Choosing where to get a loan can be difficult. There are different loan types that are designed for those with high or low credit scores. If you have a poor credit score, it can be really difficult! To try to help you, we will give you some reasons and information to show why you should consider a guarantor loan.
Guarantor loans are a type of loan taken out with someone else and can be one of the most secure loan types available for those with a poor credit score. A guarantor loan is often taken out with a family member who would become responsible for paying back the loan if you are unable to do so. This means that both of you must meet 1Plus1’s guarantor loan affordability and creditworthiness assessments.
Guarantor loans aim to provide those that are looking for a loan with the option to get alternative finance in the case of a financial emergency or expense even with a poor credit score. Because of the additional security that is provided by the guarantor, you may be able to borrow a much larger amount at a much lower APR than if you applied for a payday loan. It also means that regular payments will be made on the account by you or your guarantor.
In order to qualify as a guarantor with 1Plus1 guarantor loans, you will need to meet the following criteria:
When you have met these criteria, you may be eligible to be the guarantor on a loan for a family member or friend. This will enable your family member or friend to have the funds they need and if you need to make any payments be able to pay to ensure that your credit score is not affected if that happens.