If you have a bad or a poor credit history then unsecured or personal loan is the right thing for you. The personal loan is a loan where you can borrow certain sum of money for arranged period of time, and with this kind of loan you don’t need to have any property that you own, but you need a person who can guarantee for you that you will be able to repay the loan that you have borrowed, in that case you need a guarantor loan which is a personal loan with a guarantor. The guarantor is a person who can be a member of your family, your friend, your parents or even your business partners, the goal is that the guarantor trusts you and that he/she can rely on you to repay the loan that you borrowed. For the personal loan you don’t need to have a good credit history or even a credit history, you just need to have a stable income that will help you repay the loan that you have borrowed.
Lenders take this very serious since they are borrowing the money to you, and they expect from you to repay it in certain period of time that was arranged in the agreement between the lender, guarantor and the borrower.
The guarantor is there to help you complete the agreement, and be there to support you in your time of need, in most cases the borrower is able to repay the loan, but sometimes they need the help from their guarantors. Guarantors need to provide much more personal information than the borrower, since they are taking all the obligation over the agreement that was made. The information that the borrower needs to provide is that he has a bank account in the United Kingdom, that he is a resident in the UK and also to show some valid ID and to be 18 years or older.
The sum that can be borrowed doesn’t exceed £ 20,000 and the length of repayment is from 1 up to 5 years depending on the size of the lend that has been borrowed. Also the lenders need to be sure if they can lend you the money, if you are the right person who they can trust with this kind of agreement, and also that you are a stable and mature person who is capable of completing the agreement and repaying the loan that was borrowed.
The personal loan is a great way to get out of a debt or a bad credit history in a short period of time, and in the process you don’t have to risk that you will lose your property that rightfully belongs to you, and all you need is just a person who can guarantee for you and that’s it, it is that easy and fast, if you can provide all the personal information and the guarantors information than you will be able to get the money you need in less than 24 hours. And this is one of the most popular loans in the last few years, since it can help you a lot and you don’t risk anything.