At some point, everyone will get into a situation wherein emergency funds will be needed. As they often are, such circumstances will require funds that will be quick to acquire and are in a somewhat large amount- hospitalization, for example. In this case, you need to be able to take out a loan where the process is quick and has a high rate of application approval, since being rejected will not only mean time wasted, but one solution down the drain.
A guarantor loan is one of the easiest loans to get, since having it approved depends on very simple factors. The basic checks are done, but the most important step is having a guarantor. A guarantor is a person who will sign the contract with you, agreeing to back the responsibility of payment should you fail. For most people, only their presence and signature are needed, since they are confident they would be able to pay back the loan anyway.
The biggest reason why a guarantor loan will be of the biggest help in case of an emergency, is due to the fact that the process is quick and the formalities are shallower than other transactions. In the case of SUCO, you need only be above the age of 18, they will do some basic credit checks and determine your loan affordability, and have a confirmation with your guarantor. This will only take a day or two, depending on different factors. In an emergency, the speed of the solution is what counts, and so a guarantor loan is probably your best option in this situation.
Finally, guarantor loans mostly have lower APRs since they have more liberty to take into account a client’s situation. Also, given the fact the they have begun to rise in popularity means that they can be more flexible with their rates. At the end of the day, when taking out a loan, what you need is a speedy transaction and utmost security. A guarantor loan is not only easy to apply for, but is also very simple to understand. Having someone to back you up also puts everyone at ease, and you will not have to stress yourself out too much while paying it back.
Whether it is needing the money for a big investment, or having to pay for hospital fees, a guarantor loan is most likely the most efficient and stress-free type of loan you can find, and where you will have the best chance of being approved.