Welcome to the Guarantor Loans Non Homeowner website. Take out a loan with us and see how a guarantor loan for non-homeowners can be of great use to you, and much better than our competitors within the guarantor loan market. Our service actually lowers the APR you pay over the years (rates start from as low as 29.9% APR). This is a reward we give to all our customers who meet the monthly payments over the earlier years. All you need to get a guarantor.
Guarantor non-homeowner loans are the ideal way to allow you to get credit is your credit profile has yet to be established or if you have a credit report which contains features which normally would not allow you access to such credit. All you would need would be someone to act as your guarantor and who effectively would vouch for your probity in terms of repayment of the loan. You do not need to be a homeowner yourself to get such a loan; you do not need to own any property at all to enable this type of credit.
Another big advantage of guarantor non homeowner loans is that they are not secured by means of property, so that any unfortunate default on the repayments of the loans will not result in anyone losing the the roof over their head.
Borrowing £3500 over 36 months, repaying £170.56 per month, total repayable £6140.16.
Interest rate 31.9% (fixed). Representative 49.7% APR (fixed) . This is an example for illustration purposes only, not a quotation. A full quotation will be provided on application and figures may vary slightly.
Why Choose a Guarantor Non Homeowner Loan with GeorgeBanco:
Possible reduction in monthly interest payments (see website for representative examples)
Fast paperless online application process
GeorgeBanco is a direct lender and not a broker
To apply for a guarantor non homeowner loan visit the GeorgeBanco website by clicking here.
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Guarantor Loans Non Homeowners
Guarantor loans for non-homeowners are unsecured loans that require a third party to act as a guarantor. These loans can be offered over terms of one to five years and you can borrow anywhere between £1,000 and £10,000. They are an ideal solution for people with bad credit and who would otherwise be unable to obtain a loan. They are not payday loans in that the interest is much lower and you will not be charged any up front or arrangement fees.
A guarantor loan for non homeowners is a very simple strategy for generating a history of credit if one has not any kind of credit ranking profile at this point . After a few successful payments the credit history profile of a purchaser gets to be more established and should quickly come to assume the form of a credit worthy consumer who's able to then go on to request money effectively in his or her own right.
The Annual Percentage Rate of guarantor loans may vary dependant upon the provider, however the APR is generally around 50-60 percent (in other words interest is most likely to be more compared to a loan in which a positive credit profile is necessary). However, at George Banco loans can be as little as 29.9% APR. It's important to keep in mind that whereas this is fairly big, it will indicate the risk taken on by a loan provider. You might also notice this is among the most reasonable APRs accessible to people who have any kind of flawed credit ranking. Many other loans for people with bad credit, such as payday loans, will be able to ask for APRs of more than 1,000 per-cent. Even if the annual percentage rate is generally more, a guarantor loan, when paid back by the due date, is a superb way to boost your own credit worthiness.
There's a form of guarantor loan that is a new refinement in this business. That's where the provider literally lowers the APR (so therefore the amount of the repayments) after two to three years of the credit becoming set up. Regular and well timed monthly payments on a credit really are a sign that the customer will be a healthy credit risk, so this arrangement is really a ‘reward’ for the borrower invariably sticking to his / her legal contract to repay the borrowed funds in accordance with the payment plan drafted from the outset. George Banco does this. For full details click here.
It is advisable to keep abreast of advancements within the loans market. Among the list of quite recent kinds of finance is the guarantor loan. Actually it’s structured upon a really older finance format, since the loan is basically thanks to an individual agreeing to supply a guarantee to pay off the borrowed funds if ever the termed purchaser becomes not able to do so. Therefore in this meaning it is very well-established product.
In most cases the purchaser of a guarantor loan (as opposed to the guarantor, who would need to put up the guarantee as well as collateral, should it be sought by the lender) need not be a property owner himself or herself. In fact, there also are in existence guarantor home mortgages for non-homeowners so that they can help tenants join the home and property ladder. Nonetheless a large percentage of guarantor loans are devised for non-homeowners.
Assuming you have a poor credit history or have been refused by various loan companies, then guarantor loans might be the right choice for you. This enables you to get a greater sum than you'd be allowed to compared to other kinds of financial products targeting people who have low credit scores. It is also possible to reconstruct your credit rating by simply proving that you are a sensible consumer and are going to make all the monthly payments continually as well as in a punctual way.
Almost any person could act as your guarantor, providing these folks aren't in financial terms associated with you (for instance your partner). Your guarantor can be your relative, neighbour or co-worker. For one's guarantor to become acceptable they'll typically have to be more than 21 with a healthy credit standing, and additionally generally be a UK house owner. Check ups on your guarantor are normally done in the standard way for the reason that they will need to provide financial details, bank statements, verification of ID, and so forth.
A benefit of guarantor non homeowner loans is that they are not collateralised via property, making sure that any unlucky arrears to the monthly payments on the loans will never trigger anybody giving up their house and home. The guarantor of such an unsecured loan isn't going to be penalised in the regrettable event that the consumer becomes not able to make monthly payments for any reason.
A growing number of consumers are getting helped by good friends and especially by members of the family to attain funding as well as set up a desirable and healthy credit score rating. This is where guarantor loans come in. A guarantor loan is a variety of financing which has been effectively underwritten by a guarantor, for example a colleague or maybe member of the family, who can act as a guarantor should something happen to ones personal revenue. The guarantor is liable for the installments of a funding, and not you. That's the reason your own personal credit score isn't researched (but, naturally, a person's guarantor must have a solid credit status).
It's usually advisable for your guarantor to attempt to reduce his or her legal responsibility. Several warranties incorporate all of a applicant's commitments to a lender (these are typically referred to as 'All Obligations' guarantees). That means that if you consent to guarantee someone else's car loan package, you most likely are unintentionally guaranteeing their own mortgage, a number of other unsecured bank loans, and credit debt too. Therefore the guarantor is recommended to firmly demand to any loan company that the particular guarantee agreement limits the amount which can be guaranteed (i.e. 'limited guarantee'). Not to do so could very well be extremely high risk.
Guarantor loans, irrespective of whether secured or unsecured, will most likely carry out an ever more significant component in the financial solutions marketplace. Because the distance relating to the haves and the have-nots looks set to grow, these kinds of money solutions make it possible for individuals who're able to provide some help to their loved ones (or close friends) to empower folks who would not usually be in a position to appreciate the benefits associated with cash and a good credit score. Additionally it makes it possible for men and women, quite a few having children, to get on the property ladder, whereby prior to this they wouldn't have had the ability to do so.
With a guarantor mortgage, parents or close family member assures the mortgage debt. This means that if ever the consumer cannot meet their particular home loan repayments the guarantor is required to take care of them. Ordinarily using these sorts of home loan, mum and dad were responsible for trying to pay the whole mortgage if their son or daughter failed on the home loan repayments. But you'll find an increasing number of mortgages out there where there is a limit to the sum of money the guarantor is answerable to.
Look at guarantor loans for non-homeowners and find out how it can be of great use for you. The program literally lowers the annual percentage rate you pay over time. This is a benefit we provide to consumers who make the monthly payments during the early years. You only need to get a guarantor for your financing, normally a member of the family or perhaps a close friend or associate. Using this method, the applicant's personal credit profile or existing credit ranking becomes immaterial.
To apply for a guarantor loan for non-homeowners click here,