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How To Access Loans If You Are An Immigrant In The UK

If you just migrated to the UK, or you have been living in the UK for less than 10 years, and you are wondering how to access loans even though you are not a citizen, this post is for you. Obtaining loans as an immigrant to the UK is an easy process once you know what to do, and this post details just how to go about it.

Loans and grants

Loans and grants are not the same. While one is naturally refundable, the latter can be given freely to deserving individuals or groups that meet specific criteria. One of the first things you should know as an immigrant to the UK is that there are numerous avenues to obtain grants from the government. As a means to achieve social equality in the state, the UK government has made it possible for immigrants (and minorities) to access small business grants which would aid them to create small businesses and provide jobs for themselves. As an immigrant, applying for a grant from the government is a great way to get what you want without having to pay as much in loan interests, and it should be the first step before applying for a loan.

However, if you intend to use the money for purposes other than to start a small business, then the best bet is to apply for a loan.

Types of Loans in the UK

Loans in the UK vary in different ways, but mostly along the line of their payment scheme or the determination of the interest rate. It is important that as an immigrant, you know the different types of loans offered in the UK so as to be sure of which to take. The following are some of the types of loans offered in the UK:

Fixed Interest rate: This kind of loan comes along with a fixed interest rate on the principal. This kind of loan can be beneficial to a borrower when the interest rate is expected to climb; fixing the rate for a particular period saves up much needed money.

Standard variable rate: As the name implies, this kind of loan is based on a variable rate. The Standard variable rate complies with the standards set by the Bank of England Base Rate and taking this type of loan can save a borrower during times when the interest rates are low, but it can also prove as a demerit at times when the interest rates are high.

Tracker rate: similar to the standard variable rate kind of loans, these loans are dependent largely on a tracker rate which is similar to the Bank of England base rate, but is influenced largely by the lending bank’s own private earnings and rates. Taking a loan set on tracker rate can be beneficial because it follows Bank of England base rate, but it is mostly beneficial to the lending bank.

Discounted interest rates: these loans are usually offered to long term clients. In some financial institutions, during the Discounted interest rates loan scheme, the discounts are offered on a tiered basis; that is, the more the client borrows, the greater the discount. In some other institutions, the discounts only apply during a precise period of time, after which the rates revert to the standard variable rates.

What loans are available for immigrants?

The following are the loans available for immigrants:

Currency mortgage

Non-resident mortgage

Offshore residential mortgage

These loans mentioned above can then be serviced using the standard variable rates, the fixed interest rates, etc. depending on the lender or credit facility.

Logbook Loan vs Guarantor Loans:

If you are in a state of getting a loan due to low financial issues, you must have a complete survey about the loans that are being offered. In addition, if you have a bad credit score and you are not eligible for many other loans, then you should take a deep look into the type of loans that are being offered, as these loans have more to deal with. You can easily compare the types of loans rather than the companies that are giving different offers.

If you are looking for a loan, then think about someone who has taken the loan recently, if you have someone then consult them and ask about their own experiences. We suggest you that logbook loan is the best option to consider, but you must have a survey of all these loans to assure that you are having a right decision. Have a look at the comparison of these loans to get a better idea about these loans.

Logbook loans are the type of secured loans that are given against the vehicle that you have. You must be a registered owner of the vehicle in the United Kingdom if you are going to use this car for getting the loan. These loans are specially designed for those people who are unable to take the loan from the bank because of the bad credit score they have.

Guarantor loans are the type of loans that are given in the presence of a guarantor who will co-sign the agreement along with you. A guarantor is a person who takes the whole responsibility of all the loan if the borrower is unable to repay them on time or if he defaults the payments.

The major difference in these two types of loans is that the logbook loan is the type of secured loan while the guarantor loan is the type of unsecured loan. Secured means that the lender is safe and easily gives you money against your vehicle as if you don’t repay, he will have the power to seize the vehicle you were given money against.

Whereas, the guarantor loans are not the ones that are considered secure. If the borrower defaults the payment, then guarantor is the totally responsible person for these payments. He is the backup for the money that will be paid to you. He will step forward and pay all the money otherwise, he will be given serious punishment by taking the matter to the court.

Logbook loans are the safest and the most reliable to consider, these types of loans are given not after checking the credit score. They are totally dependent upon the car that you possess rather than the credit scores that you have. You can’t increase the credit scores with these loans as they are not recorded in the credit file. On the other side, a guarantor loan is given after considering the credit score of the guarantor who is taking the whole responsibility. Moreover, if you have a bad credit score, then you can use these loans to increase the scores of your credit card.

Myloan is proved to be the best service

loansguyMoney lending is a widely spreading business in Singapore, since there are many lenders working to offer different kind of loans to people. Since there are many choices available now, one should be very careful for choosing a lending service, because it is not necessary that everyone is offering a good service, there could be many other factors which could create troubles for you in the long run. Myloan.sg works with multiple certified money lenders in Singapore, in order to make it possible for everyone to take a good decision for taking a personal loan. Without using an organized network, there could be several problems to avail loan. it can also affect your credit rating if you apply loan to several lenders. My loan facilitates the clients and directs to the minimum cost lender and helps approval of the loan.

Myloan can be availed for any reason related to personal expenses. The client has no restrictions to explain the reason; why the amount has been requested. The client can purchase a car, renovate his house, pay off his dues to improve credit rating, or any kind of medical emergency. The company will facilitate the client in any case and will never ask a question on utilization of the amount; before or after the loan. By improving your credit scoring you can enhance your chances for approval of big bank loans in future. However, Myloan will never check your credit rating; thus there is no impact of the poor credit rating on approval of the personal loan.      

Myloan offers high flexibility for choosing an amount with the payback period of your choice. You can even avail a loan as low as $1000 dollars for a period as long as 7 years, which may provide an immediate help in the emergency but would cause an installment only around $12 a month, which seems just like a joke. You can choose any option of your choice after calculating a tentative payable installment against each plan, according to the capability of repayment.

Unlike other companies, you will not be charged any penalty if you are able to pay if off before the term. You can windup the loan term as soon as you want. No additional charges will be applied in this regard. Apart from early payment, the entire experience of personal loan by Myloan Singapore is quite comfortable; there are no hidden charges on any account, only an APR which is as small as 7.2% within a transparent system.  Myloan offers a simple and fair procedure which is clearly developed keeping the client at a priority. An interesting part of the terms is that they even facilitate the client if he is not able to pay his installment. For this purpose, they will find another source of finance for the client on their own and help him out to prevent his failure. However it is important that the client informs them on timely basis. It proves that for Myloan, client is actually the top priority.

12Loans – Your Most Friendly Lender

12Loans specialises in providing affordable logbook loans to customers who are typically who are unable to access the traditional forms of lending. They are experts in providing 12 month loans. Their product is referred to as “logbook loan” which is loan secured against your vehicle, allowing you to release the cash in your car, van, or motorbike. They treat thousands of customers each month and are committed to treat their customers fairly and to ensure that the loan is suitable for their needs. They are authorised and regulated by Financial Conduct Authority and are members of Consumer Credit Trade Association.

Their loans are designed to provide a short term solution as per the current financial requirements. They aim to match your current budget with the most affordable repayment terms. Logbook loans are an alternative choice to a payday loan. By taking Logbook loan the customer has an option of spreading repayments over a longer and manageable period. Additional y the Logbook loans which they offer has no set up fees and no early settlement penalties. The customers can pay off these loans as early as they wish. Even if you want loans for a longer term, they offer that as well.

How 12Loan works?

The process to obtain a loan from 12Loans website consists of three simple steps. The first is to apply through their website. The process is very simple and quick. A member of their New Business Team will contact you to discuss the requirements. The second step is to arrange an appointment with one of their local branches. Their meetings usually last not more than 60 minutes. The third step is to receive your cash in store which is up to £5,000 which is subject to an assessment of your vehicle and income. They can also arrange a bank transfer.

What are the main benefits of a lone from 12Loan?

There are three major benefits for taking a loan from 12Loans: The first one is fast Application One of the fastest and most convenient ways to apply is through their online application form. Once they receive the enquiry, the response is within minutes (during working hours) they do appreciate the fact that many people require loans during emergencies and during that every minute counts. The second benefit is the flexible loans and repayment options which are offered. There is no requirement to apply for loans in round numbers.

The customers are free to apply for the exact amount they require and subject to eligibility and affordability they will happily assist you. They understand that while many people find making the payment at the beginning or end of the month easiest, this might not be the case with everyone. Some people prefer making weekly payments. At 12Loans they would work with you to suit your budget. And last but not the least the greatest benefit of a loan from 12Loans is that they don’t charge any fees to set up your loan at any point of time.

They know that you have many things to worry about without the additional burden of the fees, which is why they don’t charge any fees to set up your loan. They are direct lenders and not brokers. You can also settle your agreement early without any kind of penalty. However their eligibility requirements differ from traditional loans. If you are above 18 years of age, if you legally own the vehicle against which you seek a Logbook loan , If you can provide your V5 document and if the vehicle is insured only then  you could be eligible for the loan.

1 Year Loan without a Guarantor

Screen Shot 2016-02-12 at 02.47.171 year loans without guarantor are the risk free and most fast loans that can be acquired in the United Kingdom loan market. In such kind of loans, unlike the secured loans no collateral is pledged for getting the loan from the lender. In secured loans people had to give any of his collateral in the custody of the loan lender but in these loans this security is not needed by the lender of the loan. So if he fails to pay off his loan back to the kinder due to any problem, he will not be in risk of losing his collateral. For this purpose these loans are known as risk free loans. People may acquire these loans after the lender has confirmed your credit report. On the basis of the impression your credit report is giving you will be given these loans.

Eligibility and conditions for getting 1year loans without a guarantor in the United Kingdom

Any person can get these loans whether he is a tenant or a homeowner if is available with perfect credit scores and perfect credit report showing good credit records in the past. If the credit reports depict any pending loans and any remaining credits, the lender may not trust the borrower and may refuse to allow the loans. To give loan to these people will be a risky thing to do. Some of the people who have been rejected for different other loans may get these loans if they meet the conditions and are eligible for getting such unsecured loans.

Need of finding 1 year loans without a guarantor

The 1 year loans without a guarantor can be taken for several purposes. A person who wants to renovate his house and wants to make some changes may get these loans. Those parents who are unable to afford the educational fees and expenses of their children may find these loans. People who need some money for meeting their business needs may get them. People can acquire them for debt consolidation. And for several other purposes these loans can be acquired easily.

Advantages and benefits of 1 year loans without a guarantor

These 1 year loans without a guarantor may let you avail a number of benefits and advantages which will help you in your financial lives. These loans are not at all risk as the secured loans are. These will be very much helpful when you are in need of some finances and need to be helped financially. So, the 1 year loans will benefit you in the hour of need.

Easy Access to 1 year loans without a guarantor

At present you need no worries regarding the access to the 1 year loans as you just have to fill the application form available over the website. You just fill the online form that asks some general information about yourself. After submission of application form it takes no more than 10 minutes to transfer loan to your bank account. We would suggest  using a direct lender such as 12loans.co.uk if you intend to apply for a 12 month loan.