Just when it seems like everything is going great, your job is paying the bills and you’re putting away money on the side, something bad happens. Your car breaks down, the furnace goes out, or you slip and break your leg in an ice storm. Now you got a huge bill to pay and just barely enough money to pay all your bills, what can you do? You could go for an unsecured guarantor loan even if you have bad credit.
Guarantor Loans Can Help Rebuild Bad Credit
What we discovered about guarantor loans with low APR when we visited guarantorloansuk.net is that you can get one even if you have no credit or a poor credit history, and if you make your payments on time as agreed, you can move up the ladder and develop a good credit rating for any kind of a future problem.
For the most part, the loan companies that make these types of loans are going to want the guarantor to be a homeowner, or own some other type of property as part of a stipulation in order to get the loan. But, this is not always the case, and if you take the time to look around, you most likely will find a loan officer able to make a loan with a guarantor that doesn’t require them to be a homeowner.
Not All Lenders Require Full Disclosure Of The Guarantor
Sometimes it can be difficult to find a guarantor will happily sign on the dotted line and help you out with your loan because there are afraid of having all of their financial information turned over to a small loan company.
In most cases they don’t need to worry, as long as they have a good financial standing and credit history, that is enough to get the loan to go through. Basically, the loan company primarily needs the guarantor in case the borrower is unable to pay in which case the guarantor will be the one paying the loan instead.
Not All Of These Types Of Loans Are High-Interest Rate
It is possible to get a guarantor loan at a very reasonable interest rate as long as their financial history is more than enough to cover the value of the loan. Of course, if you have a borrower with a poor credit history, and a guarantor with a spotty record, then you’re most likely going to pay a higher interest rate than you would otherwise.
Since the financial meltdown several years ago many of the unsecured lenders have gone under as millions of people lost their jobs and defaulted on their loans. However, there are still plenty of companies in the market and since the Internet has made it easier to find them, there are still plenty of opportunities to find a good loan company that you can deal with.
You Should Take The Time To Read Customer Reviews Online
Before making any kind of loan transaction with an online company you should take the time to read the unsolicited reviews online to see if they are a reputable company that treats her clients well. Online reviews are one of the best ways to weed out shady loan companies and find those that specialize in good customer care and long-term client retention.