How Do Guarantor Loans Work?

Guarantor Loans:

Guarantor loans are the type of loans in which the guarantor co-signs the agreement with the lender and the borrower and takes the responsibility of repayments if the borrower defaults the payment. If you are in urgent need to pay your medical bills or there is some financial emergency, these loans offer the best to the people without even considering the credit score.

How Do These Loans Work?

  • Calculate The Amount You Need: First of all, you have to do a simple calculation. That thinks about the amount that you want to borrow. Make sure that you are borrowing the exact amount that you need or else it can be harmful to you as you will have to pay twice if you miss any of the single payment. So, think about the amount to borrow along with the time in which you will be able to repay the whole amount. Calculate the monthly repayments along with the interest rate. If you think you will be able to repay these monthly payments easily and your salary is enough to pay this, then you can proceed further.
  • Search For A Guarantor: for the guarantor loans offered by the Loans With Guarantor, you must have a guarantor to take the responsibility of your repayments if the borrower default the payment or unable to pay on time. He can be anyone related to you, maybe your close friend, family member or even your colleague. He must be the one who is willing to trust you, he can be anyone. You can’t choose a guarantor who is financially linked to you such as your spouse cannot be your guarantor if she is financially dependent upon you. The guarantor must be above 21 years of age and he must have a good credit score. Loans with guarantor don’t have the requirement of the guarantor to be a homeowner, if he is not, it is not an issue.
  • Apply Online: when you have completely calculated the amount that you have to repay along with the guarantor, you can proceed further after complete satisfaction. You can apply online at the Loans With Guarantor, fill the application form and submit it with the correct information.
  • Meet Up With The Lender: after the acceptance of your application with complete verification of all the information that you provided, we will plan a meeting of the borrower with the lender to sign the agreement after discussing the terms and conditions of the agreement. The guarantor will also sign the agreement with the borrower and the lender. If you are not available for the decided place, we can come to your location too. It is completely your choice.
  • Receive Your Cash: after you have signed the agreement, LWG will deliver your money only after few hours. We will only take 24-48 hours to deliver the money. It’s up to you whether you want it in the form of a cheque or we will transfer it into your bank account.