Being accepted for a loan used to be a great deal easier than it is today. Once upon a time you could simply pop into your local bank branch, have a quick chat with an advisor, and be in with a good chance of walking out with the loan, credit card, or overdraft extension that you needed. Nowadays it is a different matter altogether! If you are one of the millions of people in the UK with poor credit, you have probably already experienced first-hand the difficulty in getting credit through traditional lenders such as banks and building societies.
Flexible, affordable lending for those with poor credit With mainstream lenders closing their doors to anybody with less than perfect credit on one side of the spectrum and payday lenders charging an arm and a leg in interest repayments on the other, many are choosing an alternative means of getting the money that they need in the form of a guarantor loan. Whilst payday loans only allow people to borrow money over short periods at high cost, guarantor loans represent a much more affordable and flexible way of getting the money that you need. You can borrow anywhere from £1,000 to £7,500 over a one to five year period at a rate of 47.9% APR, which makes guarantor lending a potentially perfect option if you are seeking to consolidate debt, replace your car, go on holiday, or upgrade your home. There are no fees to pay and no brokers to deal with, the only thing that you need to do to get the money in your pocket is to find a guarantor to co-sign your loan and sponsor your application.
A guarantor can support you without having to dip into their own pocket At first glance the idea of approaching a friend, family member, colleague, or employer about acting as your guarantor might feel a bit uncomfortable, but it is easier to ask someone to sponsor you than to lend you money. After all, nobody likes to ask to borrow money from somebody, especially when you know that they might not have a lot of money themselves, but by being a guarantor that friend or family member can help you get the money that you need and boost your credit rating. And it is a fact that your guarantor will not be contacted at any point or asked to pay any money, provided you keep up with your loan repayments.
Who can be a guarantor? Although anybody who isn’t financially linked to you such as a husband, wife, or live in partner can act as your guarantor, there are certain criteria which a guarantor will have to fulfil before they will be considered to be an eligible guarantor. Even though you will not be expected to have a good credit score, your guarantor will be, and in addition to this they will expected to be a homeowner if you are applying for a larger loan. Also, your guarantor will need to be aged between 25 to 72 if they are a homeowner or 25 to 65 if they are living in rented accommodation.
Flexible, affordable lending for those with poor credit With mainstream lenders closing their doors to anybody with less than perfect credit on one side of the spectrum and payday lenders charging an arm and a leg in interest repayments on the other, many are choosing an alternative means of getting the money that they need in the form of a guarantor loan. Whilst payday loans only allow people to borrow money over short periods at high cost, guarantor loans represent a much more affordable and flexible way of getting the money that you need. You can borrow anywhere from £1,000 to £7,500 over a one to five year period at a rate of 47.9% APR, which makes guarantor lending a potentially perfect option if you are seeking to consolidate debt, replace your car, go on holiday, or upgrade your home. There are no fees to pay and no brokers to deal with, the only thing that you need to do to get the money in your pocket is to find a guarantor to co-sign your loan and sponsor your application.
A guarantor can support you without having to dip into their own pocket At first glance the idea of approaching a friend, family member, colleague, or employer about acting as your guarantor might feel a bit uncomfortable, but it is easier to ask someone to sponsor you than to lend you money. After all, nobody likes to ask to borrow money from somebody, especially when you know that they might not have a lot of money themselves, but by being a guarantor that friend or family member can help you get the money that you need and boost your credit rating. And it is a fact that your guarantor will not be contacted at any point or asked to pay any money, provided you keep up with your loan repayments.
Who can be a guarantor? Although anybody who isn’t financially linked to you such as a husband, wife, or live in partner can act as your guarantor, there are certain criteria which a guarantor will have to fulfil before they will be considered to be an eligible guarantor. Even though you will not be expected to have a good credit score, your guarantor will be, and in addition to this they will expected to be a homeowner if you are applying for a larger loan. Also, your guarantor will need to be aged between 25 to 72 if they are a homeowner or 25 to 65 if they are living in rented accommodation.