Guarantor loans vs payday loans

There is a distinct difference between guarantor loans and payday loans, the obvious one being that guarantor loans require a credible guarantor, a person who financially vouches for whoever is taking out the loan. Payday loans, on the other hand, are secured on the borrower's next income payment. Although both are forms of short-term loans, other variations also apply. The key differences...

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Credit Score – What does it mean?

A credit score is not the same as a credit rating or history. All three factors have to be considered by lenders assessing an individual's loan application and suitability for a loan. Credit companies require information from potential borrowers to determine a credit score and rating. Â The credit score is used by lenders when deciding about lending money for long or short term loans. Â From...

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How to improve your credit rating

The credit rating is a cumulative score reflecting a person's financial health and ability to repay debts. Â Applications for loans may be declined based on an individual's credit rating, making it harder to meet home or business expenses. The higher the individual's credit score, the more likely lenders or creditors are to approve lending, such as for a short term loan. Â Each person's...

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