Very often, we find that just when we think we are handling our money ok, along comes a bill for something fairly unforeseen which throws our money management plans into total disarray. Years ago we might have just paid a visit to the bank manager at our nearest branch if we needed to get a loan to take care of a big bill or to pay back more expensive credit, but the recession changed things.No longer can we just pop into our local branch and have a chat with our pleasant bank or building society manager who might then raise our overdraft or sort us out with a small loan.The credit crunch has changed how we go about borrowing money as trying to get a loan from your local friendly bank manager has gone forever.
Borrowing money these days if you have bad credit is really tough. In answer to this, guarantor loans have appeared as a leading alternative way of obtaining an inexpensive loan so that you can get the cash you need, in your hand, to fulfill your borrowing needs.
A guarantor loan can be ideal for borrowers whose credit is less than perfect.. Guarantor loans are totally different to other types of finance such as payday lending or credit cards and typically, the rate on a guarantor loan is less expensive than these other forms of credit, so they are well worth looking at.. This individual (usually a family member or friend) supports your loan agreement by signing a guarantee and indemnity form. Guarantors must be made aware of what the repercussions are if the applicant does not repay their loan for any reason..
Guarantor lending is a trust-based way of borrowing which is simple and old-fashioned; as a direct lender, there are no broker fees to pay and upon your application being accepted, the money will be paid out swiftly and with no hassle. Also, your monthly repayments are fixed.
Guarantor loan providers just love this kind of lending because it means that they have a far better chance of getting their money back and means that the following people can apply for a loan:
Have a history of missed rent, mortgage or credit card payments
Have moved house or changed jobs recently
Refused for credit by other finance firms or lenders
Recently moved to the UK
Have taken out little or no credit before
A guarantor loan can be fairly flexible in nature and allows borrowers to take a loan up to 10,000 from 1 to 7 years.
Based upon what the borrower wants, the loan can be built around the needs of the individual borrowing the money to ensure they are satisfied with the monthly loan repayment and also the loan term..
Borrowing money these days if you have bad credit is really tough. In answer to this, guarantor loans have appeared as a leading alternative way of obtaining an inexpensive loan so that you can get the cash you need, in your hand, to fulfill your borrowing needs.
A guarantor loan can be ideal for borrowers whose credit is less than perfect.. Guarantor loans are totally different to other types of finance such as payday lending or credit cards and typically, the rate on a guarantor loan is less expensive than these other forms of credit, so they are well worth looking at.. This individual (usually a family member or friend) supports your loan agreement by signing a guarantee and indemnity form. Guarantors must be made aware of what the repercussions are if the applicant does not repay their loan for any reason..
Guarantor lending is a trust-based way of borrowing which is simple and old-fashioned; as a direct lender, there are no broker fees to pay and upon your application being accepted, the money will be paid out swiftly and with no hassle. Also, your monthly repayments are fixed.
Guarantor loan providers just love this kind of lending because it means that they have a far better chance of getting their money back and means that the following people can apply for a loan:
Have a history of missed rent, mortgage or credit card payments
Have moved house or changed jobs recently
Refused for credit by other finance firms or lenders
Recently moved to the UK
Have taken out little or no credit before
A guarantor loan can be fairly flexible in nature and allows borrowers to take a loan up to 10,000 from 1 to 7 years.
Based upon what the borrower wants, the loan can be built around the needs of the individual borrowing the money to ensure they are satisfied with the monthly loan repayment and also the loan term..