Guarantor loans » Personal Finance

What is a guarantor loan?

admin — Sun, 16 May 2010 09:16:04 +0000

What is a guarantor loan? is a question we often get asked.

Well, in simple terms, a guarantor loan is where the person applying for a loan cannot and will not be accepted by the lender they are applying for. Some reasons why a person will not be accepted are listed below:

A tenant who has no home to offer as security
Unemployed person with no regular income
Person on benefits
Part time worker
Bad or poor credit history
Student or mature student
Person who is too young to be considered by a bank or other lender

Applying for a guarantor loan

You can apply for a loan with anytypeofloan.co.uk here.

This list isn’t exhaustive, more of an indication of the type of person who will struggle to get a loan in their own right. However, regardless of these problems, people now have many more options open to them and a guarantor loan is just one of the most viable options open to them. The key with applying for any loan is to make sure you do your homework first as lenders and other product providers will penalise those applications that they feel have not been completed accurately. One simple rule of thumb is: if they ask you for something on the application form it is because they need it, they are not doing it for fun or to try and hack you off.

Ok, so we have discussed the fact that the application needs completing in full and in some detail as well. But who completes the application? The applicant? The guarantor? Well, the answer is both need to complete the form. Think of it this way. The applicant will be getting the cash on day 1 and the guarantor will get nothing. However, if the applicant decides not to pay or can’t pay, then the guarantor will have to cough up the cash on behalf of the applicant. It doesn’t even matter if you are no longer on speaking terms with the applicant because once you have signed on the dotted line as a guarantor, you will be liable for the applicants debt as long as it is outstanding. There is no excuse for naivety either as once you have signed, you have signed. End of.

I will post more details in a few days time on how to negotiate a guarantor loan.

Debt solutions

admin — Sun, 21 Sep 2008 15:29:26 +0000

www.anytypeofloan.co.uk are experts in the field of financial debt management. Debt is a huge problem for many people in the UK because of the ease of obtaining credit over the last few years.

Credit card companies in particular have made credit readily available and many consumers have taken advantage of this. The problem is that many consumers have taken out a number of different cards and over extended themselves, leading to significant debt problems as they struggle to maintain numerous monthly credit card payments.

There are a number of different debt solutions that will help consumers out of this debt struggle and we at the debt management experts have the answers.

Loans with guarantor

admin — Sun, 21 Sep 2008 15:10:30 +0000

The best way of describing how to obtain loans with a guarantor is to show you a real life example.

Miss D came to us for a loan as she had been refused for a loan with her bank and another loan provider. Her credit wasn’t great and she knew this but she knew that there are providers of loans with a guarantor. A case of someone vouching for her ability to repay the loan. She was renting an apartment and wanted the funds to pay for Christmas presents for her 6 year old daughter. She approached us as she heard that we provided loans with a guarantor. She applied online and used her next door neighbour to gurantee her loan. We received the forms and dispatched the money into her bank account within 7 days of her application.
Loans with a guarantor mean that you have access to funds that you never dream was possible.