Although many of us here in the UK have Adverse or Poor credit, its never really a problem until it comes to borrowing money or looking for home equity loans. Depending on the amount you want to borrow and who you might want to borrow it from could be affected by this “bad credit” and as such there are a few options open to you which might able and allow you to borrow money without the need for a co-signer or Guarantor
Having someone guarantor your loan amount essentially means that they too are applicable for the repayments should you fail to meet them; with this in mind its important to consider the relationship between lender, client and guarantor and as such any loan lender looking to allow you to borrow under a guarantor agreement will to investigate the relationship between yourself and the co-signer.
Common amongst younger people and those whom may not have many or any personal assets to secure repayments against; Guarantor loans are nothing to fear as money lenders are keen to split the liability between yourself and guarantor, this will however mean that the guarantors credit status may too come under scruples as you look to proceed with borrowing the money. This is due to the fact that the lender in question may want to assimilate who much liability there is in the two applicants not making repayments and nothing more…
Why choose a Guarantor Loan lender?
With many advantages to choosing a guarantor loan; its no wonder so many people opt for this channel. This is because your likelihood of acceptance (should you have bad or poor credit histories) should indeed be a lot higher with an guarantor loan, with someone else splitting your liability the loan lenders underwriters would be more appealed to lending you the money and as such could charge you a lower rate of interest, for example, if you have an adverse credit history, are a tenants and not a homeowner and don’t have any assets to secure your borrowing against or even if you are looking to borrow for any reason and can’t find a lender due to your employment status or the fact that you claimed benefits in the past or recently. Even if you have other outstanding loans against your name, through using a guarantor you are highly likely to successes in borrowing when you choose a direct lender like the United Kingdom based Everyday Loans, claimed on their website, guarantor loans are one of the best lending terms you can find when applying online and your success rate should indeed increase dramatically by choosing an appropriate co-signing guarantor. Check out some of the recent testimonials from those who have been approved recently and from a direct guarantor lender based in your local area.
Be it for home improvements, a new car or to fix your car, a loan for a forthcoming wedding or funeral even to borrow money for any reason, choosing a guarantor loan and a guarantor loan lender should sincerely improve your chances of being approved if you have a bad credit history. Although you wont be able to borrow more (conventionally speaking) when looking to borrow say £1,000 over 12 months its highly likely that this method of guaranteed lending is a great choice for you and should open doors to borrowing the money you need during this time.
Money-Bloggers Top Tip
Just be sure you choose both a suitable company to borrow from and ensure a long lasting relationship with your guarantor. Again with a company like the Everyday Loans lender we found; this guarantor will have to present their identification and proof of address when you go to take out your loan… hence be sure that person who is signing on your behalf is fully aware and in tune with the borrowing circumstances and is happy to sign as if they show aversion in the final moments, your loan might not be approved by the lenders underwriters. As always; their home may be at risk if lending is secured against a property…