Simple, Transparent, & Fair Loan Application With LendFair
Borrowing money is one of the easiest ways to fund a certain expense, such as travel, house renovation, or gadget. However, acquiring a loan is not easy as most lenders have several requirements that most regular people don’t have.
There are various loan providers in the UK that promise easy applications and to name one, there is
LendFair is a loaning institution that offers “guarantor” loans on a fixed term. Basically, the amount of loan depends on the product that the borrower chooses, and this includes the terms and rates that go with it as well.
Normally, a borrower from LendFair can loan the amount of £500 to £10,000 and the term of payment can be from 6 months to 5 years. Meanwhile, its annual percentage rate starts from 29.9% (Fixed) to 47.9% (Fixed).
Although other lending companies can provide the same service as well, LendFair brags about not having an arrangement nor early settlement fee, thus making it easier for the borrower to handle. They also give interest rebates for borrowers who will pay earlier than the expected payment period. Moreover, it does not have fees or charges for late payments and the interest rates are only applicable to its outstanding balance.
How LendFair Works?
Borrowers should be 18-year-old and above with a UK personal bank account. Since LendFair provides “guarantor” loan, the borrower needs to have a guarantor, who can either be a homeowner or tenant, that will shoulder in repaying the loan in case the borrower is incapable.
As per the guarantor, he/she needs to be someone who knows and trusts the borrower, therefore it can be another family member or a friend. LendFair also requires the guarantor to be a homeowner or tenant for at least a year. The company also needs the guarantor to be under 75-years-old, how 73 for those who wish to apply for best loans.
Therefore, if you want to borrow, make sure to talk to your guarantor first and make sure that they will agree with you as LendFair will contact them for the approval process.
What Happen Next?
After talking to your guarantor, make sure to decide how much you need to borrow. Although you can borrow as much as you want, it’s best to loan only the amount you need. Next, choose the type of loan you need. This should be in accordance with the company’s condition and if it will be applicable to you.
LendFair provides a loan calculator on their website to see the applicable amount that the borrower will pay on a monthly basis. They also have an online advisor readily available via chat.
How Long Should You Wait For The Money?
Basically, when things are settled between you, the guarantor, and LendFair, the company will quickly send the money on your guarantor’s bank account, although in some cases, it will be transferred within 24 hours or the same day.
The next thing that you’re going to do, aside from use the money, is just wait for the payment period. LendFair will happily send an SMS three days prior to your due date, so you’ll be reminded accordingly. Payments can be done by direct debit or bank transfer.
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