Financial Favourites

Repaying a guarantor loan is the responsibility of the applicant but is backed up by the guarantor.  Each month the lender will try to take the repayment from the applicant and only failing that will they seek to recover the funds from the guarantor.

If the applicant always makes their payments the guarantor should not need to be bothered at all by the lender.

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This is one of the biggest questions when dealing with guarantor loans.  Who do you pick as a guarantor?

A guarantor can usually be anyone, friend, family member, co worker, landlord or anyone else who meets the right criteria for the lender you choose.

So how do you approach the question?  First of all, remember this person is doing you a huge favour, so go into it with that in mind and understand if they say no.  Choose someone who believes in you, someone who knows that you’ll pay back very penny and therefore will never need to bother them for a payment.  If this person trusts you and believes in you hopefully thy will stand as guarantor for you and you can get your guarantor loan.

When you take out a guarantor loan, depending on the lender, you may be offered payment protection insurance, so what is this and should you take it?

Payment protection insurance is insurance against the worst happening and you being unable to make payments.

If you feel that you need protection, to make sure that you maintain your payments, it may in fact be better to look at income protection insurance as this is cover for the same sorts of eventualities but instead allows you to distribute the payouts however you wish, be it on loan repayments or on food, utility bills and so forth.

For more information on Guarantor Loans please click here.

For more information on Income Protection Insurance click here.

A guarantor loan is a loan paid to you, but with the security of a guarantor to stand behind it.

The loan is in your name and paying it off is reflected in your credit file, but if you fail to make your payments then that responsibility falls to your guarantor.

Usually a guarantor will need to be someone of good financial standing and quite often will have to be a UK homeowner.

If you would like more information on Guarantor Loans and what you will need to do to get one, please visit www.guarantor-loan.co.uk

Life insurance barely needs explaining.  If you have people who rely on you to support them then you need to consider protection their future in the event of your death.

If you die prematurely life insurance will pay a large sum to your elected beneficiary.

If you would like to consider life insurance and would like a free quote, please click here.

What do you do if you have bad credit and cannot get a loan, but need to obtain finance.  There are companies out there who claim to be able to find you a loan but instead charge you and then simply recommend the same old lenders you know can’t help you.

Guarantor loans might be the answer, a guarantor loan is a normal loan, in your name, but with the backup of a guarantor.  This is a friend or family member who is willing to back you, to say “yes, he’ll pay the loan back, you can trust him.”

For more information on gurantor loans, and to apply, please visit: www.guarantor-loan.co.uk

Just because you have the financial security you need at the moment does this you’ll have it if you lose your job, or become too ill to work?

Income protection insurance is a way to prepare for this, like other insurance products you pay a premium to protect against a possible future event.

This inusrance pays out a monthly, agreed, sum to you after you lose your job to enable to you pay bills and cover expenses.

For more information on income protection, please visit:  www.incomeprotection-insurance.co.uk