Guarantor Loans in the UK
There was a time when the borrower has to prove their worth and creditability to get the loan from the bank. They also need to assure to the bank that they have the ability to repay the loan with the given amount and in case if they failed they come up with the bad credit history and the high probability of future loan rejection as well. In case of your need for a loan you chosen bank will ask for someone who trusted you to guarantee it. Then the era changed and the computer took over the banking and then the credit rating made people in cold where they can’t fit in the criteria defined by the banks.
There are number of companies who don’t look for your bad credit history and even don’t look for unnecessary documentation as well. If you are stuck with the bad credit and are in desperate need in the loan then there are companies who can provide you the guarantor loan. If you have a bad credit score or low deposit getting a loan can be the most difficult thing for you and in that case the help comes in shape of guarantor loan. A guarantor loan is a type of unsecured loan that requires you to have a guarantor. The guarantor is the people who trusts you and are ready to sign the loan agreement as your guarantor. These people can be your friends, family, immediate relative or anyone who trust you and is ready to pay off your payments; in case of your failure to do so. For a guarantor one should be over 21 and must have a good credit score as well.
Guarantor Loans in the UK is the most commonly used loans; whereas this unsecured loan can be obtained for home, car financing, even for paying off your old debts. The best thing about guarantor loan is that if you are repaying the amount on time and it’s paid off within the term period, a guarantor loan could be a way of improving a poor credit rating or can help to have a good credit history with your bank.
There are certain requirements while being applying for a guarantor loan and for that one need to keep in mind that the interest tends to be much higher than on personal loans, but you may be able to borrow more than with other bad credit options. These loans are normally longer loans and in case of the non-repayment the guarantor has to pay back the loan so one should be assured that the guarantor is aware of all associated risk and liabilities as well.
In case you are stuck with the debts; have poor credit history and have someone whom, you can trust and is not finically linked with you; is ready to be your guarantor then we are always there to help you with flexible payment plans and suitable packages as well. Come and enjoy the low APR rates and make yourself debt free.