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Guarantor Loan Eligibility Issues To Meet

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If you are looking for financial support, you will know that loans are available but you will also know that not every loan is available to every applicant. Many loan companies have a strict range of criteria and this means that you may not be eligible for a loan from this provider. This can be annoying and it is vital that you take the time to know that you can obtain a loan. When it comes to finding the right guarantor loan for your needs, the best starting point comes with making sure you comply with the guarantor loan eligibility of the provider.

guarantor loan eligibility

One good thing about guarantor loan eligibility is that you don’t need to have a good credit score. This is something that many loan providers are looking for but it isn’t the case when it comes to finding a loan from a guarantor loan company. This is because the presence of the guarantor makes all the difference. The guarantor should have a good credit score, and some lenders will request that that are property owners too, but their presence can make a huge difference when it comes to finding the loan that is best for your needs.

Make sure you comply with guarantor loan eligibility

You’ll also find that the guarantor will have to be the right age to ensure the loan occurs. This means they need to be of working age, with 18 the standard minimum age level, and you’ll find that many lenders have an upper age limit too, which is often 75. If your guarantor sits in this age bracket, you’ll find that there is a good chance that they will be accepted assuming they meet all other criteria. It is also the case that many lenders include having a job as part of the guarantor loan eligibility for the guarantor.

Of course, there is guarantor loan eligibility for the borrower too. You too will need to be of a certain age, you should have a bank account, you should be of permanent residence in the UK and there is also the fact that you should have the means to pay back the loan. While the nature of guarantor loans means that this is a good loan option to consider, there is still guarantor loan eligibility that has to be met so make sure that you fit the bill when it comes to safeguarding your finances.

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Guarantor Loans

A Representative Example

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48 Monthly Repayments, borrowing £2000
Total Amount Payable: £4067,04
48.9% APR Representative
Rate of Interest 25.84% Fixed Flat Rate
Monthly Repayment: £84.73