Top 3 Reasons to Become a Loan Guarantor

Oct 13, 2014 Blog RSS feed Guarantor loans are a fairly old fashioned type of loan which has made a recent resurgence because of the fact that they are available to borrowers who have a poor credit rating. As the ability to successfully apply for a loan with a bank or building society has begun to subside, the popularity of guarantor loans rapidly simply down to the fact that they are a viable and affordable option. What is a Guarantor? The crucial factor regarding the application for a guarantor loan is the presence of the loan ‘guarantor’. The guarantor is a third party in the loan application who will guarantee to make the repayments should the borrower have difficulty doing so. Why Would I Want to Be a Guarantor? If everything goes to plan, the guarantor for the loan will not have to do anything after signing the loan agreement. If however things go a little wrong, they will ultimately be responsible for paying the outstanding balance of the loan. Whilst hopefully this will no
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