Bad Credit Guarantor Loans

$100 to $5,000 paid out by 08:31pm

  • Same day payouts!
  • 100% US Based
  • 100% Online Service
  • Borrow up to $5,000

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What are Bad Credit Guarantor Loans?

Have you ever needed money urgently for something important?

Maybe a vital part of your home needs repair – such as your leaky roof, or your driveway. Perhaps you’ve suddenly received a bill for your medical insurance in the mail, and you had no idea how much that last trip to the hospital would put up your premiums.

The truth is, no matter how hard we try to prepare for the worst when it comes to budgeting for our monthly expenses, there’s always a risk that you could end up with an extra cost to pay before you encounter your next payday. When that happens, you’re left searching through the backs of your sofa for any spare coins.

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Of course, depending on the size of the expense that you need to deal with, left over change here and there won’t be enough. Eventually, you’re going to need to consider a borrowing option that gives you the cash you need, without the high interest rates. It’s not just emergencies that leave you searching for the perfect lending opportunity either.

You may even find that you need to borrow money for something important, like a new car, but your credit rating isn’t ideal, and you don’t have the time to spend forever building it back up again. When you don’t have a lot of time to waste, and your credit score isn’t the best, your options are often very limited.

That’s where bad credit guarantor loans come in handy.

Understanding Bad Credit

Before we cover the basics of guarantor loans and what they mean to your financial situation, it’s worth taking some time to look at the concept of bad credit. Throughout the world, credit is the rating that companies will use to determine whether you’re a reliable lender, or not.

Wherever you go, and whatever you buy, you’re leaving a trail behind you with credit agencies. Your next lender can tap into that trail and check out how you’ve been using your money when they need to see whether you can be trusted to borrow more money.
Credit is one of the most important things that you have as an adult in the US. However, a lot of people take it for granted. After all, we tend to forget about credit until we need it. There’s a chance that if you’re struggling to get a loan, you don’t necessarily have poor credit, you may just have a thin credit file.

If you have thin credit, this means that you haven’t borrowed enough money in the past or used enough credit cards for there to be an accurate recording of your financial habits in the database. It can be just as detrimental to have thin credit as it is to have bad credit! It’s usually a good idea to keep an eye on your credit so you know exactly what’s happening with your score.

Can You Still Get Loans with Bad Credit?

When you have bad credit, or thin credit as we mentioned above, your options for lending money will become more limited. It’s difficult to underestimate how significant credit is in your life. It can stop you from getting the money you need for your mortgage, and even make you less attractive to a potential employer too!

However, bad credit is a common problem for people all around the United States. That’s because as the cost of living continues to rise, and the money we earn dwindles, it can be difficult to maintain complete control over your finances. While it takes years to build a pristine credit score, it only takes one missed bill, or a problem with your rent to damage your credit score, and bring you hurtling back into a bad position with lenders.

When lenders see that you don’t have the best credit, they’re less likely to give you a good deal on your quick loan – if they lend to you at all. That’s because they don’t know if you can be trusted. The only options you have to get a good deal on your loans, or convince people to lend to you when you have poor credit, is to prove that you’re trustworthy by taking the time to build your credit back up, or consider an alternative form of lending.

For some people in the US, there’s the option for a payday loan, where credit isn’t taken into consideration as much as it is with other lending opportunities. Payday loans are repaid quickly, so your lender doesn’t take on as much risk.
If you can’t apply for a payday loan, or you need more than you can borrow from that kind of lending, the other option is a bad credit guarantor loan.

How Do Bad Credit Guarantor Loans Work?

Loans come in all different sizes and shapes – even for people with bad credit. Sometimes, you’ll be able to borrow small amounts of money for a short period of time using a payday loan. Other times, you might be able to convince your lender to give you a loan if you’re willing to offer something valuable as security, such as your home or an online loan for bad credit.

However, if you don’t have a payday loan option, and you don’t have anything that you can offer for security either, then you’ll need to consider using a guarantor. A guarantor can help to keep interest rates low on your loan and ensure that you get the terms that you need.

Guarantors are people in your life that step in and tell the loan provider that they’ll be willing to pay whatever you owe if you can’t deliver on your loan. This gives your lender an extra source of security, knowing that they’re going to get their money back, whether you default on your lending or not. Your lender will need to conduct a credit check on both you and your guarantor to make sure that you’re eligible for the loan.

If you both pass the test, then you’ll be able to continue with the loan for a reasonable fee. Just remember that it’s important to have a good relationship with whoever guarantors for you. After all, money can easily lead to arguments in relationships.

Who Can Be Your Guarantor?

It’s important to be cautious when you’re applying for a guarantor loan for a few reasons. First, you need to make sure that the person who is going to step in on your behalf and pay for your loan if necessary, has a good credit rating. Don’t just take your friend’s word for it that they have the right credit score. If you can, get a copy of that score in advance, so you know what you’re getting into.

Applying for any kind of loan and being rejected will leave a black mark on your credit score which makes it even harder for you to be approved for your next loan.

You’ll also need to make sure that your guarantor is a homeowner and a resident of the US. Just like applying for any other kind of loan, you’ll need to fill out an application form that asks various questions about the money that you want to borrow, and your lifestyle. Your guarantor may be asked to show proof of their income. You may also be asked to explain what your relationship with the guarantor is. You shouldn’t pick someone that you’re connected to financially, like your husband or wife. You can choose your parent or friend, however.

The guarantor you choose will need to speak to your lender as if they were also applying for the loan. This means that they’ll need to take some time out of their busy schedule to sign documents and fill out the proper forms. In some cases, your lender may even pay the money that you want to borrow directly into the bank account of your guarantor.

Why Use Us?
How much do you offer?
$100 - $5,000
No charges
Approval Chance?
High approvals!
Is poor / bad credit accepted?
All can apply
How do I get a loan?
Apply Online
2 min Application
Do I pay it all back at once?
Easy repayments

Should You Get a Guarantor Loan?

As mentioned above, guarantor loans aren’t the only option for people who have bad credit. There are alternative methods of lending that you can try if you’re concerned about your financial situation, including payday loans in various states throughout the US.

However, provided that you do your research and find a lender that you can trust, and a guarantor that you’re comfortable with, this kind of lending can be an excellent way to access the money you need for a reasonable interest rate. If you don’t have the best credit score, and you don’t have time to spend years building your rating back up again before you apply for your next loan, then a guarantor loan could be just the thing for you.

Just remember that like with any other loan, you don’t have to take the first lending option that you’re offered when you have bad credit. You can also explore the market further and find out what kind of deals other people in your industry might be willing to give. Come and find your ideal bad credit guarantor loan today.