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Impact of Brexit on Finances
September 28, 2019

There are only days left until Brexit and the United Kingdom is braced for the potential impact of leaving the European Union. What is the impact of leaving the EU for British residents, and how will this impact on finances? Well the simple answer is, there will be no significant change to loan operations on day to day unsecured lending market. The biggest impact will be on the overall economy of the UK, particularly if a No Deal is implemented. Some argue it will be better for the UK, and some vehemently oppose this point of view. Some do however believe it will be better for the UK to leave without a deal and the simple answer is, we do not know!

Michael Gove is heading up the No Deal project and reports indicate that there are billions pf pounds put to one side to help manage a No Deal scenario. Here at United Kingdom Loans we believe that Britain will leave the EU on the date that has been agreed, but with a version of the deal that Theresa May initially put on the table way back when she led the country. This could however change, and will ultimately be dependent upon what Boris Johnson can negotiate.

In terms of the impact on finances, work is being carried out behind the scenes to ensure that there is minimal impact on the economy. With regards to the United Kingdom loan sector, very little will change. Loans will still be available across the UK and leaving the European Union on October 31st will not have any impact on lending. Although it could be argued the overall finances of the country will be hit, if the UK leaves the UK without a deal, there will not be any impact on the day to day lending operators.

United Kingdom Loans does not make credit decisions and is not a lender. United Kingdom Loans introduces customers to Nouveau Finance Limited, who match customer's loan applications with lenders on their panel based on the information you provide. United Kingdom Loans may receive commissions for introductions. This website does not directly endorse a particular product or service. Information on our website should be taken as opinion only. Loans for UK based customers only. Loans are subject to status and satisfactory affordability checks. Over 18's only. Default charges may apply if you do not repay on time. Short term loans are not suitable for longer term borrowing needs.

Consumer Advisory:
United Kingdom Loans is a loan matching service. This website will submit the information you provide to a direct lender. Upon a loan approval, a direct lender may require further information from yourself which will be collected after we transfer you to their website or they may contact you via phone or email or both.

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Non Payment Implications
The implications of non-payment of your loan could include adverse details being included in your credit report. This could adversely affect future attempts at securing credit or finance, in additional to further charges potentially being added by the lender. Where you miss a payment entirely, you will often incurr a charge / fee that will be added on to the total amount that you owe. Upon a missed payment, lenders will often try to contact you by telephone or letter in order to recover the funds and they may be able to arrange a new repayment date with you. If you are struggling, or think there is a possibility that you will not be able to meet repayments, Rhumsaa Finance strongly recommends that you contact the lender in the first instance.