Written by Edmond Smith from FinanceToday
What would you do in the event of a financial emergency? Most people find an answer to this question when they get into a fix. Let's face it, for most people, acquiring a loan is never a walk in the park due to bad credit scores. Uk guarantor loans offer a quick and sure way of accessing funds when you need them the most. So, why guarantor loans?
No need for a good credit score.
If you are not bankrupt and have a guarantor with a good credit score, you're eligible for a UK granter loan. You should also be above the age of twenty-one and be a citizen of the United Kingdom. Ideally, the loans are for people with bad credit scores.
Get as much money as you need.
With UK guarantor loans, you get the amount you want if you meet the requirements; present a guarantor with a good credit score. In case the guarantor has a house, you get better loan limits. However, if you cannot meet the monthly repayments, the guarantor is liable to pay up.
Fast turn around time is one of the benefits of guarantor loans. It helps in case of emergencies. In fact, most providers offer processing times of less than a day, but some of the online providers offer a sixty-minute turn around time.
Flexible repayment plans.
Unlike payday loans that have a thirty day repayment period, guarantor loans offer a better solution to repayment. Since life comes with its uncertainties, flexible repayment terms go a long way in making life more comfortable.
Credit score boost.
If all goes well, you stand a chance of receiving a credit score boost after successful loan repayment. The credit reporting agencies receive reports of your credit history from the creditor. So, it is essential to pay on the agreed dates.
In conclusion, UK guarantor loans have proved to be of help to those in need of urgent funds. But you also need a good friend or family member to guarantee repayment. That is the only challenge with this type loans. Financing your projects has never been easier.