Guarantor loans have become very popular in UK in recent years and it continues to receive buzz. More and more people consider applying for one because it offers a quick fix on a variety of financial situations. For those who've been denied by several mainstream lenders, a guarantor loan is an ideal alternative. Not only is it easy and fast but you can also choose from two types of loans.
If you need quick cash to get by, a small guarantor loan is one type to look into. This option is perfect for paying bills or emergencies. The amount you can borrow generally ranges from £50 to £500 with repayments expected in a few days or a few months. In other words, small cash loans imply short term or you can make arrangements to repay it when you are able. As for the interest, it is typically charged on a daily basis with representative APR 627%.
To apply, you are not credit scored but you do need a guarantor to be approved. Ideally, your guarantor should be a home owner but there are cases when the lender may consider a non-homeowner.
Approval time is instant and you can expect your cash within an hour.
If you need a bigger sum, the large loan option is your solution. Compared with small loans, the amount you can borrow start from £500 to £10,000 without being credit scored. If you're applying for more than £10,000, a credit check is necessary.
Repayment terms vary from 12 month to 60 months with representative AR 49.4% and you have control to choose which one suit you best.
To get started, you have to be of legal age and a tenant or homeowner in UK. As for you guarantor, he or she needs to be a homeowner in order to be approved. Once your guarantor is deemed acceptable, our can expect to receive the money within 24 hours.
Application can be submitted online and processing is a breeze. If you're unsure about the terms or the amount, you can take advantage of free enquiry service to get the best deals. There are no obligations or upfront fees to worry about.
Whether you're applying for a large or small guarantor loan, the best thing about this type of loan is the fast processing not to mention that rejection seldom happen give that you have an acceptable guarantor backing you up.