Compare all guarantor loans online. Information on guarantor loans available here
Guarantor Loans Today. Compare all guarantor loans online. Information on guarantor loans available here!
Get the best guarantor loans here!
If you are having difficulty finding a loan and the banks or building societies wonâ??t lend to you then it might be worth considering guarantor loans. A guarantor loan is available to you even if you have bad credit. The interest is unlikely to be as high on a guarantor loan as it is a payday loan and you are should be able to arrange a much more flexible repayment plan. Guarantor loans are available to almost anyone providing you can find someone willing to vouch for the security of the loan and guarantee that you will make your payments on time. If you fail to pay the loan back on time then it is most likely that your guarantor will have to pay the loan back for you. As the majority of guarantors tend to be friends and family it should be important to you to pay what you owe on time and in full. If you are over the age of 18 and can find someone with a good credit history to guarantee that the loan will be paid back then it should’t have any trouble applying for guarantor loans. Applicants themselves could choose to use a guarantor if they feel they will be unable or unwilling to secure a loan on their own, again, if the applicant has poor credit or no credit history. There are companies who specialise in lending to people who have bad credit ratings and guarantor loans maybe one of the products that they offer.
Compare guarantor loans and find the top guarantor loan here!
You can use this website to compare different guarantor loans. This is a sensible thing to do when applying for any financial product as interest rates and charges will certainly vary as will the terms and conditions. In order to make sure that you are getting the best deal you can take a good look at the grid below and work out exactly what you want from a guarantor loan to best suit your circumstances. All guarantor loans do carry a risk as these loans are secured by another person who is likely to be close to you. If you fail to pay back guarantor loans on time then you are likely to hurt and possibly anger family, friends or acquaintances who have done their best to help you. Make sure that you check the different rates of interest and thoroughly read the terms and conditions of each company. A loan is a financial product and needs to be taken seriously so make sure you know exactly what you are getting into.
More about guarantor loans
A guarantor loan is a secured loan which means that you need to offer some sort of collateral as insurance to for the lender that the loan will be paid back on time. With other loans the collateral used is usually a possession such as a house or car but with a guarantor loan you will need a person who will vouch for you and guarantee that the loan will be paid back on time. A guarantor will usually be a family member or friend and the lenders take the position that it if a friend can trust you to pay the loan back they can trust you too. However, the guarantor will usually have to be a home owner, employed and with a food credit history. The lenders are also likely to want make sure that the guarantor can afford to pay if you default on the loan so personal questions will be asked.
Why choose guarantor loans?
Guarantor loans are useful for people who are unlikely to be able to obtain a loan elsewhere. You may have a bad credit history or have been bankrupt in the past. If you are unemployed it will also be difficult to get a loan. With a guarantor loan you will be lent the money on the basis of the person whom you can get to vouch for the loan. Guarantor loans are designed for people whose credit history is poor and for some people guarantor loans can be a way of rebuilding their credit history by demonstrating that they are responsible borrowers.
Is a guarantor loan right for me?
A guarantor loan might be right for you if you have bad credit and you have exhausted other possibilities. However, the risks involved are very real and it is important to be careful when you get a guarantor loan. You will be exposing your guarantor to financial risk so you must be sure that you can repay your debts on time. It is of paramount importance that you read all of the terms and conditions for any guarantor loan which you apply for. Your guarantor will have to step in if there are any problems with paying back the loan, so be careful. Only borrow the minimum amount you need and work out exactly what will need paying back when and you should stay out of trouble