that’s reduced to 0.8% interest per day, the APR drops to 1,509%.

     How can 0.8% per day turn into 1,509% APR per annum? There is a sound logic behind this but the problem is that it could makeunderstanding how interest works more confusing for potential borrowers.

     BestUnsecuredLoan’s advice would be to consider the cost of the loan overall and the repayments you need to make every month when considering if a loan offer is right for you and it’s manageable.

     Loan broker

     A loan broker is a company which brings together the right type of lender with the right type of borrower. We’re going to be talking about this next but what a broker does is look at the information you provide them with and then they match it to the loan companies most likely to want to work with you.

     All loan brokers must be registered with the Financial Conduct Authority and all the loan companies on their lending panel (that’s the term describing the lenders that a broker has a good relationship with) must be Financial Conduct Authority licensed too.

     How do loan brokers earn their money? The three most popular ways are:

    • they’re paid by a loan company every time they introduce a new customer who then takes out a loan
    • they charge the borrower a “broker’s fee”
    • a combination of the two

     BestUnsecuredLoans is here to save you money. We will never charge you a broker’s fee. We’re only paid when we match up a borrower with a lender and the borrower actually takes out the loan.

     Profile (borrower profile)

     Next to a credit score, this is the thing that most would-be borrowers worry about the most. Do they fit into a loan company’s criteria for lending? You might have a pretty good credit record but you might worry that a loan company you apply to is looking to lend to someone whose circumstances are different from yours.

     Let BestUnsecuredLoans introduce you to the lender’s “profile” or “borrower profile”.

     A profile is a set of guidelines a lender has and the more that a borrower fits into those guidelines, the more likely they are to be offered a loan. What’s in a typical profile?

    • level of earnings
    • percentage of income derived from benefits or tax credits
    • level of expenditure every month
    • what your address history has been like in the last few years
    • the nature of your employment (full time, part time, permanent, temporary, zero hours, etc)
    • number of county court judgements or missed payments
    • number of recent applications for credit

     The more boxes you tick, the better. The problem for many borrowers is that lenders generally don’t publish what their profiles are on their websites. That makes it very hard for a borrower to know if they’re applying to the right lender.

     That’s where loan brokers come in. Lenders share their profiles with brokers because they only want their brokers to pass loan requests onto them where there is a good chance that they’ll say “yes”.

     So when BestUnsecuredLoans gets your application, we look at the information you’ve provided us with together with your credit record and our smart computer system works out the lenders most likely to want to count you as their newest customers within seconds.

     It’s what we do after that which makes us very different from everyone else and, yes, there’s more on that later in this article!


     When you take out a loan, you have to agree to a repayment schedule with your lender.

     If you take out a payday loan, you pay the loan back in full plus the interest within 30 days or on the day you receive your next wages from your boss.

     For short-term loans, you borrow the money for a period of between 2 months and 12 months. Your repayments will be for a fixed amount and you’ll be given a repayment schedule – that tells you when the repayments are due to be taken from your bank account.

     Your repayments are collected using something called a Continuous Payment Authority. A CPA gives your lender permission to take money out of your bank account using a debit card. You have a legal right to cancel a CPA (although you should speak to your lender before you do that because they can help you if you’re suffering financial difficulties) and a loan provider can only make two attempts to collect a payment using a CPA.


     Many types of loan products require you to put down “security” or “collateral” before they say “yes” to your loan application. Security is something of value that the lender can take from you in the event that you can’t repay your loan. Your lender will then try to sell your security to pay off the remainder of the loan. If they can’t sell it for the value that you owe, you will have to pay your lender back the remainder of the balance in many cases.

     Mortgages use our home as a security, logbook loan companies our car, and pawnbrokers our valuables (like jewellery or expensive household items).

     BestUnsecuredLoans only offers borrowers unsecured loans via our panel of lenders. At no stage will the lender we introduce you to try to take your home, your car, or anything else from you if you can’t keep up with your repayments.

     Type of loan

     BestUnsecuredLoans offers unsecured personal loans to borrowers. While we don’t lend you the money ourselves, we introduce you to finance companies happy to work with you. If you do take out a loan with a provider we put you in touch with, the agreement is between you and your loan company and not BestUnsecuredLoans.

     We introduce you to lenders offering personal loans, payday loans, and short-term loans.

     Apply for a loan that works for you through Best Unsecured Loans

     BestUnsecuredLoans works to find people the cheapest loans for them.

     BestUnsecuredLoans is a broker and not a lender. When you make an application through us, we send the information you provide us with together with a copy of your credit report to our panel of Financial Conduct Authority-approved lenders whose profiles you most closely match.

     The providers we work with respond in seconds. Each one which says “yes” to your application tells us the deal they’re willing to offer you. That means that you receive the finance you need on the best possible terms for you.

     The whole process is done swiftly. And, depending on the lender and on the type of bank account you have, the money could be with you on the very same day.

     To start your application, please click here.

  • 28 Jul 2018

    The Benefits of No Guarantor Loans

    When you’re applying for a loan, there’s a list of eligibility requirements that you need to meet to be successful with any given lender. Some lenders mightask you to have a guarantor before they are happy to give you a loan. This isn’t always possible for borrowersbut that’s no reason not to look for loans that don’t require a guarantor.

     In this article, the BestUnsecuredLoans team explain why some lenders need a guarantor and why others don’t, what a no guarantor loan is, who they are for, and how you can get one.

     What is a guarantor?

     A guarantor is somebody who pays off the rest of your loan repayments if you can’t. Lenders use guarantors to give them more confidence that they will get all of the money they lend you back.

     Your guarantor signs a contract with your lender that says that they will take on the responsibility of paying the rest of the loan instead of you if you are unable to make the payments. This means that they also need to go through the same credit and affordability checks as you as a part of the loan application process.

     What are the eligibility criteria that your guarantor must meet? Usually, your guarantor must:

    • Be aged between 18 and 75,
    • Have a good credit score and history, and,
    • Be a homeowner (this is the case for many, but not all, lenders).

     These are just some general guidelines on what lenders look for in a guarantor.

     Naturally, each lender will have their own criteria for what they’re looking for from both you and your guarantor. It’s important to remember that many lenders don’t share their eligibility criteria on their websites which makes it difficult for borrowers to find the right loan company for them even if they do have a guarantor.

     What is a no guarantor loan?

     No guarantor loans are exactly as they sound – short-term loans which don’t require you to have a guarantor. There are many reasons why borrowers can’t find a suitable guarantor. Perhaps your family are unable to help you out financially or you simply may not want to ask them.

     Many borrowers have difficulty finding a guarantor because, for the guarantor, it’s quite a large commitment that they may need to take on if you can’t meet the repayments. Not only does this mean that they have to potentially put their own money on the line but they also have to risk their own credit score in the process.

     No guarantor loans do away with this requirement but there is a trade-off involved for you as the borrower. Typically, you need a slightly higher credit score than usual to apply for a no guarantor loan. If a lender is happy and they think you’ll be able to make the repayments without the help of a guarantor, they’ll lend you the money.

     What if I have bad or no credit?

     Many no guarantor loans, like ones you might take out from a bank or a building society, often require you to have a good credit score. However, there are now many lenders who specialise in providing loans to people who are unable to find a guarantor who have low credit scores.

     You may have had a couple of financial problems in the last few years. Please don’t worry though because the specialist no guarantor bad credit loan providers understand this and they’re more interested in who you are now and your current personal and financial circumstances now. For these lenders, the past is the past and the situation today is what they’re more concerned about.

     Onno guarantor bad credit loans, you may have to pay a slightly higher rate of interest on the loans you take out because your credit score is not as high as it could be.

     Do no guarantor loans help build my credit?

     Taking out a no guarantor loan (also known as a personal loan where you don’t need either a guarantor or to provide anything as security like a house or a car) is a great way of improving your credit score for the future.

     If you’re able to pay off your no guarantor loans in full and on time, this shows any potential future lenders that you are financially responsible and that you can meet your repayments. As an added benefit, this means that, if you choose to take out any more loans further down the line, you might receive lower interest rates meaning that your loan overall is cheaper.

     What you need to know about making a loan application through Best Unsecured Loans

     BestUnsecuredLoans works to find people the cheapestno guarantor loans for them..

     BestUnsecuredLoans is a broker and not a lender. When you make an application through us, we send the information you provide us with together with a copy of your credit report to our panel of Financial Conduct Authority-approved lenders.

     The no guarantor loan providers we work with respond in seconds. Each one which says “yes” to your application tells us the deal they’re willing to offer you.

     The difference with us is that, if five lenders come back wanting to lend you money, they can all see each other’s offers. The lenders then start bidding against each other for your business. One lender might say that “yes, we’ll lend you £1,000 at this interest rate” and then another lender responds to that by saying that “we’ll match the £1,000 but this is the lower interest rate we’re prepared to offer”.

     Once the final bids are in, you get the cheapest no guarantor that our panel of lenders is willing to offer you. That means that you receive the finance you need on the best possible terms for you.

     The whole process is done automatically and in real time. And, depending on the lender and on the type of bank account you have, the money could be with you on the very same day.

     To start your application, please click here.

  • 20 Jul 2018

    Bad Credit Loans- A Guide For Borrowers With Bad Credit History

    People with fair or poor credit ratings might be able to get approved for unsecured loans for people with bad credit provided they have steady earnings and very few debts. The ones with perfect credit ratings will generally be provided with an interest rate that is generally offered on secured loans.

    Apart from these, there are other important requirements that also need to be fulfilled when going for loans. The borrowers of such loans need to be at least eighteen years of age; serve as a legal resident of a country and have an active and valid account in the bank. These are things that suffice your ability of going for a small unsecured loan despite your bad credit situation.

    How Loan Brokers online can help you?

    It is not very easy to qualify for unsecured loans for people with bad credit. Nevertheless, problems might still come up for even the bad credit individuals. They might have to make payments for repairs; cover tax bills or consolidate debts. In situations when borrowers cannot pledge their homes as collateral, the only way to borrow required cash is by going for an unsecured loan.

    As has already been pointed out, getting an unsecured loan is not a very easy thing to do and therefore you must always consider taking the services of a broker if you want to avail such loans. Brokers make it easier for borrowers to take unsecured loans despite their bad credit situations

    Experienced and knowledgeable brokers pay great attention to filling in the application form for an unsecured loan. Post this, they also review the filled in application forms carefully. They work on behalf of their clients and help them finding some really good options.

    Unsecured Loan- Not much options

    For people with not-so-good credit, it is important to have a clear understanding of the fact that they have very limited options when it comes to getting loans. It is also important for them to understand that they will not be presented with many attractive options when it comes to borrowing money. However, they will surely have acceptable solutions.

    So, if you are really in need of money but your bad credit is hindering you from approaching a lender directly, simply pick the right broker who will help you in moving on from one option to another. It is ultimately your broker who will help you out in finding the right loan and in helping you get back to your financial stability all over again.

    It is to be noted that in some cases, borrowers have ended up spending more on interest and fees for the loans than the amount they had borrowed. Therefore, it is important for you to be very careful as a bad credit borrower.

  • 29 Jun 2018

    What is GDPR and how it affects Britons

    If you thought that Europe’s General Data Protection Regulation (GDPR) is a law created to fill your inbox with spam warnings from every company you have ever interacted with online with subject lines that read: ‘the privacy policy has changed’ and requests to ‘just click here so we can stay in touch’. Well then, you’d be forgiven.

    A closer look will reveal that GDPR is far more than just a mailbox-clogger. The regulation, seven years in the making, finally came into effect on 25 May, and is set to bring out significant changes in everything from technology to advertising, and medicine to banking. We look at how these changes are going to impact the lives of Britons.

    How does GDPR work?

    The purpose of GDPR is to make it possible for consumers to control how companies use their personal details. This means that a company does not have the right to gather or make use of personal data without consent from the individual. Name, email address and phone number are all considered personal data, as well as online browsing behaviour which a website collects using cookies.

    GDPR aims to affect big tech guys such as Facebook and Google, but companies of all sectors will see its effects. A case in point being the recent government’s investigation into Cambridge Analytica’s interference in state elections involving electoral mandates. The investigation let to many top executive in the company being relieved of their jobs.

    After 25th May 2018, companies who misuse personal data can receive a fine of up to £17 million from the ICO, or 4% of that company’s global annual turnover, whichever amount is higher.

    But what about Brexit?

    The GDPR applies to all companies that offer a service within the EU, even if it has headquarters elsewhere. According to the government, the General Data Protection Regulation will still apply once the UK leaves the EU.

    The UK Data Protection Bill is soon going to include GDPR standards and is currently being processed in parliament. Ministers expect the GDPR enforcement to help companies to prepare for Brexit, as the law in Britain will be in line with the rest of the EU. If the rules were different, it would make trading between European countries harder.

    What does it mean for Businesses?

    Huge amounts of paperwork. Business groups say companies will have to spend £1.2m each, on average, to meet the complex new requirements.

    A report by the Sun showed that many businesses do not currently track their data processing in a way that complies with the new rules. In the event that they have sought consent from customers to collect data, the records are often out of date, or the consents do not meet the GDPR standards.

    What is clear that not many businesses have been successfully compliant since 25 May. Multinational companies have been seen scrambling since the last month announcement and introduction of legislature. Nonetheless for companies that demonstrate intent, with significant signs of appropriate planning, there will be considerable leeway till a future deadline is established.

    How will GDPR affect online users?

    There are a host of new requirements rolled into the GDPR. Users also have the “right to be forgotten,” allowing them to demand that companies remove certain personal information from the internet, and the right to opt out of sensitive data collection. Some cases where the “right to be forgotten” applies, are:

    • Information that isn’t relevant anymore
    • If an individual no longer consents to the use of their personal data.
    • An individual who does not allow firms to use their data for marketing
    • In a case where a firm processed the data improperly
    • If legally the data needs to be removed
    • Data of a child that was exchanged for “information society services”
    • If your claim is legitimate, the firm must remove your data, unless it goes against their legal obligations or other rights that allow them to use this information.

    Final Thoughts

    Research carried out by the government, showed that not many firms were aware of the General Data Protection Regulation. At the beginning of 2018, only 38% of businesses and 44% of charities had heard of the GDPR. These figures indicate that enforcement of the law is very much necessary.

    On the other hand, online users can look forward to having more control over their personal data. In the last month, tens of thousands have already taken advantage of this opportunity to protect their privacy.

  • 9 May 2018

    5 Red Flags to Indicate Bad Choice of Consolidation Loan

    The debt ceases to be “power” when you begin to struggle for the repayments. Whether it was a wrong borrowing decision or a failed business plan, the moment you need to cut your regular expenses to manage the monthly repayments, it is time to restructure your debt accounts.

    It is not only you; hundreds and thousands of people apply for consolidation loans in the UK every year.  Consolidation of loans is a debt management plan and thus it is the right step in the direction of better credit health.

    Apart from main street lenders, you can find flexible offers on debt consolidation loans for bad credit online. Using private online loans is swift as well as hassle free. However you should be alert while searching for a legitimate consolidation plan. Online hunt for cheap consolidation loan is recommended, however you also need to know how to stay safe at the same time.


    First point of contact

    According to the FCA which is a financial watchdog in the UK, no loan provider can contact you to persuade for borrowing loans. The first point of contact always needs to be initiated by the applicant and based on your query the loan provider shares the deal. With this said, if any lender contacts you with the exact deal for your requirements, you should not jump off to seal it. You must first ensure that the lender is a regulated one. In many cases, fake companies act as loan sharks. They are on constant hunt for desperate victims.

    Upfront Fees

    If a lenders or broker asks for upfront fees to share the loan deal, you must think twice before agreeing to their terms. When advice on all types of best loans in UK is available without any upfront fees, why spend anything for the same.


    Guaranteed Loan

    If a broker or lender claims that they can help you find guaranteed loan without a credit check, do not make any deal with such unscrupulous people. No one can guarantee loan approval. The loan deal is always offered according to the profile. With past “tainted” credit history, little income and high debt, the loan approval is only based on your affordability. No one can assure the deal without a check.


    Debt reduction

    Debt consolidation loans are not a means to reduce the debt. Consolidation is a debt management tool. Herein the applicant merges all their liabilities into a single loan. The purpose of debt consolidation is to reduce the monthly debt burden which is usually due to longer duration and lower interest rate. The loan burden is not reduced but it is restructured. So you need to be cautious of loan deals that claim reduction in overall debt.



    A lot of fake companies sugar-coat loan promises. While a loan shark deals with you, they will make more of verbal promises. It is recommended to check each and every word of contract by reading the loan agreement. Do not believe only on verbal assurances.

    Identifying a loan shark is thus not a rocket science. All you need is careful eyes for detail and you can always sense the presence of the wolf!

  • 2 May 2018

    Stay Safe Online by Applying for Loans Without Fees

    It is disheartening to learn that more than £3.5 million has been lost in 2017 by Britons in paying fees to online loan scammers. It is a steep 44 percent rise in scams this year and a majority of the victims belonged to the low income group households.

    Whether you seek urgent loans for emergency situation or need a debt consolidation plan at cheaper price, you must be careful before signing a deal over the net. It is important to learn how to identify a loan shark and stay safe online.

    While the revolution in FinTech services has practically made it hassle free to borrow online, a lot of unscrupulous people have made it a risky affair at the same time. According to the recent media reports, three quarters of people who were duped online in 2017 were unaware of the scam for a very long time. They were contacted by the loan sharks and asked for upfront fee for loans they never received.

    Thus it is important to be aware of safe ways to avail loans online. For, there are legitimate brokers who charge upfront fees for better deals for borrowers with poor credit.

    Regulated broker vs. Loan Sharks



    According to the FCA directions, a loan provider can never contact you with an offer. It always has to be your query that should initiate the conversation for funding. Whatever be the deal, if the broker contacts you by themselves, you need to turn cautious. The first point of contact legally has to be yours in case you want a loan. Any broker or lender who contacts you with a great deal, exactly matching with your needs is likely to be a scam and you should not deal with any such broker.

    Professional loan broker


    Rather than contacting a lender directly for no guarantor loans, it is advisable to go through a loan advisor. When you contact a lender directly you owe the responsibility of checking the credibility of the deal.

    However dealing with experienced broker helps you stay safe and secure. A lot of brokers do not charge upfront fees from brokers. With bad credit it help you avail hassle free loans for bad credit no guarantor no fees.

    All you need to do is compare and choose the perfect match with the lowest interest rate.

    Homeowner loan

    Homewoner loans

    Bad credit loans generally come at high cost. By using home equity however you can use homeowner loan and save enough. Homeowner loans are one of the better ways to loan online for bad credit. Neither do you need a loan guarantor nor do you need to part from additional cash on the name of high interest rate. Homeowner loans are less pricey and are more readily available for borrowers with bad credit.

    Ease of repayment

    Another cache to stay safe online with bad credit loans is to apply for loans with ease of repayment. Always opt for installments that can be paid out easily. Emergencies are mostly uncalled for. With poor financial health, it is not easy to stay afloat with even minimal of cash hassles. Thus it is always fruitful to avail loans with ease of repayment.


  • 25 Apr 2018

    Why You Must Contact Broker for Online Loans?

    Too many loans, temporary financial glitch, medical emergency, loss in business, loss in family and so on; there can n number of genuine reasons for bad credit history. But the fact of the matter is you need to learn to stay afloat despite incessant cash crunch.

    Whether it calls for additional loan against property (LAP) or seeking a support of a friend for a guarantor loan, you must look for professional loan advice and make an informed decision. For, main street lending shops do not extend funds to borrowers with poor credit history or low credit score. A lot of lenders who market low interest rate loans for bad credit borrowers couple these deals with hidden charges and late payment charges.

    Hassle free borrowing

    Using services of loan broker, you could be rest assured to get connected to experienced and regulated lenders. You need not worry about the legitimacy of the loan provider. Neither do they charge any fees nor do they oblige you to make a decision without your consent. They are loan advisors who guide you according to your needs. You can compare and choose according to your exact needs. There is no obligation to pick any particular deal. Bringing choice to your platter, brokers make bad credit borrowing entirely hassle free for you.

    How to avail loans online?

    You need not hop from lender to lender to search loans for bad credit no guarantor. All you need to do is contact a broker online. You simply need to fill an online form and express your willingness to search for loans. There are thousands of dedicated loan providers working exclusively for borrowers with less than perfect score. The broker would share your profile with interested lenders and protect any kind of footprint in your credit report while searching the deals. You can assess each deal and choose the best match.

    Making the choice: Which loan is perfect for bad credit?

    There is nothing that can be tagged as fit all loan. Different borrowers have different requirements and limitations. You must thus only borrow the one that is best suited to your needs.

    For instance if you need a very urgent loan up to £1000 for a couple of weeks or so, you can use high cost cash advance options such as payday loans or doorstep loans. It is easier to afford very small loans for very short duration. However when you need moderate to high ticket loans you must look for affordable instalment loans.

    It is important to ensure that the monthly instalment of loan is according to your repayment capacity. Bad credit loans should always be used as a last chance loan. You should never raise more than what you could afford. For, nonpayment can further hurt your credit rating.

    In all, using professional assistance you can better evaluate your situation and make an informed decision.

  • 19 Apr 2018

    Will Brexit Change the Way SME Businesses Run in UK?

    The anxiety and uncertainty owing to effects of Brexit on UK economy is understandable; however the published content on the matter is scaremongering to some extent.

    As we advance towards the official date for Brexit (which is less than a year now), the intent to understand the subject is relevant too. Let’s explore how the exit of Britain from the European Union will affect the Small and Medium Enterprises (SMEs) of the United Kingdom.

    It would not be exaggerating to term UK SMEs as the backbone of the Britain’s economy. For, it caters to 60 percent of private sector employment by creating staggering 2 million jobs since 2010. There are close to 5.7 million small and medium size business in the UK and constitute over 99% of private sector firms.

    Challenge 1: Shortage of Workforce


    Businesses in Britain have been warned about anticipated workforce crisis post Brexit. It is expected that the shortfall of labour would be the biggest gap in last five decades. This could be a national challenge for the UK economy and businesses would need to review their workforce supply from time to time to keep active operations.

    Many companies that have been relying on European workers would need to ensure that they have appropriate plans in place to fulfill their staffing needs. The migration of employees is indeed a key problem for businesses today; it would only deepen as the deadline approaches next year.

    It is interesting to note here that the rising population of baby boomers in the UK has also signaled towards striking need for more professionals in health and social care sector. Besides, there has also been a constant growth in vacancies in finance, banking, and engineering and construction sector by 10-12%.

    Thus it would be wise to get prepared for the expected shortfall of labour. With cloud of uncertainly a lot of companies have already begun to bank on young professionals. Both government and private businesses should come ahead for active training and apprenticeships of local college students. This indeed could solve the gap to a great extent and ensure the constant supply of skilled workers.

    Challenge 2: Trade and Tariffs Rules


    As there is no clarity regarding trade agreements post-Brexit, business on both sides need to prepare for increased tariffs. By testing the pricing structure, any business can find out if they are ready for future tariff rise. This way they could be better prepared to win price competitiveness.

    Similarly there is no update on how trademarks and brand names will be protected. It thus becomes important for SMEs to meet the legal experts and protect their intellectual property.

    There will be loss of benefits from economies of scale and your business may be charged more for the same service. However the concerns are mutual for both the sides and it is best to keep good relations with other stake holders to figure out different scenarios for the best profit structure for future.

    Challenge 3: Business Funding

     business_fundingThe landscape of business funding is also certain to change. There would be no EU funding schemes for SMEs any longer. With main street UK lenders already hinting to regulate lending of unsecured loans for less than perfect score profiles, the private FinTech market is going to overhaul the funding demand for SMEs. Ever since 2008 the UK (United Kingdom) FinTech market is thriving and post Brexit it appears that they are going to play a wider role in serving unsecured business loans and personal loans to a majority of SMEs and households with moderate to low credit rating.

    The fear of unknown is the biggest fear. As the UK gears up for March 2019 Brexit deadline, the growth of the economy may slow down in FY 2018-19 as a result of hindered manufacturing and operations owing to unit migration and more. But we hope, the UK economy stays resilient and come through unscathed.



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