How To Choose A Guarantor Loan
As the popularity of Guarantor Loans continues to rise
, more and more variations of the product are starting to appear. It is important to ensure that the product that you choose is appropriate to your needs, and perhaps more importantly, that you meet the criteria for the product.
There are many factors that need to be considered when looking for a guarantor loan. Whilst the qualifying criteria is broadly similar across the market, there are some elements that are subject to change.
Firstly, a decision needs to be made on whether or not you want to pay a broker fee. A broker essentially acts as the middle man between the applicant and the lender, reducing the hard work. Some brokers take their fees directly from the lender, whilst others take a fee from the customer, in return for their services.
Many guarantor loan companies are prepared to lend between 1000 and 3000, at a variable rate, usually for periods of 1-3 years. A lot of lenders operate solely in England and Wales, while some also offer finance to those in other parts of the UK.
It is the norm for both the applicant and the guarantor to be between the ages of 18 and 65, however some lenders may be prepared to make exceptions to the upper age limit, if the individual is set to receive a regular income for the duration of the loan.
It is generally preferred that the applicant is employed, but in some cases obtaining the credit could be possible subject to them receiving satisfactory benefits. Although this is the case for the applicant, the guarantor must be in regular employment.
Other factors that come in to play include the credit history, debt to income, and the disposable income of each party.
The bottom line is that different companies offer variations of the same product. Ensure you shop around, and choose the best option for you.
by: Jon Miller
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