The time when you face a money crisis can be predictable or unpredictable. In both situations, you need to know how to manage the condition by arranging sufficient funds. As the first and usual solution, you look for available funds in your savings. But sometimes, even that is not sufficient.
You can apply for a loan, but in case of a financial weakness like poor credit or lower income, you need additional support. If you are a homeowner, you may use it as collateral. But if you are not, then guarantor loans for non-homeowners come as a realistic and rational solution.
These are the instant approval decision loans that include a guarantor. You can fulfil short-term and long-term financial requirements. With the presence of a third party, you can avail of a larger amount at a lower rate of interest.
At 24loanswales, we provide non-homeowner guarantor loans through personalised deals. With the joint repayment capacity of you and the guarantor, you get an affordable deal. Besides, you can borrow for any purpose as the funds provided are for your personal use. Apply now
The non-homeowner guarantor loans are personal loans available to fund seekers who do not own a house. They can bring a guarantor, who also can be a non-homeowner. Both the primary borrower and the guarantor join their credit purchase power.
The borrower can borrow an amount as per the joint repayment capacity. Besides, as the role of guarantor denotes, in case of default from your side, the guarantor is liable for repayments. These are also known as tenant guarantor loans, which means your guarantor, too, can be a non-homeowner.
Therefore, the loans that let you borrow money without any obligation of homeownership but with a guarantor are guarantor non-homeowner loans.
Loan with a guarantor non-homeowner provides you a minimum and maximum limit of £1000 to £10,000. You can obtain any amount, but that depends on your credit purchase power.
Several factors combine to decide how much you can borrow. These are
Apart from these, the interest rates have a direct influence on the loan amount. A higher interest rate means bigger loan instalments, which means qualifying for a bigger amount can be a challenge. On the other hand, a lower rate of interest means you can borrow a larger amount.
Here is a table showing you the type of loan you can choose, depending on the amount you want to borrow, with a non-homeowner guarantor loan in the UK:
| Types based on borrowing range | Names of loans | Repayment term | Common uses |
|---|---|---|---|
| Up to £ 1000 | Payday loans in the UK | Repay within a month | Pay rent arrears by getting emergency cash as a fast payday loan, but at high rates of interest for a short term. |
| Up to £ 5000 |
|
Repay these no collateral loans within 12 to 36 months | Use these loans for tenants benefits in the UK to consolidate debts, pay unpaid bills, for essentials, etc. |
| Up to £ 10,000 | Guarantor loans in the UK | Repayment term varies from 12 to 60 months | Available in larger amounts at low rates, and are suitable for purposes like covering wedding expenses, car purchases, etc. |
We ensure you get the maximum amount through the customisation of loan offers. Call us now and let us know how much amount you can borrow.
Non-homeowner guarantor loans with same-day payout are popular due to their several benefits. Let’s see how they can give you an advantage if you choose to borrow with a guarantor. At the same time, you must understand that you and your guarantor will have some responsibilities to fulfil, or else some setbacks might follow.
| Advantages | Disadvantages |
|---|---|
| Instant access to a bigger amount of loan even with lower financial capability | This is only possible if you can find someone who is ready to become your guarantor. |
| No homeownership is needed, and ideal for tenants or anyone who is living with parents. | The financially liability is on the guarantor who should compensate the amount in case of defaults. |
| The approval chances are high because of the guarantor factor. | Be careful, as money issues can strain your relationship with your guarantor. |
| Despite poor credit, you can get approved for the necessary amount. | For larger loan amounts, higher rates of interest might be charged to pacify the risk involved. |
| No fear of losing assets if you somehow cannot manage to repay on time. | Choose a guarantor whom you can trust to get support if you cannot make it to loan payments. |
You follow a simple procedure to apply for guarantor loans without a homeowner. It is a 100% online procedure that takes a short time to process funds. Let’s see how the application process works.
Documents required applying for loan
BORROWER - Recent 6-month bank statement, income proof of same duration, verified address, consent to lender for credit check.
GUARANTOR -Income proof, verified bank statement of recent months, home address, consent for credit check.
NOTE - The guarantor fills a different form online that identifies the role of a guarantor
Finally you can use the loan funds for your purpose. There is no limitation on the use of money for any specific reason.
Yes, if you prove financial stability to repay borrowed money, you can get homeowners loans for bad credit. Already in these loans, the guarantor is part of the loan process. With two persons combining their financial capacity to repay funds, it is certainly possible to borrow with bad credit.
In fact, you can borrow a large amount at a lower rate. You and your guarantor are liable equally. Therefore, the lender has no insecurity of pending payments or default. Neither the borrower nor the guarantor wants to experience a low credit score.
With the advent of new-aged online lending, credit score is no longer a decisive factor. If you can show a stable income and capacity to repay funds, you can get a loan despite bad credit. As a reliable private lender, we follow a liberal approach that creates a borrower-friendly approach.
You can provide us with the responsibility of serving your financial purposes if you are looking for non-homeowner guarantor loans from direct lenders. You can depend on us for future financial requirements and many other reasons.
You need money for multiple requirements. As a result, the first response is to depend on your personal savings. But it may not be wise to empty your savings for recurring, predictable, or unpredictable needs. Instead, apply for our loans and keep your savings intact.
Representative Example
Loan of £4,000 repayable over 12 months at an interest rate of 45.3% pa (fixed). Monthly repayment of £420.66. Total amount payable £5,047.96
Warning: Late payment can cause you serious money problems. For help, go to: moneyadviceservice.org.uk
The entire procedure of a non-homeowner guarantor loans with direct lender is done online. You have to fill out an application form online in which all the financial details of you and the guarantor are mentioned. On submitting this online form, you get an instant approval decision. You get approval on a specific loan amount according to your borrowing capacity. Along with this, you receive a loan agreement. As soon as you people give your consent to the agreement, the funds are deposited in your account.
For the smooth approval of unsecured tenant loans in the UK, you need to fulfil several attainable conditions.
You can borrow between £1000 to £10,000. It all depends on your payback capacity. The higher your financial ability, the bigger the amount you can borrow. However, in these loans, you have a guarantor too to qualify for a big guarantor loan amount in the UK.
A guarantor’s role in loan approval in the UK is to make sure that loan payments are made on time. This works in favour of lowering the lending risk, besides other factors like steady income. In this scenario, we can overlook the other setbacks, like low credit scores and the inability to provide assets against loans.
You can get a loan with bad credit, but not without a credit check. For any loan process, a credit check is a vital process. You cannot skip it. The reason is, credit check lets the lenders know about your financial history. Therefore, a guarantor loan with no credit check is not possible at all. You need to go through the proper process.
Yes, you can take advantage of timely payments made from your end to boost your credit history. At the same time, if you make a default, your guarantor will be there to cover the payments on your behalf only. With non-homeowner guarantor loans, credit rebuild chances in the UK are great.
They are flexible non-homeowner guarantor loans obtainable in the UK. You can get them with tailored weekly or monthly repayment plans. These are meant to match your income cycle. Instead of repaying at once, you can pay back in small instalments, which makes repayment expedient without putting a huge burden on your monthly budget.
Usually, a penalty is charged when loan payments are missed. Here, if it is your first missed payment on non-homeowner guarantor loans, you can approach us to know if repayment can be rescheduled. Based on your financial capacity, we will try to stretch the tenure, but that will also depend on individual circumstances.
Yes, these loans are the right choice for anyone with a weak financial condition, which might have been caused because of poor credit scores or lower income. Therefore, not only for pensioners, but also for self-employed guarantor loans are available. You need to produce relevant self-employment income proof alongside the guarantor factor.