Guarantor loans for bad credit borrowers
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.