subject: Guarantor Loans for Weddings [print this page] Guarantor Loans for Weddings Guarantor Loans for Weddings
You may or may have not heard of guarantor loans and their uses in todays marketplace. Basically a guarantor loan is a normal unsecured loan designed to be taken out by people with a poor or affected credit history. It allows applicants to take out finance at a lower APR than they would normally be able to access, because a guarantor is also required to sign the documents to 'vouch' for the applicant. This enables an applicant to get the money they need, at a competitive rate whilst allowing a friend or family member to do a good deed in helping them get the finance.
Now, lets put this in a different sceneario. Say you have a couple who are looking to get married, but are short on the cash to do so. If you're from a rich family, you may be able to ask parents for the money to help, but if you're not one of these lucky individuals but parents still want to help then a guarantor loan may be the option. A parent can act as a guarantor for the bride or groom and allow them to get the moeny to go ahead with the wedding and repay the money as it suits. At the same time this allows parents to play a big part in getting the loan and allowing the wedding to go ahead by signing as a guarantor and agreeing to back the applicant and vouch for their credit worthyness.
This situation may not suit everyone, but for some situations it may be a very good solution to get the money for a wedding and allow parents to help in making the wedding dreams a reality - especially in these hard times were credit is increasingly difficult to get hold of for people with an impaired for bad credit history!
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