What Is A Guarantor Loan?
If you find your struggling to secure a loan, Guarantor Loans prove to be a popular option. With the help of a family member or friend they guarantee your loan with the lender meaning they will cover any payments you may be unable to make.
If you have a poor, or no credit history Guarantor Loans can be a great option. They give you the opportunity to build you r credit rating and develop your credit score, provided of course you keep up with your repayments.
How Do They Work?
Guarantor Loans are exactly the same as any other loan. You borrow money from a lender, over an agreed term with agreed repayment amounts. The only thing that’s different is that if you fail to make the agreed payments the lender will go to your guarantor for the money you have failed to pay.