When you are in need of a loan for whatever reason, there are different options that you can choose from and one of these is guarantor loans.
The type that you choose is often dependent on your past credit history and the amount of the loan.
A Guarantor loan is a popular option for people that have yet to fully establish their credit.
Getting approved for a loan with a very bad credit history is almost impossible, but a guarantor loan allows you to build your credit at the same time.
Summary of Contents:
What are Guarantor Loans?
Guarantor loans are often referred to as buddy loans.
This is due to the fact that another person must also sign for the loan and be obligated to pay.
This means that there is more than one person responsible for repayment of the loan.
It is a type of unsecured loan, which means that no collateral is needed.
However, it is a requirement that another person be willing to guarantee the loan.
The normal amounts for a guarantor loan can range between 500 and 7,500.
The risk of the borrower is why guarantor loans need to have a second person.
George Banco Loans can provide loans up to 7500 and can be repaid back up to 5 years.
They have a rate-dropper product where the interest rate reduces each year if you make your payments on time.
Another big plus with them is that when you apply, they try to give you a normal unsecured personal loan first of all, but if that fails, then they offer you a guarantor loan instead.
Who is a Guarantor Loan For?
Many people can qualify for a guarantor loan.
The people that are the best applicants for this type of loan include those that want to work at building their credit history or those that want to improve it.
If you have bad credit, this is a loan that you can be approved for, since there is someone else on the loan to guarantee it.
If you need to get access to cash fast and need a loan with a quick approval process, this is also an ideal option.
Guarantor loans are designed to be the simple solution and are relatively easy to be approved for.
Who Can be a Guarantor?
When you are trying to get a guarantor loan, you need to have someone that will be approved as a guarantor.
This is someone that is over 18 with established credit.
Someone on the application for the guarantor loans must have good credit history and credit score that minimises risk.
Having a bank account and a minimum income or savings are also requirements that a guarantor must meet.
In the event that the borrower of the loan does not pay, the guarantor is responsible for taking over the payments.
If payments for the loan are repeatedly made late, this could also negatively impact the guarantor of the loan.
Are you finding it hard to be accepted for a loan? Is your credit score not great and it is making being accepted for a loan difficult?
Then a loan with a Guarantor could help.
With a guarantor loan you can borrow up to 7,500, or possibly more depending on your circumstance.
Borrowing terms can be for up to 5 years making your repayments a lot easier to manage.
Although personal loans and Guarantor Loans are similar, there are a few differences.
With a personal loan you apply for the loan by yourself. A personal loan is suitable for those that have a reasonable credit score.
However, if you have a poor credit score and are finding it difficult to get accepted for a loan a guarantor loan may be the answer.
When you apply for Guarantor Loans you will put forward someone’s name as being a guarantor on the loan.
This person can be a close friend or someone in your family that is willing to be named as a guarantor.
The requirements of a guarantor usually means that they should not be financially linked to the applicant and willing to take on the debt should the applicant fail to keep up with their repayments as agreed.
When applying for guarantor loans the guarantor should have a good credit score, and ideally be a home owner.
As a guarantor it is essential to understand that should the applicant not keep up with their repayments the loan company will go to you as named guarantor to pay back the debt.
By taking on this responsibility it could have an impact on your own credit score.
If however you are in the position to pay off the remaining debt both parties credit scores will be unaffected.
Once you have decided on who will be guarantor on the loan and they have agreed to be so the application process can begin.
The application process for a guarantor loan is very simple.
The application form for guarantor loans will ask basic information about the applicant, and the guarantor.
Once this is done and the checks have been made you will receive confirmation if you have been approved.
If successful, you will receive your loan through your account to use for what you require it for.
It really is as simple and as straightforward as that.
There are many ways to get Guarantor Loans 6000 regardless of your credit history.
A good or relatively decent credit score will obviously increase your chances of getting approved and will also offer you more options.
Looking For Guarantor Loans?
However, you can also get a short term loan if you don’t have a very impressive credit history.
Of all the options available, you may want to check out payday loans, logbook and guarantor loans.
Different Loans Types
Payday loans are unsecured that you get against your income and you pay back the loan amount with interest on your next payday.
There are provisions that allow you to make a payment over several paydays in equated installments.
Payday loans don’t require any fees or security.
As long as you are eighteen or older, have proofs of identification and employment or income along with a bank account, you would be eligible for the loan.
Payday loans can get approved in a day and there are lenders that approve in an hour or two.
Logbook loans are kind of secured loans where you use your car to get approved.
Whether you are still paying back your car loan or you have finished paying it back, you can opt for logbook loans.
Since you are the owner of the car and you are using that as kind of a security, you can get logbook loans worth a thousand up to ten thousand and more.
You would not get payday worth such high amounts.
Guarantor loans are propositions wherein a friend, colleague, family member, relative or even a neighbour can act as the security or the assurance provider for your loan.
Such credit is not heavily depended on credit history nor do these funds have stringent qualifying criteria.
While checking out such loans, you would come across guarantor loans for 6000, guarantor loans for 7000 and more.
These are basically guarantor loans worth the corresponding amount.
You could opt for as little as 1000 or as much as 10,000 using the backing of a guarantor.
Thus, guarantor loans 6000 would make you eligible for six thousand.
The profile of the guarantor including their income, credit history and any existing association with the lender will influence your chances of getting approved and also the loan amount.
Hence, get a guarantor who would be able to facilitate your getting an advance worth six thousand.
Guarantor Loans 7500 – those who have excellent credit scores and can offer security or collateral will be able to apply for loans from just about any provider or lender.
From banks to financial institutions, private lenders to payday loan companies, every option will be available at one’s disposal.
The problem lies in applications that are not supported by an excellent or relatively good credit score and when there is no security or collateral.
There are plenty of unsecured loans available right now but not all of them are ideal for people with bad or decent credit.
Unsecured loans are particularly demanding of an excellent credit history.
Fortunately, you have guarantor loans 7500 at your disposal that you can take advantage of.
You are perhaps aware of what a guarantor is. It is the same as security or collateral but instead of being an asset or an investment, it is a person.
Someone you know acts as the guarantor and provides the assurance to the lender that you would pay back the loan.
You may have heard the concept of cosigner or cosigning a loan. Cosigners are also sort of guarantors who provide the assurance.
In many cases, the cosigners are also the beneficiary of a loan and do take a substantial part of the loan amount and also pays back the said amount with interest.
Guarantor loans 7500 are not exactly the same as a cosigner or a cosigned loan.
In here, the guarantor doesn’t take the loan amount and doesn’t exactly benefit from it but just acts as the assurance that someone they know who is in need of the loan can get approved.
Advantages of Guarantor Loans
Unless a loan applicant has a very well etched cause or purpose of the loan, an excellent credit history and an existing association with the lender, no private lender would be willing to lend 7500 pounds.
Banks and traditional financial institutions would certainly not entertain unless the applicant meets the stringent criteria.
With guarantor loans 7500, an applicant can qualify for such a massive loan amount.
There are certain eligibility criteria such as the income being a minimum of a thousand, the credit history being average and even extremely poor and the profile of the guarantor will also matter.
However, the fact that one can apply for guarantor loans 7500 and get approved is a relief for those who need several thousand to meet their financial needs or commitments.
Find out about 15000 Guarantor Loan Guaranteed Approval Online Today.