Loan providers are more likely to approve your application if you have a guarantor. Applying for a loan with a guarantor means that this person will become responsible for the loan if you default on it. This is a popular option since having a guarantor lowers the risks taken by the loan provider, which means you can usually get lower fees.
However, finding a guarantor is not always easy. If you want to apply for a loan but cannot find a guarantor to co-sign your application, there are other options available to you.
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However, finding a guarantor is not always easy. If you want to apply for a loan but cannot find a guarantor to co-sign your application, there are other options available to you.
Do you know the answer to ‘are guarantor loans with low APR always the cheaper option’? Return to my homepage to find out the answer.
Find Out Exactly What Will Be Expected
You need to find out more about the requirements the loan provider will ask you to meet in order to approve your application. You might for instance need to have a good credit score and will probably have to meet an income requirement. You will also have to prove that you are getting regular pay checks that can cover your loan payments.
Getting a loan without a guarantor is possible if you have been working for the same employer for a while. Loan companies will consider that they aren't taken a huge risk by lending you money if you are likely to keep your job and have a good credit history.
The following video offers hints and tips on improving your credit rating.
Getting a loan without a guarantor is possible if you have been working for the same employer for a while. Loan companies will consider that they aren't taken a huge risk by lending you money if you are likely to keep your job and have a good credit history.
The following video offers hints and tips on improving your credit rating.
Could You Offer Security Instead
You can also obtain loans without guarantor if you have any assets you can borrow against. If you only want to borrow a fairly small sum of money, your best option is to use your car or another vehicle.
If you own enough equity in your home, you should consider borrowing against it. This is one of the easiest ways to qualify for a loan if you cannot find a guarantor.
Getting a loan without a guarantor is possible as long as you meet certain income and credit requirements or have assets. If this doesn't describe your situation, you will probably have to opt for a lender who is willing to take this risk but who will charge you higher fees and interests. You should also consider applying for a small loan to improve your chances of being approved.
If you own enough equity in your home, you should consider borrowing against it. This is one of the easiest ways to qualify for a loan if you cannot find a guarantor.
Getting a loan without a guarantor is possible as long as you meet certain income and credit requirements or have assets. If this doesn't describe your situation, you will probably have to opt for a lender who is willing to take this risk but who will charge you higher fees and interests. You should also consider applying for a small loan to improve your chances of being approved.
Find a Lender Who Ticks The Right Boxes
You should contact different loan providers and find out more about the requirements they want you to meet in order to qualify for a loan if you cannot find a guarantor. Look for a loan company that offers low fees and interests but make sure this loan provider has an excellent reputation and uses sound business practices.
Do you fully understand the difference between secured and unsecured loans? The following link will help you to understand what is the difference between the two - https://www.moneyadviceservice.org.uk/en/articles/secured-and-unsecured-borrowing-explained
Do you fully understand the difference between secured and unsecured loans? The following link will help you to understand what is the difference between the two - https://www.moneyadviceservice.org.uk/en/articles/secured-and-unsecured-borrowing-explained