If you are under the impression that a guarantor loan is the same as a payday loan, you may be in for a pleasant surprise. There is no doubt that people should be wary of taking out a loan and there is a need for people to weigh up their options. There has been a great deal of criticism and negativity surrounding payday loans, and anything which prevents people from getting into a negative situation in life has to be seen as a good thing. The level of criticism surrounding payday loans has hopefully encouraged people to consider all of their options and not just rush in to the first option that they find.
However, there are important differences between payday loans and guarantor loans. Guarantor loans can provide:
- A more attractive rate of APR
- A longer amount of time to pay the loan back
- Larger amounts of money
Clearly the first point is the most important point when it comes to obtaining a loan but the three key points surrounding a guarantor loan should ensure that plenty of people can benefit from taking out this style of loan. If you need more money, knowing that you can obtain it for an affordable price while having a longer amount of time to pay it back has to be seen as a very positive thing. When it comes to obtaining a £5000 guarantor loan, the longer repayment schedule and the lower rate of APR will help you to reap the benefits of the loan.
A £5000 guarantor loan can put you in full control
There will be times when you need a larger loan to cover your costs. There are times when the smaller amounts associated with a payday loan can be of benefit, such as an unexpected bill, but if you need to make important improvements to your home or you need access to funds to buy a car, having more money at your disposal will help you to make the right decision for you and your loved ones. If you need more money, like £5,000, you’ll be glad that there is an option like guarantor loans to choose from.
You shouldn’t think of a guarantor loan as being a frivolous thing, it isn’t. You should only take out the money if you really need it. However, if you do need access to five grand quickly, you’ll find that this is the most effective way of doing so.