It is fair to say that the process of obtaining a loan is a lot more difficult than it used to be. Back in what some people refer to as “the good old days”, it seems as though all you needed to obtain a loan was to be on nodding terms with the local bank manager. Back then, individual banks and managers had the power to accept or deny loan applications, and this means that many people in a local community were provided with the support that they needed. This wasn’t always a good thing, a loan isn’t a frivolous thing, there should always be thought and consideration placed into a loan application and it seems as though some people would get loans when they didn’t need them.

This has played a part in the changes to the loan sector and nowadays, there is virtually no human interaction or aspect of the loan process. The loan application process is all about ticking boxes or meeting set scores. If you meet the right score, you’ll find that obtaining a loan is very simple and you can have access to the funds you need in no time at all. However, if you don’t meet the right score, you’ll find that life can be very difficult and the financial help you need is denied.

Bad credit and not owning a home are no barriers to obtaining a loan

This is why many people with bad credit or who don’t own their own home feel as though it is pointless applying for a loan. When you have a bad starting point, the chances of obtaining a loan are low, which means that a lot of people will not even bother applying for a loan.

There is support available though and the loan non homeowner options that are available could be right for you. If you have someone who is willing to act as a guarantor for you, you’ll find that a guarantor loan could be the solution to your problems. When someone is willing to act as a guarantor for you, there is no need to worry about your credit rating or the fact that you don’t own your property.

The role of the guarantor provides confidence to the lending company, which means that they will provide you with a loan at an affordable rate of APR. This is exactly what many people to regain control of their finances and move forward with their life. If you don’t own a home and you have bad credit, don’t give up, because help is still available.