The fantastic thing about a guarantor loan from anytypeofloan.co.uk is that we understand that not everyone will fit into the box of being a “good credit risk”. This doesn’t mean that you are unreliable or cannot be bothered to repay your debts, it can simply be the case that you did indeed incur debts a few years ago and subsequently got yourself a County Court Judgement (CCJ), default or a slap on the wrist for a few late credit card payments.

The important thing to remember here and the pertinent phrase is, “a few years ago”. Haven’t all of us experienced some cash difficulties at some point whether that is because of the loss of a job, relationship break up or some other reason that impacts on income. The point is that people need the means to get themselves back on their feet and in our opinion, it is grossly unfair to suggest that because someone had money problems 3 years ago, it means that they are likely to still be a risk and pay the lender back.

anytypeofloan.co.uk fastrack guarantor loans

We allow anyone with a poor credit history, even people with a number of CCJs, defaults or rent arrears to borrow up to £5000. We can also help students, part time workers, contract workers, temporary workers, housewives and even the unemployed because there is no credit score to pass and no credit checks will take place. Why you may ask?

Well, because with a guarantor loan, all of the references, credit checks and other such lender requirements are done on the person who is endorsing or ‘supporting your application. This person is known as the guarantor. The guarantor you choose is exactly that, a person that you think will support your application and don’t worry if you think that you don’t know someone who can do this for you because a guarantor doesn’t have to be a family member or a friend. Your loan guarantor can be anyone such as a neighbour, work colleague or even your boss! As long as the guarantor agrees to the terms and conditions of the loan then it can be absolutely anyone as long as the meet the following criteria:

• · They must be at least 21 years of age
• · They must be a homeowner
• · They must have a fairly decent credit history

Now the first two are pretty easy to satisfy but the last point (about having a decent credit history) is a tough one because it is unlikely that you will know if they have a good, bad or indifferent credit history. The way we look at it is like this: If someone is in full time work and a homeowner, then there is an 80% chance that we will accept them as the guarantor for your loan. Of course there will be instances where we cannot accept them but to you the borrower, you are not going to know this until you submit your loan application to us. However we can promise that we will respect you and your guarantors privacy so if there is a possibility that we have to decline your application, the only people that will know about it are you and your guarantor.

However, if we accept your loan application then you will be fastracked so that we can get your loan paid into your account as fast as we possibly can and remember, we don’t need to know what you are going to use the cash for, as long as it is legal and above board then you can do with it whatever you want to do such as pay off some outstanding debts, get rid of your rent arrears, buy a car, go on holiday, the list of things to do with your loan is endless but it is your decision and yours alone.

The first time you apply for a guarantor loan from anytypeofloan.co.uk you will be restricted to £3000. Once you have made at least half of your payments though (and you have not been late paying your loan back every month) then we can top your loan up to £5000 if you wish. So, once you have paid us the loan back, if you want to apply for another loan then you can then apply for £5000 straight off without having to take the reduced amount.

We will pay the money straight into your bank account and each month the repayment will be taken from your bank account via direct debit. The great thing is that your guarantor will not have to do anything and the only time they will become involved is if there is a problem with the applicant repaying the loan and it is important for the guarantor to understand what their responsibilities will be if this does indeed happen. The guarantor is effectively saying that by agreeing to ‘endorse’ or ‘guarantee’ the applicants loan application, they will ultimately be responsible for the repayment of the loan if the applicant cannot or will not repay the loan. This of course means that if the applicant doesn’t make the loan repayments each month,(for whatever reason) then the guarantor will have to, so you can see that it is important from the guarantors perspective that they only agree to do this if they are absolutely certain that the applicant will repay their loan on time every time each month.

So if you have a poor credit profile and are have had the obligatory “NO” from every lender you have spoken to, then why not apply for a guarantor loan with anytypeofloan.co.uk, the company that is number 1 on Google for the term Guarantor Loans.

Of course the credit crunch has made banks and other finance lenders more wary and this has made applying for a loan even more difficult which is why the majority of people applying for loans in 2010 get refused. And to make matters worse, people who would normally have been accepted a few years ago are now also getting declined because lenders have made the criteria for applying for a loan much more difficult than it used to be.

In simple terms, even people with a fairly respectable credit history are now unable to get a loan.

Or they were until the introduction of guarantor loans. A guarantor loan allows anyone with a bad credit history to borrow up to £5000 without any credit checks at all.  It doesn’t matter even if you work part time or are a housewife, a guarantor loans ias available to anyone in the UK who can provide us with a guarantor, ie, someone who is over 21, a homeowner and with a fairly ok credit history (certainly no CCJs or defaults)

This type of lending is ideal for younger people particularly as it is unlikely that someone in their early 20’s would have enough equity in a property anyway, let alone have a mortgage on one. Other types of unsecured loans such as guarantor loans are also ideal for people whose circumstances mean that they will be turned down by high street lenders such as banks or building societies because of a bad credit history. A guarantor loan does not require that any credit checks are carried out by the lender on the borrower, instead all references and checks are made on the person applying for the loan, in this case, the guarantor.

Because of these criteria, guarantor loans from Any Type of Loan have become extremely popular and over 200 people every day apply for a loan through our website.

Unsecured loans are also very quick to payout. Unlike mortgages and other secured loans, unsecured loans can be paid out within days of making the initial loan application and that includes all referencing, credit scores and credit checks and bank details. As long as the applicant (the borrower) submits all the information required on day 1, there is absolutely no reason why the loan cannot be paid out within 5 working days of the application being submitted to us online.

The amount that can be borrowed on a typical unsecured loan is anything from £1000 to £10000 and with a guarantor loan it is from £1000 to £5000 and this is the really interesting bit, with a guarantor loan you can even borrow up to £1000 if you are unemployed.

What is a guarantor loan?

A guarantor loan is an unsecured loan which means that a lender is effectively lending someone the cash without having any security against that loan. That means that the borrower does not have a house to put up against the loan. Why should this matter you may ask yourself? Well, it means that if the borrower of an unsecured loan is unable to pay the loan back (or doesn’t want to repay the loan) then the lender is going to find it very difficult to get this money back from the borrower. Yes, they could take them to court and apply a county court judgement against the borrower but it still does not mean that the lender will get repaid.

If this was secured loan then a lender has the option of applying to repossess the borrowers property and whilst this is a pretty drastic option, it does at least allow the lender an opportunity to get their money back (including all costs as well)

However, most young people do not have a property so they apply for unsecured credit. Now the other major problem with an unsecured loan is that because it is more risky for the bank to lend, it means that they will make the application criteria much more stringent than they would for a secured loan. The result of this is that many borrowers will simply be declined by the lender because they may have bad credit, maybe they are unemployed or a student or housewife. Whatever the reason, it will be extremely difficult to get a loan, even if it is just £2000.

That is where a guarantor loan comes in.

A guarantor loan means that the borrower will enlist the help of someone they know to ‘endorse’ the application. What this means is that the borrower in their own right would be refused or declined, perhaps because of the reasons we stated earlier such as bad credit or not working. However, by enlisting the help of a guarantor, the application is receiving the turbo boost of someone with a decent credit history telling the lender that actually, the borrower is a decent person to lend to because I am guaranteeing the application.

What does guaranteeing an application mean?

It means that the guarantor is saying that if for some reason the borrower is unable to make the payments on a loan, then the guarantor will step in and ensure the loan is repaid, thereby guaranteeing the loan.

Who can be a guarantor?

The guarantor can be someone you know but then again, they don’t have to be that close to you. You could ask your boss or another work colleague if you wish. A bit more closer to home you could ask a member of your family such as mum or dad, brothers or sisters or even a distant relative. If you are still struggling you could even ask a neighbour.

What is the criteria for qualifying as a guarantor?

As long as the guarantor is 21 or over, a homeowner and has a pretty decent credit history then there is a very good chance that they meet the criteria needed.

And finally?

Remember this: the loan is assessed on the guarantor, not the borrower so there will be no credit checks or credit scores for the borrower to undertake. All references and lender checks are done on the person guaranteeing the loan, not the borrower which is why the acceptance rate for all guarantor loan applications with us is in the region of 92%.

Leaving University is a time to rejoice for most students as it means they can finally put all of the knowledge they have gained to good use and start a new career in a field that they love. But what happens if you have built up extensive debts and let’s face it, unless you are fortunate enough to have wealthy parents who have paid for all of your student / university expenses, you will probably have a debt that will run into the high 4 figures at the very least.

This debt could prevent students from buying a property or even renting a property simply because the repayment on the debt is too onerous that it leaves nothing in the account each month, even if that student is working. Now in the recent past that would not have been a problem. A graduate could simply apply to the local bank and obtain a loan at decent rates and arrange a repayment period over a longer than usual period (to keep the repayments down) so that it becomes afffordable. Unfortunately, those days are gone…

How can a guarantor loan help?

Guarantor loans can help because they effectively ignore the credit history of the individual making the loan application. That means that if a graduate has just left university with say, £7k in debts and is desperate to pay it back but they can’t because they are trying to save up for a deposit on a new rented flat (phew! Life is tough for graduates!) then there is an opportunity for graduates to take out a loan but with a guarantor. This means that the guarantor (the person ‘endorsing’ the application and confirming that they are good for the repayment each month) will be the one who is credit checked, not the ex-student or graduate. The graduate will still receive the cash and they will still be the one making the repayments each month, the only difference being is that if the graduate cannot repay the loan for any reason, then that is where the guarantor steps in.

The other fantastic thing about guarantor loans is that they allow lenders to take on a little more risk. This means that if the person applying for the loan has a little bit of adverse credit such as a few late or missed payments and maybe a couple of defaults, then most guarantor loan lenders would be ok with this as they have a pretty good chance of getting their money back simply because the loan comes with a guarantor.

So instead of a traditional loan where a student or graduate may get declined, try the new option of a guarantor loan instead.

What does this mean for the applicant? Well, it means that if you are looking to borrow money from a lender and you have a poor credit history such as missing a few of your credit card payments, being a day or two late in paying your rent or even if you have a couple of defaults or county court judgements, then you would probably get declined by a traditional lender such as your bank or building society.

So why is a guarantor loan guaranteed?

If you can find someone to endorse your application and when we mean endorse we mean someone that you know who is prepared to ‘vouch’ for you. This means that this person (or the guarantor as they are known) is effectively saying that they trust you to repay your guarantor loan on time every month. The guarantor can be anyone that you choose and as long as this person is over 21, a homeowner and has a pretty good credit history that we find acceptable then yes, you are guaranteed to get your loan.

Who can be a guarantor?

Mum, dad, brother, sister, friend, other relative, boss, colleague, neighbour, etc. As you can see, as long as they meet the criteria above and they pass our credit checks then they are absolutely acceptable. The other thing to note is that you must ensure that the guarantor is fully aware of his/her responsibilities in terms of the loan being repaid if the applicant cannot for some reason.

A guarantor loan is much like any other loan in that it is a sum of money borrowed by an individual repaid over a period of time. The loan itself is unsecured and this means that the lender lending the money has no security over the money they have lent out. In other words, if the borrower decides not to repay or can’t repay the loan, then they have no recourse or way of getting their money back, apart from the usual legal demands for full repayment. This is why this type of lending is considered to be risky from a lenders point of view.

It differs from a secured loan because lenders can apply to reposess a property in lieu of full repayment for the loan if the borrower defaults on the loan. Secured loans and mortgages are just two types of secured loans.

This is also why guarantor loans came into existence.

A guarantor loan works in exactly the same way as a traditional loan (mentioned above) but the main difference is that the person borrowing the money is not the same person that the lender is lending to. Confused? Read on for a more detailed explanation.

The borrower applies for the loan. The lender asks for a guarantor to endorse the application. This guarantor will be someone in full time work, employed, a homeowner and with a decent credit history. Most guarantors are family members, friends or other people well known to the borrower.

The lender then assesses the loan application on the ability of the guarantor to repay the loan, not the borrower. If all ok, the money is paid into the borrowers account and the borrower makes all of the repayments on the loan over an agreed period of time. Only if the borrower fails to make the repayments will the guarantor come into play. The guarantor is ultimately responsible for the loan meaning that if the loan is in default and needs to be repaid, then the guarantor will have to pay it, not the borrower. Likewise, if the case came to court, the court would rule that the guarantor is completely, 100% responsible for the loan, not the borrower.

Hence, any individual agreeing to become a guarantor will have to be aware that they are legally responsible for the good conduct and ultimately, the repayment of the loan. The initial applicant or borrower is simply someone who will be providing the bank details to pay the loan into…it is not their loan and under the guarantor loan rules, it never will be.

Guarantor loans are increasing in popularity and yet whilst they were a popular feature of the mortgage market (particularly in the 1980’s with rapidly rising house prices) they were almost unknown in the loans industry until about 18 months ago.

One of the reasons for this surge in popularity in guarantor loans will be down to economics and in particular, the global liquidity crisis which has seen banks and other major finance providers tighten their criteria to make it almost impossible for certain members of society to obtain a loan, or even worse, they have withdrawn their lending facilities altogether.

However the credit crunch has done a lot more than just get lenders, banks and other finance institutions to tighten their criteria. Their new lending stance has actually placed a whole subset of society into the box marked “Do not lend to” and this in itself brings a whole new set of problems.  The subprime credit crunch is well documented but in a nutshell, lenders were lending money to people with credit problems, however (and contrary to popular thought) this was not just a case of lending to people who would not (or had no intention of) repaying their loan, subprime lending was also for people who perhaps hadn’t been in employment very long, or who couldn’t prove their income or in some cases, because they may have missed one or two credit card payments. Either way, these types of borrowers hardly presented a huge risk to lenders as the vast majority repaid their loans on time every time.

Unfortunately, when the subprime crunch became public, it was a case of seeing which lender could restrict their criteria the quickest and for some it was already too late as they went to the wall. Those lenders that remained decided upon drastic action, the main thrust of which was to label “prime” borrowers as “subprime”. To clarify; some borrowers who had a few late payments on a loan or credit card would be classed as prime because they represented very little risk. Now lenders have re-classified those same borrowers as subprime because in this new post credit crunch world, unless you have an A1, first class credit history with absolutely no blips on your file, you will be classified as a risk, especially with something like an unsecured loan.

So what is the solution?

Well, guarantor loans appear to fill the void that the credit crunch has created in the lending sector. They work on two levels and are a definite “win-win” for both the borrower and the lender and here is why.

Borrower

A borrower who is unlikely to be accepted for a loan by anyone else (more details on why further on) can apply for a guarantor loan safe in the knowledge that as long as they can get someone on their side to ‘vouch’ for their loan application, then they are pretty much guaranteed to get accepted.

Lender

Lending money on a guarantor loan is as risk free as it gets with an unsecured loan. Unlike a traditional unsecured loan where the application is assessed and underwritten on the borrower, a guarantor loan is assessed on the guarantor – not the borrower. As the guarantor will have a decent credit history, it means that the lender has a far better than average chance of getting paid each month for the loan. The other major thing to note about this type of unsecured lending is this: Most guarantor loan companies like www.anytypeofloan.co.uk will restrict lending to a new borrower to £3,000. Of course once they are an established client the limit will rise to £5,000 but for a first timer it will be capped at £3,000. This means that if the borrower does default on their repayments, the lender will revert to the guarantor and ask them to repay the rest of the loan on behalf of the borrower, after all, that is what they signed and agreed to.

The great thing about this from the lenders perspective is that the guarantor is unlikely to refuse a request for payment because if they do, it will severely affect their credit profile and they could end up with their credit score being destroyed by this one simple act.

So, the vast majority of guarantors will just pay up and even if they haven’t got the cash to hand, capping the borrower’s loan at £3,000 means that if push came to shove, they could repay the outstanding debt on a credit card or through an overdraft extension. Anything in fact to avoid having their credit history affected.

This is one of the major attractions of a guarantor loan and is another reason why lenders are so keen to lend money on this type of scheme. It works for borrowers, it works for lenders and everyone is happy.

The final thing to note is the charging structures involved in this type of loan. There are lots of firms offering guarantor loans online who charge clients an upfront fee, just for the privilege of applying online, even though there is no guarantee that you will be accepted for a loan. You should always avoid this type of broker and ensure that you only deal with a broker that offers their full trading address, their consumer credit licence (CCL) number and a UK telephone number for you to call them with any issues, problems or queries, either before or after your enquiry.

Remember, all brokers and websites on the internet must display a valid consumer credit licence and this licence must be in the name of the company trading style so if the website is called guarantorloans4u.com, then their CCL must also have that exact name otherwise it is a criminal offence. Unfortunately, the popularity of guarantor loans has led to an increase in bloggers and other sites that do not have the relevant permissions or licences. To check out the company you are looking to deal with, search on the OFT website to ensure they have a valid CCL.

Guarantor loans from www.anytypeofloan.co.uk

You can easily qualify for guaranteed unsecured loans if you can prove your employment status. Guaranteed unsecured loans are available at lower rate of interest to all kinds of borrowers. You will be saved of all the lengthy legal procedures if you opt for this type of loan. Guaranteed unsecured loans are risk free!

Fast Unsecured Personal Loans – Avail Loans Instantly!
There are times when we are in need of cash urgently and face difficulty in getting a loan approved. Since the lenders usually take a longer time to approve the loan, it may be an inconvenience to us. Fast unsecured loans are approved fast and are hassle free.

Before applying for fast unsecured personal loans, you should know the prerequisites of the loan:
•  You can apply online – You can fill up the form online and fill in the details like your name, address, and account number, purpose of loan, credit history, and repayment period.
•  It is risk free to the borrower – Since the lender does not keep any collateral as security, it is risk free to the borrower.
•  The amount of loan is not high – The loan amount is generally between £5,000 to £25,000. And the repayment period is usually between 5 to 15 years.
•  Any borrower can avail this loan – A borrower with bad credit history can also apply for this type of loan.

Are you running on bad credit and facing difficulty in getting loans approved? If yes, we can help you get bad credit unsecured loans to meet your needs. Bad credit unsecured loans are approved without asking for collateral on part of the borrower. Unsecured loans are favourable for those who are looking for loans without guarantee.
Usually lenders accept home as collateral against the loan amount. Lenders also accept borrowers with bad credit history. Alternately, homeowners who do not wish to put their home on risk can also apply for unsecured bad credit loan.

Bad credit unsecured loans are suitable for all kinds of needs. They can be used for home improvement, education, debt consolidation, vacation, automobile purchase or wedding.  They are also the safest and easiest means of rebuilding your credit and improve your financial situation.

Usually, loan enquiries reduce during the period of a major event such as the Olympics or World Cup but the reality this time is somewhat different as enquiries have actually increased for anytypeofloan.co.uk since the start of this major football event.

Anytypeofloan.co.uk work with a lender who can provide guarantor loans to individuals and in some cases, can even offer unemployed applicants a loan as long as they have a guarantor who is at least 21, a homeowner and with a fairly decent credit history.

Paula Harrison, Director of anytypeofloan.co.uk commented: “There appear to be a number of new entrants into the guarantor loans market and I am sure there will be more. We have been providing guarantor loans since 2008 and have built up a great reputation in this market as people know that we will never charge them a fee. Even though the OFT decided not to impose any restrictions on what interest rates short term lenders and loan companies can charge, we believe that the customer still pays enough for a guarantor loan which is why we are committed to never charging fees.”