What is a Guarantor and Their Role in Loans Under 40 Characters
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A guarantor is someone who agrees to repay a loan if the borrower defaults. For loans between £500-£7500, a valid guarantor must be a UK homeowner aged 23-75 with a good credit history and income over £800/month. For £50-£500 loans, guarantors can be tenants or homeowners aged 18+. Common guarantors include family, friends, colleagues, or landlords. Borrowers apply online and loans may be approved within 24 hours.
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What is a Guarantor and Their Role in Loans Under 40 Characters
- 1. What is a Guarantor? Guarantor loans are highly popular bad credit loans. What exactly does the word ‘guarantor’ mean though and what role do they play? Read on to find out!
- 2. What is a Guarantor? • In the simplest terms, a guarantor is someone who backs another person’s borrowing or financial obligations – Should the borrower fail to repay the debt • Guarantors are often used by both mortgage and utility companies
- 3. What does the Guarantor do? • The guarantor takes responsibility for your loan if you fail to keep up with repayments. • So, guarantors will only act for you if they feel that they can trust you.
- 4. Who can be my Guarantor? • For £500 to £7500 loans – UK homeowner – Aged 23 – 75 (at end of the loan period) – Good to reasonable credit history – Have a UK bank account – Have an income of at least £800 per month – Not financially linked to the borrower
- 5. Who can be my Guarantor? • For £50 to £500 loans – UK tenant or homeowner – Aged 18 or over – Good to reasonable credit history – Have a UK bank account
- 6. Who can be my Guarantor? • Anyone you feel knows you well – Family – Friends – Work colleagues – Landlord, etc
- 7. Apply Now! • Quick Enquiry • No Upfront Fees • No Credit Scoring • Up to £7500 • Loans as quickly as 24 hours
- 8. What Next? • Further questions? – We have an extensive FAQ section on our website – You can also e-mail us with specific questions • Apply for a Guarantor Loan – Go to www.solution-loans.co.uk and complete the straightforward form
- 9. Further Information • For more information please visit our other websites - http://personalfinancetip.webs.com/ or http://www.blogster.com/ukloaninformation/