For customers who have never had credit in the past or have got an impaired credit record then the guarantor loan product is one possible solution should they require a loan. There are a great many loan products available in the Uk, but the guarantor loan enables customers who have a good character and willingness to pay the opportunity to raise a loan should they need one.
It could be seen as an irony that consumers in the uk who require credit the most are the least likely to get it. If consumers with impaired credit are lucky enough to be offered a facility, they will more than likely be charged a higher rate for the privilege.
Many lenders in the Uk are targeting asset backed finance to give themselves greater comfort and security in the current climate. This move away from unsecured lending is exemplified by the range of available property-backed homeowner loan providers, and also the increasing number of niche products such as ones that enable a customer to raise money secured against personal valuables like cars, antiques or jewellery.
A guarantor loan could be viewed in a similar vein. If a customer cannot get a loan from his or her bank or doesn't meet the criteria of one of the other large financial institutions in the Uk it doesn't always follow that they have a poor track record of paying back a loan. If a customer hasn't had credit before they may be declined, if they have changed jobs or moved recently they may also be declined.
A guarantor loan is most likely not for customers who have a poor track record if they have no genuine intent to improve their situation. It is similar to applying for a job and not being able to supply character references. This type of loan will only be helpful to a customer who can find someone who is deemed a secure and responsible individual to stand guarantor to the loan. The guarantor for the loan is ultimately responsible for the payments should the applicant default, this is the lenders security.
The product is self vetting in this case. Ask yourself, would you stand guarantor unless you were extremely confident that the applicant was going to make payments on the loan? The guarantor generally is going be someone related to the applicant or very close to them or possibly in some cases an employer or landlord. They also need to be a homeowner and in receipt of a regular income. To prevent fraud the guarantor will be sent the proceeds of the loan to pass on to the applicant. This final stage in the process ensures that they are fully aware of their commitment and also verifies their relationship with the applicant.
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