One thing it is important to remember about loans is that the amount that is right for you may not be right for someone else. This is why there is no point worrying about the needs of anyone else if you are looking for a loan. You should only look to take out the money that you need, and this is why it is important to do your own sums and calculations before it gets to the stage of applying for a guarantor loan.
The fact that so many people are keen to apply for a guarantor loan means that loan companies need to be flexible. This is why the answer to how much can I borrow on a guarantor loan is pretty wide-ranging. Different lenders will provide different amounts so if you need a smaller amount or a larger amount, you may need to shop around. However, if you look at a reputable and reliable online guarantor loan firm, like SUCO Loans, you’ll find that you can borrow between £1,000 and £15,000.
Don’t borrow what you can, borrow what you need
Just because you can borrow up to £15,000 doesn’t mean that you should borrow up to £15,000. This is a lot of money and if you find yourself borrowing above your needs, you may be placing yourself into financial trouble. There will be people that need to obtain that level of money from a guarantor loan, so it is good that it is on offer but if you don’t need to obtain this sort of money, you should leave it on the table.
After all, the more money you take out, the more you’ll end up paying back on interest. The APR you receive from a guarantor loan can be quite attractive, especially compared to other loans that people with bad credit can achieve, but it doesn’t mean that you can afford to be careless with your money. Taking out more money may seem like a good idea at the time of your application but when it comes to paying off money in the long term, keeping the amount of cash you need to pay back as small as possible makes sense.
A guarantor loan is a brilliant option when it comes to taking control of your finances but you should bear in mind that it isn’t a frivolous option. If you use a guarantor loan sensibly, it can provide you with the financial support you need.