Could you be searching for a personal loan, but you do not own a home? Worry no more. Personal loans are dependent on the circumstances of an individual and do not depend on any assets that you own. All the lender is interested with is to know that:
•You have in the past had a clean record of paying off your credit in terms of loans, credit cards or overdraft
•That you have a dependable income that can be adequate for repaying your loan
Since personal loans are unsecured, they are therefore the perfect loans for non-home owners. With the falling of the UK homeownership, this is the best time to obtain a non-homeowner loan.
With the rise of different loan types available in the market place, it can be very confusing to make a choice on the best one for you. It is for this reason that one of the award winning lenders in the guarantor loans market, LoanMarketing.co.uk was designed as a one stop shop for loans. This lender offers all the information needed in helping you gain an understanding of the type of loans that could be ideal for your present circumstances. The company specializes in Guarantor loans which are unsecured personal loans for those having poor credit rating.
Non-homeowners loans are guarantor loans available to tenants and those people living with friends or family eligible for loans. These types of loans were designed for people with bad credit rating and non- home owners too. Unlike the home owner loans, the guarantor loans are not secured against any property. As such, you can be able to borrow money without having to be a homeowner and even though you have a poor credit rating.
How a Guarantor Loan Works
For guaranteeing the loan repayments, a guarantor loan demands that you have a family member, friend or colleague to be your guarantor. Therefore, it does not matter if one has a poor credit history or you don’t own any property. You need to borrow the money needed so long as your guarantor has a good credit history. Your guarantor may require you to be a home owner depending on the amount of money that you need to borrow.
Who is meant for a Guarantor loan?
The guarantor loans are an ideal solution for anybody who wishes to borrow an amount from £250 to £12,000 and whose repayment period is 1 to 5 years. While guarantor loans are ideal for people experiencing bad credit rating, they are also good for those people who want support in loan repayment. These loans are also preferable to payday loans since the rate of interest offered is low and also affordable.
Benefits of Guarantor Loans
Guarantor loans are a good way of rebuilding the credit rating since the loan will be in the applicant’s name as opposed to that of the guarantor. As such, upon completing the repayments, the credit rating is improved since the guarantor lender provides feedback to the credit rating agencies stating that you have repaid the unsecured loan successfully. This will be beneficial as it will help you obtain a loan in future. Most people take guarantor loans for purposes of improving credit rating.
Obligations of the Guarantor
For non-home owner loans, the guarantor, usually co-signs the loan agreement, hence meaning that their obligation is simply making repayments in case one is not able to. For one to be eligible as a guarantor, they must be resident in the UK and be earning not less than £500 every month and never to have been declared bankrupt. The stipulated minimum age for a guarantor is 25 years. The guarantor is also expected to have a good credit rating.
How Guarantor Lender is beneficial
We pride ourselves in the provision of hassle-free guarantor loans and at very competitive APR. All you need to do is fill an application form or give a call to our friendly advisors to establish the amount that you may qualify to borrow today.