The Do’s and Donts of Loans with a Guarantor

If you find yourself in financial trouble or need a small loan to help with a large purchase there are a variety of different borrowing options available.  

If, however, you have a poor credit history you might find that your choices are limited. This is where you will find loans with a guarantor can help you acquire the finances you need.  This is our advice when researching and applying for these types of loan:

Do – think carefully about the person you want to ask to be your loan guarantor.  This is a big responsibility for someone to take on and you are potentially putting a lot of pressure on a friendship.  This is why it is very important that you –

Don’t – borrow more than you can afford.  The companies you apply to will look at your income to calculate how much they think you can afford to repay each month but if you have other expenses you know are coming up in the future such as a child going to university or a car that needs to be replaced you must take this into account.

Do – try to overpay when you can, this will shorten the duration of the loan and most companies will not penalise you for early repayment.

Don’t – borrow more than you need.  While the APR on loans with guarantor support compare favourably with short-term payday loans you will still find that borrowing an extra £500 will cost you considerably more in the long-term.

Do – keep in mind that if you meet all your repayment deadlines your credit rating will improve over the course of your borrowing.  You will therefore find yourself in a much stronger position at the end than when you first applied.  This will enable you to apply for more conventional loans in future.

Don’t – keep your loan guarantor in the dark; if you are having trouble meeting the repayments let them know and perhaps there is something you could work out together to get you through a difficult month.

Do – think about using a loan with guarantor backing to consolidate other more expensive short-term borrowing.  The APR will almost certainly make this financially more sensible.

If you would like to find out more about how much you could borrow we have a straightforward online form for you to fill in and our panel of companies who specialise in providing loans with a guarantor will have their offers back to you within a few minutes.

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