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Guarantor Loans for Tenants and the Things you should know
Even though the financial condition in the United Kingdom is growing, this is simply not correct. While recovery has taken place since the economic crisis of 2008, the Brexit vote and with it, leaving the European Union in the near future, indicates that financially, even forecasters are unsure how matters will turn out.
But what does this imply to the man in the street? Where does it set out an already under strain public? Well, surely in our view, things are going to get far stronger before they get any better. And that means one thing only. People are going to use more and more credit products to get by as not many have disposable income or savings anymore.
We can see it across the country already. In fact, many loan products are being introduced more and more, including tenant guarantor loans. But what exactly is this type of loan? How does it work? How do you apply for one? Well, in this article we will be taking a closer look, learning the ins and outs of the guarantor loans for tenants.
What is it?
Simply put, a tenant guarantor loan is an unsecured credit product offered by a number of companies across the United Kingdom. It is particularly aimed at members of the public who have a poor credit history against their name or even in some cases, been declared bankrupt. Over the past number of years, these have become a very common way to lend money for this chosen group.
There are a few conditions, however. When applying for a tenant guarantor loan you will need a second party to co-sign the loan with you. This person is your guarantor and by signing the loan with you, they have agreed to pay the installments should you miss a payment. Of course, a lender is more than susceptible to give a loan in this case because the guarantor acts as a security buffer.
In most cases, a tenant guarantor loan is used in a time of emergency when an unexpected expense arises which an individual has no other way to pay off. By taking out a tenant guarantor loan, they can raise sufficient money to see off that expense, be it a sudden medical bill, a death in the family or something similar.
Lately, however, individuals who have bad credit ratings have come up with a clever use for these loans. Along with other similar bad credit loan types, for example, a logbook loan, people who pay their installments each month and eventually finish paying off a loan over its terms can help improve their credit score no end. By doing so, you can finally put yourself in a position where your credit score becomes positive and you will have other lending options from banks and other financial companies. You may also have access to things such as a mobile phone contract, something you would be turned
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.