Self Employed, Poor Credit Rating and a Baby on the Way

Self Employed, Poor Credit Rating and a Baby on the Way

Over the last few weeks we have been taking a more detailed look at a few of our customers and their reasons for choosing George Banco to provide their unsecured personal loans or guarantor loan solutions. In this instalment we take a look at Marc and Annette, a couple from the north of England with a poor credit rating, a reasonable income and a baby on the way.

Marc and Annette had been trying for a baby for quite some time and were lucky enough to become pregnant with their first child 4 months ago. They had a mortgage on a small two bed flat but it was in no fit state to accommodate a small child. It needed a good clean up and plenty of relatively small but significant repairs to make it habitable for a baby. Marc had been made redundant from his job eighteen months beforehand and in that time had decided to go self-employed to start taking control of his own destiny, developing a more secure and a financially better future for his family.

Marc and Annette had planned to redecorate in the next 12 months or so but the change in employment situation had delayed it somewhat. So when they received the news of becoming parents they knew they would have to do something to remedy the situation and fast.

Marc was earning better money being self-employed than he had been in his former job but it wasn’t enough to support them and pay for the repairs and renovations. They needed £3000 to complete the works safely and future proof their home in preparation for their new arrival.

Annette had formed a close relationship with her Aunt after losing both her parents to old age, and had shared her worries about the looming issues with her over a coffee one afternoon. Annette’s Aunt went home that afternoon and had a chat with her husband (Annette’s Uncle Mike) who immediately said they should loan Marc and Annette the money to make the repairs required to prepare for the arrival of their baby.

Annette was delighted with the news but knew that she would have a hard time convincing Marc to accept help from inside the family. Marc had always had a huge sense of pride and had never accepted offers of financial help in the past.

As expected Marc was not happy with the situation and immediately said no. He wasn’t prepared to take their hard earned savings.

Whilst Annette had been discussing things with her family, Marc had been investigating alternative options. He knew he could afford a loan but with less than two years’ worth of accounts to back up his situation he couldn’t approach the bank. He went online and did a few searches for unsecured personal loans and found George Banco. Marc spent a few minutes putting in an online application and found that he was not directly eligible for an unsecured personal loan but that he could continue the application for a guarantor loan instead.

Marc took a further couple of days thinking about the situation and what he was prepared to do in order to provide a solution. He wasn’t prepared to accept the money from Annette’s Aunt and Uncle directly but he wondered if they would consider acting as guarantors so that they could get a loan and make the repayments themselves.

Marc discussed it with Annette and they both felt it was a good idea. It allowed the Aunt and Uncle to help whilst also controlling the situation themselves. Annette and Marc put the idea to their Aunt and Uncle who agreed immediately. Uncle Mike knew Marc had never let them down in the past and that his business was doing and was paying well so wouldn’t let them down in the future.

Uncle Mike had a great credit history and completed the application that day to guarantee Marc for a £3000 loan over a two year period from George Banco. The loan was agreed the following day and was in Uncle Mikes account ready to be transferred 24 hours later.

Here at George Banco we take pride in regularly communicating with our customers to ensure they feel supported and in control, and last we heard the renovations were well underway ready for the arrival of Marc and Annette’s baby.

Every day we speak to numerous applicants in similar situations to Marc and Annette, and in a lot of cases we are able to provide an affordable and sustainable solution to their personal financial needs, despite them having a poor credit rating.

If you feel you could benefit from an unsecured personal loan from George Banco then get in touch or complete the online application to see if you could be eligible.

Please Note – Names have been changed for data protection purposes