Guarantor Personal Installment Loans are a great alternative to personal installment loans. We would like to draw your attention to a fairly new UK Lender that you might want to consider for your new loan. They are a Lender and not a Broker and their rates are from 49.7% APR.
If you apply with them for a personal installment loan, they will allow you to have some bad credit history and will approve your loan, depending on your particular circumstances.
Apply For Guarantor Personal Installment Loans
The great plus factor is, if they find that you have really very bad credit, they can convert your same application into a guarantor personal installment loan instead. All you need to do then is find a suitable guarantor and they can approve your application quickly.
The guarantors do not have to be homeowners either. They can be tenants, family, friends, employers, etc. Another big plus is their Rate Dropper Product. If you take out your loan for 3 or more years, then they will drop the interest rate on your loan in the second and third years.
For example, in year 1 the interest rate is 49.7%, which drops to 34.5% in year 2 and then down to 29.9% in year 3, providing you have made your monthly payments on time. This is a really good loan product to have. Why not apply to them to see what they can offer you today.
You could be eligible for the straight forward personal installment loan, but if not, just add a guarantor on to the same application. Simple! People with good credit would qualify for secured and unsecured loans, unless one is unemployed or doesn’t have the income necessary for a particular loan amount.
People with bad credit will not qualify for secured loans even if they have the income that makes the loan amount deserving. One needs to opt for bad credit loans. From payday loans to guarantor personal installment loans, there are plenty of choices.
However, one needs to pick the right kind of unsecured or secured loan. In the strictest sense, guarantor personal installment loans are not secured, but there is a surety or security in place. It is not necessary for a guarantor to use his or her house as collateral. The person is the collateral or security.
It is kind of a sworn testimony that the guarantor would ensure the full repayment of the loan amount with interest, either by the virtue of normal repayment by the borrower or the guarantor would take care of it. Guarantor personal installment loans are often the only choice.
Payday loans are often limited because there is no guarantor, collateral or security. Should the income be insufficient for a loan amount, then the amount one qualifies for would be fairly less. But people with bad credit facing financial crunches don’t actually look for very massive amounts.
One often needs anywhere from a few hundred to a few thousand pounds. That is exactly what a guarantor personal instalment loan can offer. They are not ideal for payday loans worth a few hundred, but they can scale northward of payday loans in the range of a thousand to five thousand and more.
Guarantor personal installment loans have several advantages.
For a starter, it is easy to get approved for. The lender verifies the credentials of the guarantor. In any case you would need an approved guarantor. The lender gets the assurance it needs. For the borrower, the loan is available quickly and the rate of interest is fixed in most cases.
Adjustable rates don’t always work in favor of the borrower so it is better to get a fixed rate anyway. Guarantor personal installment loans can be paid back over a year or even up to five years. That is a good enough term.
Many unsecured short term loans will need you to pay back within two or three months and that can be financially challenging, especially since one is already in debt.