A friend in need is a friend indeed. This is true when it comes to finding a guarantor for your financial problems. It is possible that you would like to give your children good education but cannot afford it. You can take the guarantor loan if you like to fulfill the dreams of your children. If you are able to find a friend or a colleague, or a relative who is willing to be your guarantor to avail this loan, then you can use their details and borrow the amount you need from an online lender.
Sometimes, you might lack funds; you might not have a bad credit but a low credit score. Even in such a case, it is not possible to get a personal loan with low interest. These kinds of loans have a very low interest rate. You will easily be able to fulfill your personal needs when you find a guarantor. You will find guarantor loans available with many UK trust deeds, loan brokers, and also individual lenders.
The biggest advantage of availing a guarantor loan compared to the payday loan or the logbook loan is that, there are no hidden charges and throughout the loan period, you only have to pay one consistent amount. Also, you don’t have to pay any fee to arrange this kind of loan. You will only need the documents of your guarantor to check for their credit history to be able to approve this loan.
Unlike the logbook loan, this is not a short term loan. You don’t have to be hassled about repaying this loan in a short span of time. You can take up to four to five years to be able to repay the entire amount. If you have had a bad credit history, then repaying this kind of loan will do well to your credit history and lift the image of you being a borrower. It will add to your credibility and next time you need yet another loan, you will be able to find better options when you successfully repay this loan.
You will not need the help of an insolvency practitioner when you repay the entire loan amount. You don’t have to be a home owner to be able to apply for this kind of loan. Most of the lenders decide the tenure of your loan repayment. Depending upon the amount you borrow and also your capacity to earn, the duration of repayment can be anywhere from twelve months to five to six years. The best thing about these loans is that, if you happen to pay a little late sometimes, you will not be paying any penalty or late fee.
You can also fill the details online and calculate the loan amount and the interest you will be paying by logging onto guarantor loan lender. Most of these lenders are friendly and you will not feel a hitch when you want to borrow the loan amount. You can cast all of your financial worries aside when you this loan get approved for you.