It is hard to get the loan if you have bad credit or if you do not have the right credit. You will have to struggle to get the loan or you may end up with a loan with a high interest and it will be hard for you to pay it. Now there is a new type of the loan that you can get from the www.piggy-guarantor-loans.co.uk and it is called guarantor loan. The loan is given to someone who has a person with a good credit score to act as the guarantor.
Guarantor loans are not secured and they need a third person who can act as the guarantor. The guarantor loans can be repaid over months even up to 5 years. The borrower can qualify between 1000 and 7,500 pounds. They give the ideal solution to the people who have bad credit and who is not able to get the loan. The guarantor loans can be payday loan and the interest can be much lower without having to be charged the arrangement fee.
In case you do not have a good credit or if you had been rejected by traditional lenders, then the guarantor loan is the right loan that you can get. The guarantor loan is meant to help the people who have poor credit. It is also easy to rebuild the credit history when demonstrating that you can become a good borrower so that you can make repayments at the right time.
To qualify for the www.piggy-guarantor-loans.co.uk loan, you have to be a UK citizen and over 18 years old. You have to show if you are able to make the repayment which means that you are able to pay the loan back in the timely fashion. Everyone may act like a guarantor if he does not have a close relationship with you such as the spouse. You can get a guarantor from friends, colleagues and family members. A guarantor has to be more than 21 and should have a good credit score. A home owner is also preferred. The guarantor has to provide the proof of ID, bank details and bank statements.
Interest is going to be higher compared to the loan which is approved only for the people who have a good credit. The APR guarantor loan can depend on the lender but most of the time it is over 50 percent. Even if the loan is high, it is because of the risk that the lender has to undertake. However, you can find that there are some loans with a low APR. The bad credit loan or payday loan can charge up to 1000 percent. However, even if the interest can be high if it is paid on the right time, it will improve the credit rating.
There are now many companies that offer guarantor loans. The two important factors that you have to consider is the interest to pay and if there is any hidden fee. The guarantor loan may not be taken by any person but for someone who needs some extra cash and who has a bad credit score; it can be of great help.