What Are The Advantages of Guarantor Loans?

Guarantor loans have become quite popular these days because of several reasons. One of the main driving forces in their popularity is the fact that they allow you to secure loans outside of the credit rating index consideration. They are based on the premise that if your family and friends trust you, then a lender has no reason to doubt you. Guarantor loans of £50 up to £ 12000 can be secured if you can get close friends and relatives to guarantee.

More about Guarantor Loans

These loans have proved cheaper than your conventional loans. You can now secure guarantor loans of smaller amounts (between £50 and £750) within a short time frame (24 hours). Larger amounts (between £500 and £12,000) take a slightly longer time to come through.

Here are the highlights of guarantor loans at a glance

• Get loans from £50 up to £12 000

• Get it even if you have a poor credit score rating

• Loans are often processed within 24 hours

• In fact you do not need to provide your credit rating report

• The loans attract no service fees. They are free service loans

• You access multiple options for your loan

• You guarantor can be a tenant or homeowner- it does not matter much

Why the Guarantor Loan Should Be On Your Radar

There are times when you are in dire need of financial bailout, and the only option is a loan. The immediate instinct is to call your bank and request for the same. When you make such urgent calls, you pray that the bank official on the receiving end will understand your predicament and act with matching urgency; but alas! Banks aren’t hospital emergency wings. There is a good chance your loan will be processed, yes; if your credit rating is acceptable. Even then, the money won’t show up in your account in a flash the way you wish. So much for the bureaucratic red tape!

Here comes your saviour, or so I think. You make a call to your bank and request for a guarantor loan, and in a swish you recover your smile.

Guarantor loans do not need your credit rating report. In addition, there is an interesting and pleasant twist to the credit rating saga. While guarantor loans do not require a favourable credit score; I mean you do not need any credit rating report at all; the same loan can be used to improve your credit score; if you had a low rating. If you pay your guarantor loan without a hitch, the records are factored in your credit score rating.

If you need cheaper short term loans that will be processed fast, and help your rating scores, get a guarantor loan.

The following article in the Independent offers a little further advice regarding - Is a guarantor loan right for you?

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