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People used to find it difficult to search for a feasible guarantor loan and they had limited chances, however this is not the case anymore.

Today, things have changed. The guarantor loans market has become quite impressive which now greatly benefits the borrowers because of the willingness of the lenders to compete with each other.

What is required?

You might be confused by a number of options available to you and it might become difficult for you to decide what is suitable for you. Therefore, we have organized this list consisting of 5 major tips that will help you to find the best possible deals.

Tip 1: The amount that you can actually borrow

It is very important to find out first whether you can borrow the required amount or not. A perfect deal would become useless for you if you are not allowed to borrow the required sum.

For instance, Achieve Credit is allowing guarantor loans of up to £7500 which can be repaid in a time period that is usually between 1 to 5 years.

Tip 2: Checking the Loan APR

It might not be wrong to say that the APR level that is charged by the lenders remains almost constant unlike bad credit loans, but still there is a need to check for the visible difference between different available loans.

It is fairly difficult to find the cheapest loans available, however, you can take assistance from some of the websites that will facilitate you in this regard. One of such websites is http://www.money.co.uk/loans/guarantor-loans.htm

Tip 3: Don’t decide on the first option

It is very important to consider all the available options before deciding on the final option. For example, some guarantor loans lenders may be providing the loans at a lower APR level and so you can save some money.

Therefore, consider and go through all the options available to you and then take a decision that is the most beneficial for you.

Tip 4: Checking the small print

A borrower should investigate and learn about all the policies that he may have to obey once he has signed the contract with the lender. This is essential because many of the lenders carry out their operations through a broker and this will surely have an extra cost attached to it. Also, some lenders may charge other additional fees.

The borrower should also take care of the fact that if by any chance he is unable to repay the loan in the given time period, then whether he will have to go through any charges accounting for late payment.

He should also make sure that there are no extra fees attached to the contract if he decides to repay the loan before the granted time period.

Tip 5: Investigating about the reputation of the lender

Finding about the reputation of the lender is almost a necessary task for you to succeed effectively. You might have heard of various stories describing the harsh behaviour of the lenders with their clients and even acts of fraudulence.

For these reasons, you should check online and try to read the honest reviews of the lenders’ clients on their websites. This will help you to a great extent in deciding the reputation of the lender. Amigo Loans also provides such an opportunity at http://www.reviewcentre.com/reviews106933.html