Need help re-arranging your finances? Consolidate credit cards, store cards and existing loans into one manageable monthly repayment. By reducing your monthly payments you can improve your cash flow. Please note you may pay back more over the term by doing this.
Looking to buy a newer car, van or motorbike? A guarantor loan can help you obtain the money before going shopping for your newer car. This gives you the buying power to shop around and hopefully guarantee you get the vehicle you really want.
Need to borrow money to improve your home, a guarantor loan can be used to enhance your property. Extensions, conservatories, replacement windows, decorating - whatever improvements you are carrying out, let us help you finance your project.
Online Guarantor Loan are tied to certain guarantor lenders.
Why use a guarantor loan?Guarantor loans are suitable for many people who either find it difficult getting approved for a loan or being offered expensive forms of alternative finance. There are a number of factors that may cause you to be offered a larger loan rate or may result in being rejected finance; these include missing payments on existing credit such as loans, credit cards and mortgage repayments. CCJ`s may also impact on your credit rating reducing the credit options available to you, making a guarantor loan a suitable alternative.
Another factor that may impact on your ability to find a suitable loan is if you haven`t taken out much credit in the past, meaning you haven’t built up your credit rating for lenders to trust that you will keep up with your loan repayments. Your residential status may also affect the types of finance available, if you are a home owner you may have other finance options such as secured loans or remortgaging while if you are a tenant often certain loan plans may not be available and the loan plans that do accept tenants may be more expensive.
Guarantor loans are designed to help people who may have encountered these problems, with the help of second person to act as a guarantor for the loan agreement helping make the lenders feel more confident agreeing to a loan possibly helping them offer a lower loan rate.
What is a guarantor loan?Guarantor loans are increasing in popularity but many of us don`t know what a guarantor loan is. Guarantor loans are loan agreements between a lender and a borrower with a guarantor backing the borrowers loan application. In the event that the borrower taking out the loan defaults on the loan or misses a number of loan repayments, the guarantor will then be responsible for the loan repayments. Guarantor loans can help you borrow between £1,000 up to £10,000. Because the loan has a guarantee, you will probably receive a lower loan rate than alternatives, especially if you have a bad credit loan.
Who makes a good guarantor?Almost anyone can be a guarantor for your loan, family friends even your boss or work colleague. One prerequisite for a guarantor is that they don’t share a bank account with the borrower.
Guarantor loans are available for both homeowners and tenant borrowers as well as having plans allowing your guarantor to be a tenant as well as home owners.