How it Works?
The idea governing Guarantor Loans is quite simple. You just need to get a guarantor if you wish your poor credit rating to be ignored by the lenders and provide you access to an unsecured loan amount of up to £12,000. The guarantor could be somebody who accepts to help the borrower when the latter has issues with the repayment of the loan amount.
Why should you opt for a Guarantor Loan?
People with less than perfect credit history looking for an unsecured loan, especially those who have been rejected loans by high street lenders, can easily opt for guarantor loans. Guarantor loans break the impact a poor credit rating can have on a borrower and in fact helps in building the score for a better future. The sanctioning of the loan is entirely dependent on the ability of the borrower to get an acceptable guarantor and on the ability to afford weekly/monthly repayments of the amount borrowed. This can be considered to be a swap of the credit score by getting an acceptable guarantor backing the loan borrowed.
Guarantor loans have been in existence for more than a decade. These loans have helped hundreds of thousands of individuals to overcome their financial issues, and have also offered an opportunity to rebuild their credit ratings by making the repayment of the loan amount on time as agreed upon while the loan was sanctioned by the lender. A guarantor loan can undoubtedly help you, if you are one among the millions of individuals in the UK who suffer with a bad credit rating.
Stepwise description of the working of guarantor loans
- Decide the kind of loan you wish to avail: Short term or long term guarantor loan.
- Prepare a list of people within your friends and family circle who could be probable guarantors.
- Make a list of lenders by utilizing the inquiry service.
- Complete the application form for the loan.
- Add the details of the guarantor upon getting their consent.
- Get the approval from the lender interested in offering a loan.
- Cash out the loan within 24 hours.
- Keep repaying the amount in instalments as agreed with the lender along with the interest charges on time.
- Have your guarantor to back up in case you are having difficulties in making repayments on time.
It isn’t difficult to get a guarantor loan once the borrower has found a suitable and acceptable guarantor to back the loan. The process is quite simple and can be availed very quickly provided all the necessary information and the supporting documents have been furnished by the borrower in the application form. Know that ARDOR3D will help you in every step of the way in getting you the loan on time and guide you in taking the right decision.