Brexit - Exploring Financial Alleys of the UK after the BIG CHANGE

The story is about a nation, which has been unmatched in every field. An abode to a number of world heritage sites, 15 national parks, it is a place of aristocrats. Its natives have outnumbered reasons to  proud on the economy. Financial prosperity was another factor that made this place, dominate the commercial decisions of international market. Yes, it is the great United Kingdom. It is only after some recent changes that made UK face the huge turmoil, especially, financial. The BIG ‘Brexit’ issue has shaken the roots of the nation affecting the day-to-day life of the people.

  

It Is Unbearable to Feel the Pinch with Mounting Debts

Financial scarcities are breeding mounting debts. People are losing hold on their finances and bad credits are chasing them like an eternal curse. Getting loan from mainstream lender with defaults in credit record is impossible. London is the best representative of the FINTECH MARKET in the world. Now, after Brexit, whole UK will realise the worth of online financing. Solving the most dreadful issue of poor credit ratings, lenders are providing bad credit loans on instant approval. Improved credit score is an advantage that naturally comes as an opportunity with these borrowing methods. Besides, nothing can be as quick as online borrowing.

The businesses owners from other countries in the UK are enwrapping their empires leaving many unemployed. Those, who are still and somehow in jobs, are victims of an intense pay squeeze, which has never happened in last 40 years. Thanks to the frightening decline of pay growth. On the other side, the UK residents, who are working somewhere else in the EU, are also in uncertainty. They are losing their nest eggs and now are in desperate need of money.

  

The final depart of the UK from the EU will occur on 29 March 2019. This is the transition period, which will stretch to 21 months. It will give time to the businesses to get prepared for the new arrangements. The direct online lending will help resist new financial changes by filling the financial gaps.

 Key Reasons That May Cause Bad Credits

In the present conditions, many reasons can provoke bad credits. Awareness about them will provide prevention from worst credit situations. Throw a glimpse on some situations below that invite poor credit ratings. 

•     Rejection of loan application
•     Loan default or late repayment
•     Mention in CCJs
•     No credit history
•     Bad credit history
•     Unemployment or part time employment
•     Insufficient income
•     Applying for a loan too frequently
•     Too many debts

New Age Lending Needs to Take the Responsibility

To add maximum convenience and comfort for the borrowers, the loan products have been enhanced with many relaxations. Here is a quick rundown on the prime benefits that online lenders are offering on the bad credit loans for UK citizens.  

1. Fast and Flexible Funding to Bad Credit Borrowers

This is the best gift of the online lending to the natives of the Britain. This is what annoying most of the people in the country nowadays. They are always in search of instant money to satisfy the last minute needs that are becoming endless with every passing day. 

2. Payment Protection Insurance

The time is of uncertainty for the UK. Financial chaos and economic instability is showing its worst form. People want to avail funds, but due to their ‘not so strong’ financial situation, they may miss to make the loan repayments on time. This is why the lenders are securing the loan repayments by providing insurance facility. This product has some bad press, but for many people it can be very fruitful. It is designed to cover the monthly loan payments, if the borrower falls sick or become unemployed. 

3. Great Relief from Pledging Assets for Security  

In the time when money is draining like water to manage the basic expenses, pledging assets for security can be a heart breaking decision. But, the online loans free them with these difficult situations. The applicants apply for the loan without the guarantor and get the funds instantly just as any other good credit borrower gets. While providing collateral, one should know that the provided asset should be equal to the value of the borrowed amount. 

4. A Lending World Where Guarantors Do Not Exist

Borrowers are in great chaos and are in serious need of money. The bad credits are making the situation even worst for them, as no one will sign their loan application as second applicant. But, who needs that? After all, it is the time of new age lending where applicant does not need to win the backing of a guarantor to avail funds. 

Few Things to Do Being a Bad Credit Borrower 

The lenders are inventing simpler ways of funding for poor credit scorers. However, there are few things that one should do to prove his/her credit worthiness. These are -

· Consider the simple and small limit credit like utility bills or a mobile phone account. It will help to show the lender that applicant can pay his bills on time.
·Review the credit report.  It is important to make sure that it is accurate and up-to-date.
·In case the applicant has taken some other loan, he should try to make timely repayments. If it is a short-term loan, closing it before the given time will be great. This will give a boost to the credit scores.
·The choice of loan product should be in accordance to the financial situations. A scrutinised research and comparisons will lead a wise decision.

The Great Cost Of Living Crisis

The sharp rise in food and electricity prices fuelling inflation rate and demoralising wage growth causing intense ‘Cost Of Living Crisis.’ Managing even the rudimentary expenses is becoming impossible and many families are facing alarming conditions in their finances. There is a substantial increase in the number of people, living on unemployment benefits. They are in desperate need of urgent funds, as they cannot bear the burden of pending financial obligations anymore. They have already come in the category of bad credit borrowers. Now they do not want to enter in the vicious circle of worst credit scores. 

Such scenario demands immediate way outs and flexible funding of the online loan market can be a game changer.  The personalised deals, lower rate of interest and Annual Percentage Rates, flexible repayment schedules, freedom from the compulsions of guarantor, collateral and instant approval with well-timed disbursal, there are many points to count as positives of the online financing.

The badcredit loans with no guarantor are the abbreviated replica of all the benefits mentioned above. These loans have become a favourite choice of the borrowers nowadays. It will help them increase their poor spending level.

The SECURED and UNSECURED funding options

Every person has a different financial capacity and so are his choices regarding the loan product. Some want to avail funds through secured options while some prefer the short-term unsecured products. The difference between two is very clear. 

In secured funds, the applicant needs to provide either the guarantor or collateral. The interest rates and Annual Percentage Rates are quite low. This makes the repayment plan flexile as well as affordable and helps the borrower in making their monthly payments on time. The liberty to borrow big amount is the most encouraging feature of secured funds. All these situations create a perfect atmosphere for improvement in credit ratings. 

The other world is of unsecured options for bad credit people. These products are known for their flexible policies on obligations. The applicant gets the funds without the backing of co-applicant and guarantor. They also remain untouched from the crisis of collateral because they do not need to pledge asset for security. However, the lender compensates these uncommon relaxations with high interest rates and less supple repayment plans. The term of such loans is also quite short. Usually, people who want to improve their credit scores at earliest prefer unsecured funding. However, only those, who are capable to bear high interest rates and its evident consequence of heavy monthly instalments, should opt for short-term options. 

Current Financial Status is of Utmost Importance

Availing loans without obligations is quite profitable. However, the applicant needs to show the recent financial records to prove his credit worthiness. In fact, in a way it is beneficial. The obligation-free funding comes with high interest rates, but if the present financial status of the applicant looks sound, lender may offer low rates. Other than this, if the poor credit rating has emerged recently, then also the possibilities of getting lower rates are high. This is why, it is important to be transparent and honest with the lender. Whatever he offers, will be in the favour of the borrower. A caution is also required here. No genuine lender takes upfront fee. However if he is asking for any such thing, the borrower needs to give a second thought on his decision.

Instant Help to People Living on Benefits

 The financial benefits that people get from the Government are certainly reliable, but the insufficient sources of money. The loans for bad credit people with noguarantor living on benefits are serving great hopes. Borrowers availing government help are seeking financial security by applying for additional funding options like these. This is one of the most successful products in the online loan market. With double support of government benefits and obligation-free funding, people are bringing their lives back on the track. 

Everyone Needs Help, Everyone Will Get Help

Including the people on benefits, the beneficiary group of these loans is amazingly wide. Employed, unemployed, partly employed, businessperson, student, anyone and everyone can apply for the loans very rightfully. The issues of credit ratings and County Court Judgement also remain ineffective.  

Eligibility Parameters

Qualifying for such loans is quite easy. Only a few basic things are in demand on the name of eligibility. 

Age Criteria 

The applicant should be at least of 18 years. He needs to provide an age proof. 

Credit Score 

People with bad credit score of 561-720 can apply for the loans, but not those with the worst credit scores of 0-560. However, regarding the worst credit scorers, the policies of the lenders matter more. Not too many, but few lenders provide loans to the borrowers even on worst credit scores. 

Application Process - INSTANT and EFFECTIVE

The short term loans for bad credit are known for their liberal approach. The application is so simple that even a first-time user of mobile or computer can do this. Most of the lenders are following three-step application procedure that includes -  

1. Submit online application form.

2. Get approval

3. Get amount in registered bank account  

Freedom from Search Footprints with Soft Credit Check 

Credit check is a common ritual that every lender performs before giving loan to an applicant. It leaves search footprints on the credit records, which a bad credit borrower cannot bear. To facilitate risk-free funding, the lenders are providing soft credit check facility. It is an advanced financial tool, which does not leave the footprint of credit check on the financial record of the borrower. It is popularised as ‘NO CREDIT CHECK’. People with credit score issues badly need this.


Paperless Pennies 

The ‘paperless’ word here has two meanings. First, the application process is completely based on online procedures. No documentations and no filing are required to avail funds.

Second is the disbursal part. The money is transferred directly in the registered bank account of the applicant.

An absolutely transparent way of funding and borrowing money. This is what makes the new age lending trustworthy and of course, paperless.

Diverse Approach 

The funding options for bad credit people are not limited to only one loan product. From secured business loans to the unsecured personal loans for bad credit people, they touch every category of loan.  No matter whatever is the nature of financial need and how urgent it is, satisfactory solutions are always a few clicks away. 

When many people are living on the breadline especially after the Brexit, the online loans are serving financial potential to the people. ‘MANIFOLD’ is the most appropriate word to beautifully define the extreme usefulness of flexible bad credit funding options. The lenders, who are part of the FinTech Market, deserve praise for their liberal policies. They are carrying the burden of the economy on their shoulders. Most impossible things are happening because of them. The lending industry can do a lot for the nation, as development of a country depends on the mutual efforts. Everything relates. The financial support they are providing to the natives will help in making lives better. These better lives will tag the country with the PROUD of PROSPERITY.