Are you stuck with poor credit score? Are you skeptical about the future prospects of obtaining new lines of credit? If you answered yes, you need not fret as you're not alone. With the poor financial conditions in the UK, most consumers have knocked down their credit score and are apprehensive about their chances to get further loans. Though it is a fact the lenders do not give loans to people with a poor credit rating, yet you have some loans that are specially designed to cater to the needs of the borrowers with a poor financial status and poor credit score. Guarantor loans are one such option that may financially help a person with poor credit score. Read on to know some frequently asked questions on guarantor loans.
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What is a guarantor loan and how does it work?
By taking a guarantor loan, a consumer in the UK can literally borrow up to £5,000 and meet his financial obligations. The guarantor does not need to give any collateral for taking out this loan and this means they are unsecured loans. What makes this type of loan different from traditional loans is that it is backed by a guarantor who is more responsible with dealing with his finances. He must have a good credit score and must be a citizen of the UK to qualify as a guarantor.
What are the eligibility criteria for being a guarantor to this loan?
Usually, you can use any family member or a friend as your guarantor with whom you do not share any credit like the mortgage, credit card accounts or any bank account. The person should be working with a good organization, must not have filed bankruptcy ever and must have no court actions against him. In short, he must have a good payment history and a good credit score. This will enable him to act as a guarantor for another person who has fallen back on credit.
What is the work of the guarantor?
In the entire process of taking out this type of loan, the role of a guarantor is negligible, but at times, he may have to sign some papers where he has to declare that he is acting as the guarantor to a person. In some cases, the lending companies often ask the guarantor to provide them with their bank statements as a part of formal documentation.
How soon can I get access to cash?
Once the lending companies have received the entire documentation, your money will be processed and will reach your bank account within7 working days. This is the biggest benefit of taking out a guarantor loan that you can get easy and quick access to cash. The underwriters of this loan will evaluate your financial condition and your documents before sanctioning the loan.
Is there any pre-payment fee on guarantor loans?
Most debtors also have a question whether or not they can pay back the loan ahead of time without having to pay any pre-payment penalties. But the fact is that there is no redemption fee associated with such loans. Rather, the earlier you repay, the more you can save on accumulated interest rates. Thus, with the introduction of guarantor loans in the UK, you need worry about getting further lines of credit with poor credit score. Get in touch with a family member or a friend with good credit score and take out a guarantor loan to make ends meet and secure a safe financial life.
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