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Refused A Personal Loan? Guarantor Loans Can Help

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People looking to move forward in life will find that a personal loan is often the best way to get the finance that they need to develop. There is no denying the fact that a personal loan, for whatever reason, can make things simpler and allow people to seize control of their life. If you are looking to make improvements to your home, to repair or upgrade your car or even book that holiday you have been looking forward to, a personal loan can often provide you with the means and ability to move forward in life.

refused a personal loan

Sadly, many people have found that their hopes of obtaining a personal loan have been thwarted. The criteria being used by banks and traditional lenders is now much higher than it used to be, and this means many people are finding that their requests are being refused. Banks are now unlikely to provide loans or funding to people who have bad credit scores, and this impacts on a lot of people in the United Kingdom these days. Due to an oversupply of credit in the past,  a lot of people are not struggling to obtain credit and if you have been refused a personal loan, you may find that you don’t know where to turn to for support.

Finance support is available

It is important that you do know support is available and it could be that a guarantor loan is exactly what you are looking for. A guarantor loan can be obtained by people who have a poor credit rating and if you have someone who is willing to act as a guarantor for you, you’ll find that you can even obtain a loan at an affordable rate of APR. This is something that will be of great benefit and interest to most people and it is easy to see why so many people across the United Kingdom are looking into guarantor loans.

If you applied for a personal loan and the bank turned you down, don’t get mad or upset. You should look to keep a clear and open mind at all times and if you are looking for funding, help is available. The first step is finding someone who is willing to act as a guarantor for you but once that is in place, you should find that it is a simple process to obtain the support you need and deserve.

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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