Until recently, Brexit was all the country was talking about. The vote to leave the European Union was being reported all over our news channels, was dominating our newspapers and was even taking over our Facebook timelines. But, now that things have quietened and the dust has begun to settle, it's becoming easier to see what's happening.
The banks have been cutting interest rates, some businesses have relocated or made redundancies, and some estate agents have reported a small dip in the housing market. But have you been thinking about what it means for you on a day-to-day level?
Well, many people have been asking questions like, "Will I get a loan after Brexit?", wondering how it's going to affect their finances. It's an important thing to consider, and is especially important if, like many of us, you sometimes struggle to make ends meet.
So, let's take a look into it. Will Brexit make it harder to get a loan if you find that you need one?
The rules and regulations around loans
Well, the first thing to know is that the laws relating to loan agreements aren't going to change any time soon. Withdrawing from the EU could mean some regulatory changes, which might have a knock-on effect to people wanting to borrow money if the changes place a financial burden on lenders.
However, for the time being, there's no need to worry about being affected by changing rules and regulations. Loans are considered on a case by case basis, and there have been no amendments to the rules on loan documentation right now.
Will I get a loan to buy a house?
On the other hand, house loans (mortgages) could be a different story. Unless you have a sizeable deposit and a good credit rating, you might find it hard to borrow money from the banks. And getting a successful mortgage application could be even harder now that the economy is heading into unchartered territory.
However, it's important not to be too worried about it. The Bank of England base rate has been cut from 0.5% to 0.25% - a small but welcome saving that will probably be passed on to borrowers. For those of us who are hoping to get on the housing ladder, it should make those mortgage budgets a little bit easier to meet, and for those of us who are already paying back a loan on our house, it should make each monthly repayments a bit easier too.
Will I get a loan against my car?
But what about the kind of loan you can borrow on a short term basis secured against your car? Well, that's the kind of loan we specialise in at Car Cash Point, and the good news is that there's absolutely no change in the way we do things.
It's still just as easy as ever to borrow money against your car, so there's no need to worry about how you're going to get a fast, affordable loan if you need help while Brexit is unfolding. Contact us if you need to borrow money quickly without worrying about judgement, hidden fees or credit checks.
