A guarantor loan
A guarantor loan is becoming one of the most popular finance products in the market today and allows anyone seeking credit to apply for a loan, even if they have been refused elsewhere or have a bad credit history.
So what is a guarantor?
A guarantor is a person who has agreed to guarantee the repayment of a loan, should the borrower not be able to repay it for whatever reason. It could be a case of the borrower not being able to repay the finance because they may have lost their job or they simply cannot keep up with the repayments because they have over extended themselves financially. However it can also be because they simply do not wish to repay the loan…either way (and it doesn’t really matter what the reason is) the guarantor will become responsible for the outstanding debt which is why guarantor loans are sometimes known as guarantee loans, because the lender knows that their loan will always be repaid whenever a a guarantor is being used.
This is even more relevant during the credit cruch because every bank and lender that offers credit and finance, needs to be 100% certain that they will get back any money that they lend to their customers and this form of loan guarantee gives financial firms comfort that their loans will be repaid on time every time. One thing to point out is that all guarantor loans are…
Unsecured loans
An unsecured loan means that the finance is not secured against property, hence the term, unsecured. Unsecured loans come in many forms that you are probably quite familliar with such as payday loans, logbook loans, tenant loans, car finance, etc an they are one of the most popular forms of credit available today as the application process is simple and quick and allows anyone to appply for a loan, regardless of whether they are homeowners or tenants.
To find out more about our guarantor loans, just get in touch today via our simple, 30 second loan enquiry form and we will do the rest.
