Guarantor Loans UK
In the current economic conditions, looking after your monetary funds and searching for loan options is of the utmost importance, especially if you are facing some sort of crisis. A crisis can strike at any moment, and if you borrow from a bank and fail to repay because of the high interest rates, you can lose your assets. Thus, you need to look for options that are viable and which you can pay back within a term period, easily.
Thus, guarantor loans UK are especially designed for such purposes, especially if you have a bad credit history and somebody is ready to be your guarantor. We help you find the best guarantor loan out there designed for you purposes, so that you can easily evade any crisis.
What are Guarantor Loans?
For people with really bad credit history, guarantor loans come up with a solution for the problems regarding monetary funds. Guarantor loans UK is a kind of unsecured loan where instead of listing an asset as collateral, that person can get a guarantor to sign the agreement with him.
When a person opts for a different kind of loan, he or she might miss out on it because of their bad credit reputation. But for guarantor loans, that is not so. No matter how bad your credit history is, if you have a guarantor who is ready to pay the collateral, you will get the loan quite easily.
Moreover, for the guarantor loans, there are no extra charges that are associated with it that might burden the borrower. However, it is imperative that the guarantor is aware of the financial conditions of the borrower before they agree to be the collateral.
For guarantor loans UK, you can borrow a sum ranging from £1000 to £7500. The term period also varies between 12 to 60 months based on the rate of interest you choose. However, the rate of interest is quite high for such loans because of the bad credit history that you have. The APR ranges from 14.2% to 62% depending upon the lender you are borrowing from.
What are the criteria for a guarantor for guarantor loan UK?
Listed below are the criteria required for guarantors:
- The guarantor has to be a resident of UK.
- Should be between 18 and 75 years.
- Should possess a good credit history or a fair credit history.
- Should have a bank account in UK along with a debit or credit card.
- Should have a monthly income of at least £400.
- There should not be any financial connections between the borrower and the guarantor.
Who can be a Guarantor?
The guarantor for Guarantor loans UK can be anyone. It can be your relative, parents, colleague or even a friend. However, it cannot be your lawfully wedded partner as you are financially bound together.
In case, you miss a repayment, the responsibility falls on your guarantor. So, if you want to ply for guarantor loans and look for the best deal out there’re, contact us and we will be help you get the best out of it.