If you have struggled to obtain a loan in the past due to a poor credit history you might have heard of guarantor loans. These are small loans designed to help those not eligible for mainstream lending borrow up to around £7,500.
What you might not have realised is that there are also non homeowner guarantor loans; loans available to people who do not own their own home. The reason the lenders can offer these is because your home is not used as the security on the loan, instead you will need a friend or family member to act as your guarantor. They would be named on the application and would be expected to keep up the monthly repayments if you were unable to. For this reason they usually need to be over the age of 18 and have a good credit history. They cannot be financially dependent on the applicant so spouses are not suitable for the role.
There are also companies who are happy to provide loans with guarantor non homeowners. This is slightly more unusual as they would be expected to be financially stable and homeownership is a good indication of this. However, it is possible to obtain finance if both you and the co-applicant are non-homeowners.
Generally the borrowing term is between 12 and 60 months with £500 to £7500 commonly available. Some companies offer up to £12,500 but this is dependent on your particular circumstances. There are usually no fees for early repayment (if after 12 months) and your credit rating will improve as long as the repayments are made on time.
If you have been turned down for loans in the past due to a bad credit history we can help you find the money you need. Our lenders are specialists in the market and deal with each application on its own merits, we will find the right solution for you. All you need to do is fill in our online form and you will have offers back within minutes.
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