subject: Guarantor Loans Used by Parents to Help With Weddings [print this page] Guarantor Loans Used by Parents to Help With Weddings
Whilst the last 2 years have been a rocky road as far as the economy is concerned the path of true love still runs smooth. The new generation of would-be newly-weds may well be reigning in the expectations they have for their big day given the economic climate. Probably for the first time in generations, lavish demonstrations of extravagance may be thought of as foolish by the happy couples peer group. However, even the most simple of weddings can run up a bill of thousands of pounds which may stretch the family budget to breaking point.
Despite the more modest expectations and a very well publicised downturn in the economy, parents still feel a sense of responsibility towards the big day and can be racked with guilt at not being able to help. Two years of Credit Crunch, recession, falling house prices and negative equity may well have eaten into any hard-earned savings. However, help may be at hand with the fast growing Guarantor Loan products.
It is highly likely that for most of us the big day involves borrowing some money but in the current climate the traditional unsecured, personal loans are harder to come by, especially for those whose credit history is not spotless. However the providers of Guarantor Loans can be prepared to overlook previous problems with credit in return for the applicant providing a Guarantor, usually a Homeowner.
This means parents who do not have large amounts of disposable cash can still help their children achieve their dream day. By acting as Guarantor they can help their child not only access a loan but possibly at a cheaper rate than would otherwise be available, particularly if the applicant has had previous credit problems.
Whilst anybody should think carefully before taking out a loan and should really consider whether they actually need it, there are some once in a lifetime days that may be worth it.
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