Guarantor loans were specially designed with the low credit score applicant in mind. They allow those who have had credit difficulties in the past to get a loan today with the help of a guarantor. Although guarantor loans are a bit more difficult to arrange in the fact that you have to find a suitable guarantor who is suitable and more importantly willling act as a guarantor for you. We tend to find that parents (mum and dad) are the most popular type of guarantor to have.
Previously those with a blemished credit record had to approach loan sharks and unregulated door step lenders when they needed money as there was little other options.
They are now a wide range of lenders and companies offering these types of loans and in recent years they have become a very popular “bad credit” loan alternative.
These types of loan are and were very expensive, however since the introduction of the guarantor loan you can get a loan for a reasonable 43% APR and get the opportunity to build your credit in the process. To find out more please contact us or speak with a member of the team.
Here is the latest video from Trust Two who is one of the lenders in our guarantor loans panel. They offer loans for both tenant and home owner guarantors from £1000 – £8000. They accept poor credit applicants and loans can be issed quickly. Hope you like it
We now have access to a couple more guarantor lenders who are willing to offer loans for people with tenant guarantors. These are guarantors who dont own their own home and rent the current home they live in. Guarantor Loans are available from £1000 – £4000 from 43.8% APR over 1 – 3 years repayment.
The conditions are that your guarantor must have a clean and good credit rating, be in full time employed, be over the age of 23 and have no defaults, CCJ’s on their credit profile. If you are unsure of your credit rating or credit score then we recommend you take advantage of the free trial at Credit Expert: https://www.creditexpert.co.uk/
They must also be able to show proof of earnings and have their salary and income verified by their employer. Self employed tenants will also be considered if they can prove 3 years of income via company accounts or verified bank statements. If you have a guarantor ready and waiting then please contact us or speak with your loan underwriter to get your loan application underway.