5 Guarantor Loan Alternatives

When faced with a financial emergency, it can seem like an impossible task to get your finances in order or pay off unexpected bills. However, this is not the case. To help you get the best from your finances, we will be providing you with guarantor loans alternatives that you can benefit from when faced with a financial emergency.

Unsecured Loans

Though it may seem like an impossible task to find a loan type that works for you with a poor credit score, several unsecured loans will still provide you with the finances that you need when faced with a financial emergency. It is important however that you take the time to correct your credit score as much as possible before applying to ensure that you have the best possible chance of being accepted for this loan type over time.

Secured Loans

In addition to unsecured loans, several secure loans can work as an alternative to a guarantor, or no credit check loans. These loans allow you to borrow larger sums of money, however, you will be required to provide collateral at the time of application. Whether this is a mortgage on your home or a car financing option, this type of security can be applied for by those with a less than perfect credit score.

Loans For Bad Credit

If a secure loan does not sound right for you, there are a number of loans for bad credit. These lenders take into account not only the amount of monthly income but also the most recent financial payments that you are making in order to see if you are eligible for this. Though these loan types come with a higher interest rate, the eligibility threshold is higher than ever before, allowing those with a poor credit score to gain access to a loan such as this in the long term.

Short Term Loans

If you are looking to borrow a larger amount of money to help with emergency home repairs, then a short term loan type should be the right one for you. This loan type is designed to be repaid within the year and are used to provide you with financing options for emergencies such as boiler repairs, home repairs and other financial emergencies. These loans can also be applied for online to provide you with a quick and easy application process.

Payday Loans

The final loan type that is the perfect guarantor loan alternative is a payday loan. This unsecured loan type is the perfect loan type to borrow a small amount over time and extends to the period of up to six weeks. It is important to note that those borrowing money using a payday loan will need to pay this back on time to ensure that their credit score remains as positive as possible.

With this in mind, there are several different loan types out there for you to choose from should you find a guarantor loan is not right for you.

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