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Guarantor Loans

In the past, when individuals with insufficient credit histories apply for a loan, they are asked to have a loan co-signer, a third person known more commonly as a guarantor. When banks and lending institutions were in doubt of a person’s repayment capabilities, a guarantor would be required, and this person would become fully responsible for the credit if the borrower failed to pay. Up to this day, guarantors still exist, and could still help in any of your applications for financing, for utilities, or for contract mobile phones. Because of this special role of guarantors that guarantor loans were created, in order to cater specifically to the purpose of the loan.

Unlike with other bad credit loans, credit checks are actually performed when applying for a guarantor loan, it’s just that the credit check isn’t performed on the borrower, but rather, on the guarantor. Because of the said duty of the guarantor, they must be in good credit standing, and depending on the lender, some guarantors are also required to become a homeowner.

The beauty with guarantor loans is that the rates are typically lower than other bad credit loans. However, because credit checks are performed as normal, it’s not too convenient unlike other loans for people with poor credit.

We understand that because of the said duties of the guarantor, it is not easy to find someone who is up for the task. If you don’t have the time to convince someone to act as your co-signer, or simply do not want to bother anyone else, our hassle-free bad credit loans are perfect for your needs.