Find Out More About Lend Fair Guarantor Loans. An explanation of and important information about your proposed LendFair Guarantor Loans is shown below. Also known as Fair Finance Loans too.
We have provided some significant explanatory information about your planned guarantor loan to you before they can process your loan application.
To enable you to decide if their guarantor loans are suitable for you in your present situation, you need to read this documents carefully.
Please don’t sign the loan agreement before you’ve considered all the information supplied (including the terms and conditions of the loan agreement) as well as the extent to which your nominated guarantor will be engaged, together with your loan account with us.
You should only sign the loan agreement if you are satisfied that the information is fully understood by you and that you want to carry on to borrow from Lendfair Limited.
Lend Fair Guarantor Loans Communicating with you
If you choose to take out Lend Fair Guarantor Loans, they are going to communicate with you by phone to the number or numbers you provided by email, SMS message and letter within your loan application.
It is important that you just react to any effort we make to touch base with you, as this helps us to understand, at an early phase, if your circumstances have changed and also to provide an improved service to you.
Is this loan acceptable for me personally?
A short to medium term, secured guarantor loan of this type is intended to give you a cash advance payable over 6 to 60 months and might not be cheap as a means of longer duration borrowing.
This loan might not be suited to you personally if you intend to put it to use to pay off any loans that are existing if the interest rates on those loans are on this loan agreement.
You must also assess the consequences of settling other loans early.
Is Security required for a Guarantor?
The loan is acceptable and accessible if you’re able to nominate a friend or family member who’s willing to stand as your guarantor. You must have the guarantor’s permission before you apply for the loan to nominate them.
Your guarantor will be asked to supply Lendfair Limited with security in respect of your loan agreement.
They’ll enter into a separate guarantee and indemnity agreement with us directly and will be legally in charge of repaying your loan (and associated prices) in the event that you miss a payment or otherwise default on your own assurances to us.
Your guarantor has the right to get a copy of the completed loan agreement which you enter into with them, along with statements, notices and other details in respect of the status of your loan as well as your repayments while you have an account with them.
When you enter to the loan agreement, you are required to supply them with your permission to share this info along with your guarantor, and also to contact them, which means your guarantor may find out about your repayment performance.
Guarantor Loan sum and costs
Lend Fair Guarantor Loans provide loans of between £5,000 and £500 for repayment periods of between 6 and 60 months. The total expense of credit is based on a rate of 3.32% (fixed) per month for the loan period. The yearly rate of interest is 39.8% (fixed).
Guarantor Loans Repayments
You have to make repayments and monthly thereafter throughout the term of the loan agreement.
They will write to you personally to confirm the approach selected.
Lend Fair Guarantor Loans may ask you to supply your debit card details, in case you opt to pay by debit card. This involves supplying them with a continuous payment authority (CPA) so that people can gather repayments automatically out of your own bank account.
Lend Fair Guarantor Loans will only ever make one effort to regain each specific repayment, per month, through the duration of your loan, and if they are unable to obtain repayment using the CPA, they will try to get in touch with you in respect of the repayment, as they shall not make multiple attempts to recover the amount due in a given month.
If you do cancel you will have to provide us with an alternate approach to repayment by the agreed payment date to avoid incurring unnecessary default charges and going into default and will still owe any outstanding debt.
Please ensure that you can repay the loan on the agreed repayment dates without needing to rely on your own guarantor.
If you cannot meet the entire repayment on the scheduled repayment dates, or you’re experiencing financial difficulties and in case your circumstances change, please get in touch with them as soon as possible, so that you can talk about the available choices.
Lend Fair Guarantor Loans may contact you by SMS message, email or phone, or a mixture of these
If you don’t make the repayment on the scheduled repayment date, they will try and get in touch with you by phone, electronic mail, letter or SMS message, to discuss your circumstance along with the reasons for the missed payment.
If you notify them that you are struggling to make the repayment as a result of change in your financial situation, or where making the repayment would cause you financial hardship, they will endeavour to agree a repayment plan that is reasonable with you.
In case these efforts to contact you are unsuccessful, [then by the next day following the scheduled repayment date] they will contact your guarantor to inform them that you might have missed the scheduled repayment to determine when they’re aware of a change in your situation and to explain that you’ve missed the repayment.
They will endeavour to contact both of you after the scheduled repayment date.
If they have not been able to make contact during this period, or their efforts to regain the repayment have not been successful, on the seventh day after the repayment date they will serve a default notice upon you as well as your guarantor.
In the event you do not make the repayment due within 14 days of the service of the default notice, they are going to attempt to recover the scheduled repayment from your guarantor 23 days following the initial repayment date.
What are the impacts if I miss a payment?
In case you default in your loan at any given time, they may bill you default option charges and this will imply you will wind up paying a lot more than you might have originally anticipated.
In the event of default:
— they will charge default interest in the contractual rate mentioned in the loan agreement, computed in the date a repayment is due until it is received;
— they might also claim most of the sums advanced under the loan agreement, as well as interest, subject to our duties under the Consumer Credit Act 1974.
Missing payments can also make it even more challenging and expensive for you to get credit in future.
Could I get out of the loan agreement?
You’ve the right to withdraw before the end of 14 days, commencing with the day after you obtain a replica of the last agreement, without giving any reasons once the loan agreement is made.
It’s possible for you to exercise this right by writing to them, calling or e-mailing.
If you withdraw you have to return any monies paid to your own guarantor.
You need to also pay interest accrued from the date your guarantor is given the money in the rate implemented on a daily basis, computed and established in the loan agreement, to the date you reimburse us.