A loan guarantor is someone who promises to pay a debt or loan for someone else. This will happen if the borrower is unable to pay for his loan under any circumstance. Since the loan guarantor is bound by an obligation the bank or the lending institution has specific requirements that have to be met…
When one applies for a loan and is able to successfully repay it with no major problems, this is a good thing. Such a scenario boosts the credit record of the borrower. In his future applications for similar loans, he will be regarded as a trusted borrower, considering his good credit history. The more he…
Have you done something on behalf of somebody before? Are you willing to take the place of someone else’s responsibility? That is exactly what a guarantor does; you are acting on-behalf of someone else for their benefit. Guarantor loans are loans approved only with the use of a guarantor. They are designed to give people…
Guarantor loans are currently the most popular kind of loans in providing immediate cash to people who are in a bad credit situation. Most other loans will require that the borrower be in good credit standing or at least own a valuable asset in order to be approved. But, with guarantor loans, even if the…
Learning about guarantor loans is important since it is the most practical kind of loan for immediate cash, especially if you have a low credit rating. It is true that there are plenty of ways to get cash in an emergency, but not all are easy and simple. If a person was able to properly…
Defined in the dictionary as “A person, organization, or thing that guarantees something”, a guarantor is usually an individual willing to back up another person’s commitment. In the case of loans with guarantors the guarantor is assuring (pr guaranteeing) the repayment of a loan; if the borrower is unable to meet their original obligation with…
For some people, budgeting and managing their finances is a normal day to day activity and they are able to cope with the majority of any changes or disruption. On the other hand, for a lot of people, finance management is often overlooked or badly implemented leading them to sometimes lack the available money to…
What is the significance of a co-signer in a loan with a guarantor? In general a borrower should have a good credit score to qualify for a loan. However, many borrowers have a bad credit rating or do not have any credit history. This situation will lead to the loan application being declined since the…
Guarantor loans are loans that can be taken out by a person with poor credit. In this type of loan a guarantor is instrumental for the approval of the loan. The reason is that the guarantor acts as the backup for the loan. Any person may apply as a guarantor as long as they are…