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A Guarantor Loan is a type of unsecured loan which is ‘guaranteed’ by a friend, family member or even a colleague!
GuarantorLoans.com is a licensed credit broker and not a lender.
Each guarantor loan lender is different, but usually your guarantor needs to be between 18 and 75 years old with a good job and a sound financial past.
They can be a friend, a work colleague or a family member – Most lenders require their monthly earnings to be high enough to comfortably meet any potential repayment shortfall.
Although we do not suggest the renewal of a Guarantor Loan, if you wish to do so, you must contact your chosen lender directly and immediately. You will most likely be charged the same rate of interest or fees for an extra month; however, this will be charged on the full amount that you owe to the creditor, which is the amount borrowed, plus first month’s interest. Please make sure that you only take out a loan if you can afford to pay it back in full according to the repayment schedule.
If you are worried about making a re-payment, contact your chosen lender directly. If the situation remains unresolved (non-repayment of loan) because you have not arranged payment options with your lender, the lender can request repayment from your guarantor. In escalated cases, the lender has the right to pass your details onto a third party collections agency. This agency will then work to recover the amount overdue (plus any interest accrued in this time as a result of your non-payment).
You must contact your lender directly if you feel you are unable to meet your re-payment schedule. You could incur a higher fee or charge if you do not contact your lender, as it may be assumed that you are not willing to re-pay your guarantor loan in its entirety. However, some lenders state that they do not charge or increase fees for late payments. Please check your chosen lenders terms and conditions and/or loan agreement for more information.
We always suggest re-paying your guarantor loan on time in order to avoid paying more than your original agreed amount. You could be subject to fees and penalties, if you do not make your guarantor loan re-payment on time, this is at the discretion of your chosen lender. Please see your loan agreement and the lender’s terms and conditions for more information outlining any further charges and their related reasons for these charges.