Guarantors with no home ownership
Guarantor loans are becoming quite popular these days as these let the borrowers procure a loan even though they have a bad credit history by just having an acceptable guarantor willing to back their loan application. A loan amount ranging anywhere from £50 to £12,000 can be procured in the form of guarantor loan by having a family member or a close friend supporting your application.
When a guarantor is a non-homeowner, then the application will be eligible for a loan of amount varying from £50 to £7500. Guarantor loans are offered to applicants who aren’t being backed by home owners. Loan options are available for people who have somebody to back their loan application process irrespective of them being non-homeowners. A guarantor loan is not secured against any property. Hence it is easy for people to borrow money even after having a bad credit rating or without having any property under their name.
A guarantor loan just requires the applicant to have a colleague, family member or a friend to assure that all the loan repayments would be done on time and without fail. Failing to do so would entitle the guarantor to make up for the pending payments to be done to the lender. It doesn’t really matter whether one has a property or does not have a good credit history. All it matter to procure a guarantor loan is to have a guarantor who has a good credit history. A guarantor needs to be a homeowner if the amount you are willing to borrow is huge. For lower amounts to be borrowed, the guarantor being a homeowner is not a requirement.
If the loan amount a person is willing to borrow is less than £7500, then a guarantor does not need to be a homeowner. A clean credit file and proof of income of the guarantor is needed to be eligible for small guarantor loan. If you are willing to borrow more, then you need to find somebody who owns a property and is willing to support your loan application. It is mandatory to have a guarantor who is a home owner if you wish to borrow a loan amount in the range of £100 to £12,000.
Guarantor loans are classified into short term and long term loans based on the amount being borrowed. If the amount being borrowed is less in the range of £50 to £750, then the loan is termed to be a short term loan. Loan varying from £500 to £7500 are categorized as long term loans. These loans can be procured quite easily if your application is being backed by a guarantor with a good credit history. The guarantor need not be a homeowner in order to procure a short term loan.
A guarantor loan application can be cleared easily with the aid of financial analysts who can strive to grab you the best deal possible without any hassles. Log on to guarantorlender.com to get quick approval of your guarantor loans.