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Leaving Europe – What will be the Ramifications for Loans Providers?
October 10, 2019

At the time of writing there are 21 days, three hours and 30 minutes to go until the United Kingdom leaves Europe. Yes, we are being specific here at United Kingdom Loans with our countdown to leaving the European Union we think it’s a significant period of time and one which will go down in history for future generations to look back upon. The question is will leave in European Union in 21 days, three hours and 29 minutes have any impact on personal finances people who live within the United Kingdom.

What will happen Post Brexit?

Although we are proud of what we do here at United Kingdom Loans and we have a team of financial experts who can enter into the most complex discussions around the United Kingdom financial economy, we unsurprisingly do not know what is going to happen when the United Kingdom leaves the European Union. Although there are strong arguments for remaining and for leaving the European Union, we believe nobody actually knows what will happen until we leave. It is evident the Government are preparing for a no deal Bexit; Michael Gove has been in charge of the ‘No Deal Department’ since Boris Johnson’s inception as Prime Minister for the United Kingdom, and vast sums of money have been set aside to cover all eventualities and potential crises that are associated with leaving the European Union without a deal.

We’re Changing Nothing!

It goes without saying that United Kingdom Loans will continue to be operational post-Brexit and therefore nothing really will change. We will still continue to offer short-term, quick loans up to £3500 for United Kingdom residents. We haven’t made any preparations for leaving the European Union, nor do we think there is any necessity to change things significantly here within our business model. We are a United Kingdom quick loan service leading up to Brexit, and after Brexit we will continue to be a United Kingdom loans operation, irrespective of deal or no deal.

A word of caution

Unfortunately the impact of leaving the European Union will have a potential catastrophic effect on many businesses who rely upon close ties to Europe in order to trade effectively. We therefore hope that small business owners rely upon trade deals within Europe made the requisite steps to safeguard their businesses and we hope they will be able to continue to operate following the United Kingdom leaving the European Union. So in conclusion, things could be ok, but it could also be absolute chaos…we now have 21 days, three hours and 18 minutes to go until we leave Europe, but hey, who’s counting?

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.

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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.