Need a Loan Fast – Look to a Guarantor Loan

Oct 13, 2014 Blog RSS feed A guarantor loan is a specialist bad credit loan which has been created to offer a financial lifeline to borrowers who have been declined credit by mainstream lenders. With this type of loan, the presence of the guarantor is the critical aspect of the loan application as they act as a ‘back-up’ for the loan repayments and therefore reduce the risk posed to the lender. The requirements for the person acting as loan guarantor are fairly flexible and generally anyone who is aged between 25 and 75 and has a good credit history will be viewed as ideal. If everything runs smoothly with the repayments, the guarantor will never be called into action. Even if the borrower does miss a payment and the responsibility moves to the guarantor to make up the arrears, lenders will not generally contact the guarantor immediately after the borrower misses the payment and instead will prompt the borrower to make this payment first. Only if difficulties arise in contacting t
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