Guarantor loans can be said as the unique loan because it involves three parties in the transaction and agreement.
The guarantor will be in the process from the start the borrower applies for the loan until
the loan is fully paid. Being someone who is relied on could be hard because of the big responsibility on the agreement. Sometimes, an incident happens and the guarantor wants to stop being someone’s guarantor.
What will help?
If you are a guarantor for your friend and your family and you want to quit, unfortunately, it cannot happen. Stop being a guarantor is impossible because of the signed loan agreement. The loan which has been successful paid out is not able to cancel, even though the guarantor only. The guarantor is the one who receives the fund from the lender. As guarantor, you may have a second though and want to change your mind to be a guarantor. You are still able to cancel the agreement. You could do that by giving back the money to the lender. Unfortunately, when the loan has been given to the borrowers, as guarantor, you cannot quite, no matter how long the payment is going to last.
Applying for Guarantor loans seems to be easier than other types of loan. As long as you are old enough according to the UK law, you can apply for the loan. But, you also need to have a job in the country and live there. When you apply, you need to give your working email address and debit account too. The loan could be approved when you have a guarantor. It is the person who will guarantee the payment to the lender when you cannot repay the debt. The loan will be yours without the additional requirement.
Finding the guarantor loan lender
The guarantor loan lenders are available online. You could apply through the website of the lender which provides the guarantor loan. When you have found the best lender for the guarantor loan, you could fill the application and it is only five minutes to complete it. Commonly, you will be asked to fill the contact details about the borrowers and guarantors. The approval will not be long when you can complete the application. The guarantor loan does not include a credit score. No matter what your credit score is, you still be able to get approval.