Who is eligible for an instant loan in the UK?

When it comes to taking out a short-term loan in the UK, including those in the instant loan market known for their quick response and access to funding, it is important to know who and who isn’t eligible.

In short, anyone in the UK who is over the age of 18 could be eligible for a loan, it just depends on a few factors which you need to have in place at the time. These factors are largely to do with having valid details and not being under any current financial insolvency. The specific criteria are:

– being at least 18 years of age
– being a valid UK bank account holder
– having a valid phone and email contact details
– having regular income going into your UK bank account
– not having any current insolvency, liquidation or administration proceedings against you

If you meet all of these criteria, there is every chance that you will be eligible to be accepted for a short-term unsecured personal loan. If you are worried about a bad credit rating affecting your chances of being accepted, you should know that many people are still eligible for a loan even with bad credit. It may have an impact on your APR, as those with bad credit often have higher interest rates, but as long as you are clear on this you can take it into account in your budget.

In terms of how you secure your loan, you can either go through finding a lender yourself, or you can make use of an online loans broker who can search across their panel of lenders and loan options and find the best loan quote for your financial needs. If you take a look at your quote and like it, then you can move forward with the application process, and if you pass the checks with the lender, you could then have your funds as quickly as 15 minutes after acceptance.

When it comes to the instant loans UK landscape, there are clearly a lot of elements to be aware of, but overall it can provide you with much-needed finance at a time of emergency expenses that need to be met. Of course, you don’t want to fall behind on your payments and incur further financial issues, but as long as you keep up with these repayments, it can make for a helpful financial step at a key time.

Have a think over exactly what amount you need to borrow and what repayment terms would work for you, and then take a look around for regulated lenders whose terms work for you, or alternatively, make use of the aforementioned loans broker service to have yourself provided with an ideal quote for your specific financial needs, given you a helpful benchmark to compare your own loan searches against.

What is the time frame for a liquidation process?

This is the procedure that directors choose to bring down the business to a halt by appointing a licensed insolvency practitioner to sell assets and pay creditors and give any money remaining to shareholders due to bankruptcy. So how long does voluntary liquidation take?Voluntary liquidation can take between one and two weeks to be complete following a procedure:

  1. Submission of documents relating to voluntary Liquidation. This is to aid in the paperwork of the company’s assets and also a declaration that the company is giving its way out to allow selling of the assets. The documents submitted are:
  • Solvency statement and last assessment that show assets at estimated realizable values with expected rank payments.
  • Notification of the appointment of liquidator by members.
  • Notification of the appointment of liquidator by creditors.
  • Attachment of the declaration of solvency.
  1. For anyone wondering ‘how long does voluntary liquidation take?’, company declaration of solvency and last assessment of assets and liabilities.The company has to give out the assets to declare its readiness to give out its assets.
  2. Members of resolution
  3. Publication of the decision for voluntary liquidation.

Consequences of liquidating a company

  1. Damage entitlement

When a company orders a liquidation it means that a notice of company dismissal to all employees is given.

  1. All the directors will have no powers when the liquidator has been appointed.
  2. The properties cannot be disposed by the company as it loses power over them.
  3. The company can carry on business only for the
    purpose of completing the liquidation process.

Order of distribution of assets
There is a hierarchy of asset distribution according to priority enforced by the courts. First off are the secured creditors getting the upper hand and are paid off before there is a distribution and after this the part of paying remaining debts are paid as follows:

  • All the charges and expenses that were made during the liquidation.
  • Salaries and all the wages that the employees owe.
  • Then the unsecured creditors
  • Any debt that became due to before the process
  • Dividends of profit and debts owed by shareholders

Conclusion
How long does voluntary liquidation take for your company? Liquidation is the last sign to show that the company has failed immensely and cannot stand on its own anymore. The sensitivity of the matter requires that the company is dissolved so that auctioneers are not sent by debtors who would sell assets at a very big loss to only gain their debts and not to sell the assets with the correct pricing.