MENUIf you are struggling with a bad credit score and need access to finance, a guarantor loan can help you build up regularly payments and get your credit rating back on track. Improving your credit score is vital if you are trying to, (or intend to) apply for a loan, credit card, or mortgage in the future, and it is...
Read MoreThe world loans can feel overwhelming with all the various types of loans floating about. Loans come in all shapes and sizes with their own varied terms which can range from an informal contract with a friend or family member to a formal, more complex contract with any given company. Whatever the loan, you should make sure the company is...
Read MoreThe rise of robo-advisors in finance The increasing prominence of robo-advisers is radically shaking up the world of finance, but what exactly are they? Here at Guarantor Loans, we explain everything you need to know about them and the implications of their rise. What are robo-advisers? Robo-advisers are predominately used for online investment, helping investors to make informed decisions when...
Read MoreAre you interested in investing online, but not quite sure where to even start? No problem, here at Guarantor Loans we have put together a guide on everything you need to know about online investing. This includes the basics of online investing, some tips, as well as terminology you should get to grips with if you are serious about getting...
Read MoreThinking of getting into the financial sector and wondering how the recruitment process works, but not sure how? Whether you are looking to work for guarantor lenders, investment bank or big shot accountancy firm. It may be the case that a business needs an interim candidate for a high powered position or head of department and this for example, will...
Read MoreIf you are due to file a tax return, it can be hard to know where to start, especially if you completely knew too it. The deadline for online self-assessment submissions is the 31st of January. However, you can still file a tax return between the end of the tax year in April and the following January. If you are...
Read MoreLooking for better ways to organise your finances so you can keep an eye on just how much you are spending? Well, consider using an app. There are numerous personal finance apps available across the internet, that can help you easily keep on track of how much money you are spending each month. We give you a run through of...
Read More<strong>What is Our Criteria For Applying?</strong>
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.
