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A guarantor loan can be a great way for those with bad credit histories to access the finance they need. By having an extra person that you know to act as your guarantor, you can increase your chances of being approved for a loan, despite being turned down by mainstream lenders due to bad credit.
This is because a guarantor can help to give the lender more security that the loan will be repaid – security they would have otherwise got from an applicant's good credit score.
Proper Finance works with some of the best guarantor lenders in the country, helping borrowers to find the best loan product to suit their needs. By comparing with Proper Finance, borrowers can apply for loans of ?500 to ?10,000 to be repaid over a 12 to 60 month period.
What Is a Guarantor Loan?
A guarantor loan works by having an extra person co-sign the loan agreement and guarantee repayments. So in the event that you cannot make your monthly repayments, your guarantor will step in and pay on your behalf.
For the lender, this provides extra security knowing that they are more likely to recover their funds, and if your guarantor has a good credit rating and is a homeowner, this will increase your chances of being approved.