Applying for the loans requires a significant preparation because you are going to request funds from someone else. When it comes to the preparations, several things come to your mind and providing the guarantor is indeed one of them. Giving a surety of the well-timed loan repayments is possible with the guarantor’s signature and everyone knows it. However, there is a compulsion attached to it such as the person, who will act as your secondary borrower, must have a good credit record and he/she must be earning a stable monthly salary.
It is not impossible to find out such individuals, but the main problem is that they are very less in numbers. This may be the reason why many borrowers struggle to borrow funds because they cannot arrange a guarantor on time. Consequently, they face perpetual rejection from the lending institutions. Simultaneously, worrying for the situation should not be done because you have the alternative in the form of LOANS WITHOUT GUARANTOR.
The UK marketplace does have the option of loans where secondary borrower is not a compulsion while signing the loan document. These loans do not require another person, who may be your family member or friend, to assure the loan repayment with the primary borrower.
Should you go for these loans?
Undoubtedly, the answer is ‘yes’. Finding the responsible person is a big responsibility and it may affect your chances of getting the financial assistance early. In most of the circumstances, it is depended upon the borrowers’ circumstances whether they want a guarantor loan or the loans with on guarantor. In particular, it may be a defining decision when someone has a bad credit score.
If you have such person, then there is no harm in applying guarantor loans. On the other hand, it is like wasting time when you continue to search for a person, but your financial problem demands an early solution. Thus, no guarantor loans should be your choice.
The financial experts always insist on the fact that the borrowers should search hard for finding out the right lender instead of the guarantor. The option of these loans is available, but it will only assist you if applied from the appropriate lender. To prevent you from trapping into the false promises of loan sharks, you should explore the search engines and decide the lender after a comprehensive comparison.
How to Apply and How Much You Obtain Funds?
Sending the loan request may not be the problem since the advent of ‘Fintech’ in the UK marketplace. The lenders, or should say as the modern-day lenders, are now giving the online platform to the borrowers to submit their applications. For the loans with no guarantor too, they are accepting online applications and such method is already helping a lot to the borrowers.
The absence of the guarantor may restrict you from borrowing the large amount. Availing huge sum definitely require guarantor’s absence. However, the lenders may allow up to £5,000 or £10,000. The lenders may decide the final amount after analysing the present financial conditions of the borrowers.
Recognising the value of time is very important and hence, spends your time in choosing the right loan deal because the guarantor is already not required.