Guarantor Credit
Guarantor credit is just the same as a guaranteed loan and is usually offered under the title of a guarantor loan.
Guarantor loans are not new and have been around the UK financial services industry for many years, originally as a way of allowing someone (usually a young person) to get a mortgage with the back up of someone who would be liable to fulfill any repayments should they not be able to make them. That person or supporter is known as a guarantor.
Credit has been fairly easy to come by in recent years and this has led to many people over extending themselves financially. When this happens it usually means that this person may not be able to pay their debts and this in turn can lead to credit problems and ultimately, a poor credit score and/ or record.
A guarantor loan gets around this problem because the person borrowing the money is not being assessed; it is the guarantor on whom all the credit checks will be carried out on so it doesn’t really matter if the borrower has CCJs, defaults or arrears coming out of their ears, the fact is that if they default on the loan, the bank or lender will simply get their money back off the person who agreed to become the loan guarantor and that is why the credit history of the person borrowing the cash doesn’t really matter.
So if you are after a loan using guarantor credit, apply today and see how we can help you.
