I don’t think there are many things in the world that are more iconic than the British £1 coin and for almost 34 years the coin as we know it has been filling our pockets and piggy banks. We’re now in for a change, our beloved quid is getting a make over which includes the shape. Here is everything you need to know about the new pound coin.
I’m a huge believer in shopping local, buying handmade and shopping through friends – where I can. For birthdays, Christmas and even weddings I like to find a small business for something a little more unique as well as supporting the UK economy. So when the whole Brexit hoopla began I did wonder what it would mean for my favourite small businesses; would it mean they’d have to shut up shop or that they’d suffer? Well according to research done by Boost Capital into small businesses and Brexit I shouldn’t be worried.
Life doesn’t always run as smoothly as we hope, sometimes we hit little road blocks along the way which leaves us in a financial pickle. Whether it’s your car packing in or needing to find upfront housing costs such as moving, you can’t always guarantee that the bank will say yes without someone else in your corner. Guarantor loans are usually easier to obtain than a regular loan and using a guarantor loan specialist such as Glo can make the application process a lot easier.
Guarantor loans use another person, usually a family member, to help apply for unsecured credit for someone who might otherwise fail a credit check from a high street bank. They work like having a guarantor on your mortgage or house rental agreement; the assure the credit company that repayments are going to be met, if not by the person taking the loan then by the guarantor – both people are responsible for the payments.
The positive sides to this kind of arrangement means that the person who needs the credit can obtain it, they can then purchase what they need with it whether it be a new car, a cooker or a boiler. The credit issuers know that they will get their repayments – by one of the named party members. Guarantor loans are not secured against any property so neither you or your guarantor would be at risk from losing your home should you fail to meet repayments. This way of borrowing tends to be cheaper than payday loan or cheque cashing companies. This type of arrangement can help improve the credit rating of the person who borrows the money.
The negative sides to a guarantor loan can include that they can be difficult to set up; finding someone who’s willing and financially able to back you up should you fail to meet the payments isn’t always easy. Nearly all of the time it will have to be a family member or someone who really trusts you. A lot of guarantor loans require that the guarantor provides an affordability check which, with their own outgoings, might mean they don’t meet the requirements to help. The guarantor needs to have their own good credit rating, a bad one means it is likely that the loan is turned down. This type of agreement can put a stain on the relationships, especially if the payment arrangements aren’t adhered to.
Any large financial decision should always be completely thought through. Borrowing money should be something you need to do because all alternatives have been looked at and ruled out – such as borrowing from a family member, selling unwanted items and doing odd jobs. You need to make sure that you can meet the repayments after all your essentials have been paid first – if you’re having to borrow money to meet essential payments then you need to look at your finances and see where you are going wrong. If you need to go down the borrowing route, then always borrow from a reputable lender who are regulated by the FCA (Financial Conduct Authority).