While there are many benefits of obtaining a guarantor loan, one of the bets benefits can be found in the way that there is a high level of convenience about this style of loan. Yes the fact that you can receive a loan even if you have a bad credit rating is a huge factor in the popularity of this style of loan, but knowing that you can receive the money relatively quickly and directly into your account, has to be seen as a positive thing.

While every guarantor loan firm is different, you will find that the majority provide a facility to pay the loan directly into your account. This is of benefit to the lending firm, as it keeps things simple for the, and it is also positive for the borrower, giving them their funds as quickly as possible, and in a way that they can access them conveniently and quickly. If you ask will guarantor loans paid into my account be available when I need them? you will find that the answer is yes.

Given that many people who apply for a guarantor style loan need money in a hurry, it is vital that you can access the funds when you need them. Previous loan agreements would have seen the recipient receive a cheque or perhaps have money transferred over to them. While these are both good options that will ultimately see the recipient receiving their money, these are methods that do not allow for immediate access to funds. This means that if you do need money in a hurry, they are not going to be of benefit to you.

You need to have a bank account to receive your funding

It is important that you have a current bank account that you can access to benefit from this deposit, but most guarantor loan firms will actually cite this as criteria for obtaining funding from them. It is important to make yourself aware of the criteria involved with obtaining a guarantor loan. While you can receive a guarantor loan with poor credit or no credit rating at all, you do need a bank account and you need to be in receipt of an income.

This is a check carried out by the majority of guarantor loan firms and it is carried out to ensure that you meet the criteria that they are looking for.

A guarantor loan paid directly into your account will speed up the entire process and will hopefully make life a bit easier for you.