The guarantors for guarantor loans, on the other hand

People nowadays are talking about guarantor loans, but not everybody knows what these loans are all about. To put it simply, guarantor loans are loans that are given to people with a bad credit history and they require the use of a guarantor. Using this kind of loan is actually beneficial to people with a terrible credit status as it can improve credit score; as long as the loan is kept up to date and paid promptly. Currently, the ongoing amounts available for this type of loan are between £1,000 and £5,000 payable within twelve to thirty-six months. Borrowers can always pre-terminate the loan by paying ahead of the scheduled deadline.

The guarantors for guarantor loans, on the other hand, are individuals who agree to serve as replacements for the loan in case the borrower is not able to pay the loan. In other words, if the borrower cannot pay the loan, the guarantor agrees to pay the loan. Guarantors should be receiving a reasonable income, a be homeowner, of legal age, and must possess a very clean and efficient credit history. The guarantor can not be financially linked to the applicant for example a live in partner or wife. Once the lending company finds out that this rule is not followed, both the borrower and the guarantor will be black-listed in the financial environment.

It is a great consolation to guarantors when the borrowers of guarantor loans pay their loans religiously. This means, the guarantor will not be jeopardized and have to make up the missed payments. It is important to be aware that going into a debt management plan or a more extreme measure such as an IVA or bankruptcy will actually cause the loan repayments to fall on the guarantor. These circumstances can put a strain on the relationship between the guarantor and applicant so it is very important to plan for this. Reputable loan companies will always make sure the guarantor can afford the repayments, but at the end of the day they should only be relied upon under the worst circumstances.

So in general being a guarantor for a guarantor loan is not completely risk-free because of the overall responsibility to pay if the applicant fails to. It is important to remember that people applying for loans with a guarantor need to for a reason. The guarantor must be informed properly of the details concerning the loan. Also, the guarantor should understand very well what they are guaranteeing and the risks involved with the loan. When done properly however, guaranteeing a loan for a friend can be one of the best things you will ever do for them, if they need help with consolidation or an emergency there is often no other way out.

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