Five Things to Consider Before Taking Out a Guarantor Loan Modest Money3 Comments

Five Things to Consider Before Taking Out a Guarantor Loan Loans have never been more difficult to get in the UK, with new regulations forcing banks to be much more selective in whom they loan money to. Even those with reasonably good credit can and do find themselves denied for loans. This has caused some to look for other finance arrangements, like payday loans, and in some cases even pawnbrokers. The increased difficulties these new regulations are causing for people with average credit, or who are first time borrowers, has given rise to a new type of loan. It’s known as a Guarantor Loan, and can help those having trouble borrowing from more traditional institutions and banks. The way it works is simple. Someone with good credit, and who also owns a home, agrees to repay the loan in the event the borrower defaults. Because of their guarantee, this person is known as the guarantor, and it’s their signature that assures the lender of repayment. In some cases they also may not be required to own a home. If you’re thinking about a Guarantor Loan, here are five things to consider before obligating yourself to someone else’s…

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