GBP Loans, the "NO FEE" UK Guarantor Loans specialist, are pleased to announce continued expansion despite the general decline of the unsecured sector over the past 12 months.
Online PR News – 18-June-2010 – – GBP Loans, the "NO FEE" UK Guarantor Loans specialist, are pleased to announce continued expansion despite the general decline of the unsecured sector over the past 12 months.
The Guarantor Loans market has been growing steadily, with Google searches on “guarantor loans” and related terms almost doubling in a similar period.
GBP Loans cannot accept IVA's or bankruptcy cases but all other adverse credit will be considered, subject to affordability, providing your guarantor is a UK homeowner, is aged 25 or over, has a good credit rating and is in full-time employment.
The OFT has recently revised their regulations governing unsecured loans, some of which will come into force in February 2011. GBP Loans welcomes the changes specific to guarantor loans and unsecured loans in general. TCF (Treating Customers Fairly) continues to be an important pre-requisite for becoming a responsible lender, but the new requirements regarding applicant affordability are equally welcome. This has been ignored for too long by certain lenders - using hikes in interest rates to offset their ever-increasing default ratios. This had the detrimental effect of decreasing affordability even more, which resulted in more defaults and consequential withdrawal from the market.
Managing Director of GBP loans, Hugh Tyzack, commented: "Although Guarantor Loans offer an alternative route to credit for those who cannot acquire it, they should not be offered to those who simply cannot afford to repay the loan – just because they have a suitable guarantor. Reliance on the guarantor should be viewed as a last resort only. The new regulations will hopefully reduce these unethical lending practices. Considering a guarantor loan is something that should be taken seriously, as failure to repay the loan can have serious consequences for all parties."
The fair treatment of customers is central to the culture and long-term success of GBP Loans.
Key points about GBP Loans:
• No fees at any stage
• Great rates from a Trusted UK lender
• Fast Track online application
• Dedicated advisor until completion
• No penalties for early redemption
• No interviews or home visits
• Your home will not be used as security
• Decision in minutes, cash within 48 hours of completion
• No computerised credit scoring
• Guarantor Loans specialist
• TCF policy