Are Guarantor Loans Non Homeowner available today?
Okay, you have poor credit due to bad decisions or circumstances beyond your control.
You blame the world, bad luck or even karma so you decide to buy a black skier mask along with a real looking toy gun and you go to the bank that rejected you-three times (it’s a fair choice).
Your sweat glands are working overtime and you’re pretty sure you need life support, but you know you got this, you’ve seen it done a million times (in the movies).
You confidently run into the bank, waving your toy gun and with dramatic flair yell, “Put your hands in the air!”
As you are slammed onto the floor by the force of a concrete truck named Steve (a security guard), you realise belatedly you should have tried a guarantor loan instead.
What is a Guarantor Loan?
No, it is not a loan from a shady character that will bust your knee caps.
A guarantor loan is your last hope when bad credit has put you in dire straits with most financial institutions.
It is a loan that necessitates the debtor (you) to have a trustworthy individual to stand in as a guarantor.
This loan spans a time frame of about 1-5 years in which the amount owed needs to be settled.
Although it sounds foreign and possibly suspect, the guarantor loan has been around since before a computer became the ‘voice’ of credit availability and thankfully still guarantor loans non homeowner are available today.
What is a Guarantor?
Although the name ‘guarantor’ is shared somewhat with a Japanese mythical creature (Guarani), it is a very modern and realistic solution to poor credit.
The guarantor is usually a loved one or family member that steps in as assurance that if you are unable to fulfill that month’s obligatory payment, your chosen financial ‘angel’ will.
There are required stipulates for the guarantor:
- Must be over 21
- Credit history MUST be decent (yours can be awful!)
- Must live in the UK or their credit portfolio must be impeccable
- The person you choose to fulfil the role of guarantor must prove to be financially secure enough to meet your need as well as their own
- A person cannot already be a guarantor on another loan already.
The Guarantor Loan Process Outlined
The guarantor loan option is explored when bad credit is undeniable and when choosing a guarantor, the person must not be connected to you financially.
The guarantor has to then be credit checked and have all other criteria verified to fulfil their purpose.
Note that this type of loan is not a secure loan and the interest paid may reflect this.
The interest depends on the size of the loan and how the guarantor faired in the credit check.
Once your guarantor checks out, you have pretty much a good chance of acceptance on your guarantor loan by any reputable Guarantor Loans UK Lender.
Then in as little as 24 hours you will have your cash in hand and be one step closer to realising your dreams.
Conclusion: Guarantor Loans Non Homeowner are available today!
‘Poor credit’ does not have to mean ‘end of the line’ or ‘do something stupid’ any more; now all you need to do is get a guarantor loan and prove to the world that credit can be given when credit is due.
Non homeowner Guarantor Loans same day payout are available for application on this website.
Guarantor Loans Non Homeowner – when would you need a guarantor loan?
One, when your credit history is not that great and you are being turned down by lenders.
Two, when you need a bit more money than what your financial profile and credit history would allow you to get.
Find out more about getting a non homeowner guarantor loan.
Lenders have various credit score requisites.
If you satiate the requirement, then the loan amount is approved or rejected based on your income.
In case you don’t get qualified for a particular loan amount, then you can choose to offer some kind of security.
A guarantor is one of the easiest options because most people don’t own assets that would be considered worthwhile by the lenders.
Cars and homes are worthwhile assets. But movable goods or depreciating commodities are not acceptable.
Find Guarantor Loans Non Homeowner Online
Now, what are the primary requisites of a guarantor?
A guarantor must be a resident in the UK, should be at least twenty one years of age, should have a bank account, must have a credit history regardless of the score and the financial profile should be good enough.
An unemployed person cannot really be the guarantor.
However, there are exceptions such as cases where the guarantor has a plush property.
In any case, a guarantor needs to be a homeowner for most lenders to consider offering such unsecured loans.
A tenant guarantor is not entertained by many lenders.
Hence, what if you don’t have someone you know who has a good financial profile, credit score and is a homeowner?
You need guarantor loans for non homeowner.
Guarantor Loan Lender’s Criteria
There are two ways to look at this.
Many lenders need the borrower to be a homeowner and the guarantor to be a homeowner.
Some lenders are willing to overlook the first one as long as the guarantor is the homeowner.
Some lenders will be willing to consider lenders and guarantors, where neither of the two owns any property.
That is what you get with guarantor loans non homeowner.
There are very few lenders that would offer you guarantor loans for non homeowner because the risks for them are substantial.
The borrower or the guarantor owning a home is enough security without which the lenders are vulnerable.
But with short term loans and small loan amounts, one doesn’t really need the security of a home or property.
The income and the credit score of the guarantor, which is basically the financial profile as a whole, should be good enough.