The Role Of The Guarantor Loan Broker

With the increased interest in guarantor loans becoming apparent in the last 6 months

, more and more customers are searching and applying for the product. There are various ways of achieving this, both directly and indirectly with regards to the lender. Guarantor loan lenders can be hard to find directly, meaning more and more customers are leaning towards the guarantor loan broker option.

Brokers have a major part to play in today's financial industry. Essentially, a broker acts as an intermediary between the buyer and the seller, or in the case of the loan market, the debtor and the lender.

Normally, when you apply for finance through a broker, this means that you make one application. The broker will take down details of your residency, employment and financial status, however they do not usually provide advice, or an opinion.

There are various types of broker, with the main ones either being telephone, or web based.

Telephone brokers will receive your call and take you through an application whilst on the phone. Before this happens, they may charge you a fee for their services. This upfront fee is often non-refundable, regardless of whether the finance is obtained.

Web based brokers require you to fill in your own details on their website. Following this, an automated process then takes you through the remainder of the application. Applying through this type of broker rarely involves paying an up front fee, instead they make their money from commission that they receive from the lender. This is often seen as the preferable method, as it involves no initial costs to you, as a customer.

Each broker usually has a panel of lenders at their disposal. So, following the data collection they will place your application with the lender that best suits your situation.

The main benefit of using a broker is that most of the hard work is taken away from the debtor as one application can be passed to various lenders. The broker will search for a loan on your behalf, and the only responses you will receive will be worth while.

by: Jon Miller

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