Guarantor Loans from Moneysolutionsuk.com

Guarantor Loans from Moneysolutionsuk.com

Guarantor Loans up to £7500 and above, how does it work?

Guarantor Loans are one possible solution for customers who have never had credit in the past or have got an impaired credit and  require a loan. There are a great many loan products available in the Uk, but the guarantor loan enables customers who have a good character and willingness to pay the opportunity to raise a loan should they need one. It is guaranteed in the sense that the customer only needs to meet the criteria of finding a guarantor and so long as they are not a registered bankrupt or in an IVA are guaranteed a loan.

Also advertised by brokers or lenders as no credit check loans which refer to the nature of the product and criteria these loans are growing in popularity as the rates compare very favourably to other similar products aimed at the impaired credit market. Another way to borrow money with no check is to put up something tangible as security, for example a car or a piece of art. Loans secured in this way are becoming ever more popular for the asset rich cash poor demographic as a means of raising up to £1,000,000 quickly (usually cash in the bank within 48 hours) with minimal fuss. The lender simply securely stores the asset until the loan has been repaid, typically within 3 - 6 months. 

If a customer cannot get a loan from his or her bank or doesn't meet the criteria of one of the other large financial institutions in the Uk it doesn't always follow that they have a poor track record of paying back a loan. If a customer hasn't had credit before they may be declined, if they have changed jobs or moved recently they may also be declined.

A guarantor loan is most likely not for customers who have a poor track record if they have no genuine intent to improve their situation. Ask yourself, would you stand guarantor unless you were extremely confident that the applicant was going to make payments on the loan? The guarantor generally is going be someone related to the applicant or very close to them or possibly in some cases an employer or landlord. They also need to be a homeowner and in receipt of a regular income. To prevent fraud the guarantor will be sent the proceeds of the loan to pass on to the applicant. This final stage in the process ensures that they are fully aware of their commitment and also verifies their relationship with the applicant.

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