HOW IT WORKS
Havbell Dac offers loans from €1,000 up to €50,000 over a one to twenty-year period at an APR of 7.9% variable.
The loans we offer are unsecured loans and Guarantor Loans. As responsible lenders, we aim to do our utmost to give you a helping hand, and the Guarantor Loan provides us with the re-assurance that the loan will be re-paid in a timely and a regular manner.
An unsecured Loan works like this:
You need a loan, and we need to know that the loan will be re-paid, so we require that the loan we offer is guaranteed by the borrower that he will pay back all repayment on time.
In simple terms, this means that in case you can't make a payment, your Guarantor will make the payment on your behalf.
Borrower must be aged 18-75, have a good credit rating and be able to demonstrate a regular source of income, or have sufficient cash reserves to be able to make payments if necessary.
Once your borrower is comfortable with the way the whole process works, they complete a simple form on our website, and on receipt of their details, we carry out a few simple checks on their credit history and their debt repayments record.
Whilst this simple search is visible on the credit report, it does not have any effect on their credit score, as it would were they applying for credit themselves.
The only time your borrower's credit rating could be affected is if you, as the borrower default on your Loan repayments, and they can't make repayments on time.
However, if you as the borrower missed just one payment and covers it and repayments continue on time, then there is no negative effect on the credit report.
All being well, your own commitment to make repayments on time will result in a safe and amicable arrangement for you and for us as your responsible Lender.
We know that you will not want to fall behind with repayments, but if you as the Borrower do not or will not maintain regular payments, the matter may be passed to our legal representatives.
Guarantor Loan works like this:
In simple terms, this means that in case you can't make a payment, your Guarantor will make the payment on your behalf.
Your Guarantor must be aged 18-75, have a good credit rating and be able to demonstrate a regular source of income, or have sufficient cash reserves to be able to make payments if necessary. Your Guarantor will typically be a good friend or family member who is prepared and able to help you borrow.
Of course, this is an important step for your Guarantor, and we aim to ensure that he or she fully understands the implications of supporting your loan application and of guaranteeing your loan. We cover this in more detail in the Guarantors section of our website.
Once your Guarantor is comfortable with the way the whole process works, they complete a simple form on our website, and on receipt of their details, we carry out a few simple checks on their credit history and their debt repayments record.
Whilst this simple search is visible on the Guarantor's credit report, it does not have any effect on their credit score, as it would were they applying for credit themselves.
The only time your Guarantor's credit rating could be affected is if you, as the borrower default on your Loan repayments, and they find that they can't make repayments on your behalf. However, if you as the borrower missed just one payment, and your Guarantor covers it and repayments continue on time, then there is no negative effect for the Guarantor.
All being well, your own commitment to make repayments on time will result in a safe and amicable arrangement for you, your Guarantor, and for us as your responsible Lender.
We know that you will not want to fall behind with repayments, but if you as the Borrower do not or will not maintain regular payments, you must remember that the debt will become the responsibility of your Guarantor. Then, if neither you, nor your Guarantor can bring payments up to date, the matter may be passed to our legal representatives.