With guarantor loans becoming an increasingly popular product, it's easy to understand why. Firstly there are very few borrowing options available to tenants and non homeowners who have had credit problems in the past. Often tenants with missed payments can only access higher rate loan products offered by Payday or Doorstep companies. These types of companies usually lend a few hundred pounds to new customers at interest rates into the hundreds and thousands. These loan lenders can lend up to five thousands pounds to new customers, at rates in or around the fifty percent mark. Of course fifty percent is still higher than high street lenders and banks, but banks and high street lenders criteria is very stringent and they do not tend to lend to people with missed payments, CCJ's and defaults. Guarantor lenders can offer loan terms of up to five years, making the monthly payments more affordable and giving the applicant a chance to consolidate existing credit.
This type of loan product is quick and easy to arrange with funds available very quickly after application. Guarantor loans are also bucking the trend by being available directly from the lender and not through brokers who inevitably charge an upfront fee, offering the customer better value for money. Guarantor loans can be applied for and arranged both via email and over the phone, and unlike other unsecured lenders there is no requirement to visit a local branch for a face to face interview.
Guarantor loans are also flexible with most lenders allowing lump sum payments without penalty and small redemption penalties for customers looking to pay off their loans early. Applicants are also using guarantor loans as a credit repair loan. As with all financial products if the applicant makes all there payments on time, next time they apply for a loan they should be able to access cheaper credit.
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