OVER FIFTEEN YEARS
OF GUARANTEED FUNDING EXPERIENCE.
Is an unsecured loan where a second person is responsible for paying off the debt if the person who has taken out the loan misses their repayments.This type of loan could be an option for those with little credit history or a poor credit rating, who struggle to get accepted for a loan product. However, it's worth noting that you may end up paying more than the original borrowed sum in interest, on top of your monthly repayments.
Guarantor loan availability and interest
The annual percentage rate (APR) of interest will vary depending on the lender, the loan amount and the term period.If you compare loans, you'll see that our best-
Bear in mind that guarantor loan choices may be limited. On 2 December, 2014, Gocompare.com checked 126 personal loans listed on the matrix of independent financial researcher Defaqto and found that just seven were guarantor loans.The representative APRs on these products was relatively high, ranging from 14.2% to 62%.You're almost certainly looking at a higher interest rate than you would be with a good credit product, but typically you'll be able to borrow more than with other bad credit loan options because of the guarantor element.
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Factors That Influence Your Loan Rate
Like most loans, your credit rating is scrutinized. Each lender has their own requirements, but generally speaking, you're more likely to obtain a personal loan if you have good credit and a dependable, steady income. If you do not have established credit through traditional lines, such as credit cards, a mortgage, or auto loans, the lender may consider your payment history with other bills such as utilities or rent. Interest rates can vary greatly. If you have good credit, you can likely obtain a competitive rate. If your credit is bad or marginal, you can expect to pay a much higher rate, or you may not receive an offer at all.Lenders may also evaluate your income. Many have minimum income requirements, and these vary from lender to lender, but usually the requirement is a few thousand dollars per month or more, depending on the loan size and your debt-
Loan Fees to Consider
The first fee to consider is the actual interest rate. Rates vary greatly. Just a few percentage points in the long run can make a huge difference so you'll want to shop for the best rate possible.
A second loan expense to consider is origination fees. Not all loan companies charge this fee. The origination fee is taken from the loan balance. For example, if you get a $10,000 loan, but the lender charges an origination fee, your initial deposit will be $10,000 minus the origination fee.
The last fee is a check-