Every Quote Is Free & Confidential  What is a guarantor loan |
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Video transcript
You have probably heard of guarantor loans, but what exactly are they? In a nutshell, it could be the perfect solution for you if you`re looking for an any purpose loan from £500 to £10,000 but cannot get a personal unsecured loan on your own and you are a tenant or you do not have enough equity in your home for a secured loan.With this kind of loan, you can borrow money as long as you have a close friend, colleague or relative who is prepared to be a joint borrower on the guarantor loan agreement. This person is called the guarantor and is basically backing you as trustworthy to pay the loan and most importantly to confirm this they have to agree to make the loan repayments if you do not. These loans are not secured on a person`s property but the guarantor is very often required to be a homeowner. The guarantor also cannot have any other shared credit interests with you, for example they cannot be your guarantor if you have a combined current bank account.
The loan repayments can be spread over typically one to five years and the money can be used for any ``legal`` purpose. Common examples are relatives helping you to buy a car, or making important home renovations. Some are used where the borrower wants to consolidate their debts down and a friend or relative decides to help them do just that. If you have been declined for a loan due to having no credit history or having some bad credit then these loans enable you still to get a loan when you need one because in effect someone else is guaranteeing the loan repayments will be met.
Who can be a guarantor
Different lenders have different requirements for a guarantor, some require the guarantor to be a homeowner, others require long employments histories or no missed credit payments. Here at First Choice Finance we give have numerous guarantor lenders, because of us able to give you multiple choices of lenders we can help you find the loan plan best suited to you and your guarantor`s individual circumstances. In the event that we don`t have a suitable guarantor loan we do also have a number of non guarantor loans available
Non Guarantor Loans
If you haven`t got a guarantor, there may still be finance options available, here at First Choice Finance we have a selection of loans without guarantor. Options available begin with personal loans from £1,000 up to £15,000. If you are looking for larger loan amounts then a secured loan may be an option if you are a home owner, this could allow you to borrow up to £100,000 on the equity contained within your property. Whether you are looking for a guarantor loan, personal loan or a homeowner loan then contact us and receive no obligation help through the finance process.Many people who are looking at guarantor loans, do so because they have had trouble getting finance in the past, we have a number of guarantor loan lenders available, but we also have unsecured and secured loan plans that can accept people with bad credit.
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Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.
