Generally speaking guarantor loans can be arranged for those with financial history that shows themselves to be financially independent and capable of repaying a loan without the need of help from others. They are the complete opposite of no guarantor loans or loans without guarantor in the respect that these are for bad credit but carry much higher rates of interest.
Lenders are looking for those that are able to repay comfortably without stress or financial difficulty. With that said, because you have a guarantor, the final burden of proof will lie with your guarantor and while this sounds negative it’s not. If your guarantor has great history it’s going to considerably reduce the amount of interest that you need to repay.
If you make these payments on time its going to help your own credit history too and be rather useful to you in respect to achieving a lower interest rate than you would otherwise have been able to get. Guarantor loans are generally helpful to anyone with bad credit history or good and almost anyone that meets basic eligibility can apply for one much like a bad credit short term loan.
Where can I find the best guarantor loans?
The best guarantor loans is an ambiguous question because largely how good the loan is depends on your financial situation and how the lenders perceive the question. Much like the best payday loans, you will need to apply to as many lenders as you possible can and look for a favourable outcome. The more lenders you speak to, in theory, by greater numbers, will help you to find better deals and pricing on your loans in the hope of reducing interest rates as much as is possible.
Are there guarantor loans online I can get instant decisions?
It gets a bit tricky to get an instant loan when there is a guarantor involved. This is mainly because the credit lenders also need to check your guarantor and this will naturally result in a slight delay. As soon as the lender is able to check your guarantor and make sure that all is in order for a loan then the money can be released. While this is not going to be an instant payday loan style release, it should still be a relatively fast loan and you should be able to get a decision fairly quickly.
What can I do if I have not been treated fairly when I borrowed money?
If you’ve borrowed money and you feel that you have been treated unfairly then you can contact the Financial Ombudsman who will be able to guide you in the right direction to resolve the complaint. The first step of your complaint will be to deal directly with the company that is involved in the complaint and see if you cannot reach an amicable decision first. If this cannot work then the Financial Ombudsman will step in and begin the process of working out a fair solution for you and the business involved. You can challenge decisions at any time.