If you are looking for the right loan for you, it’s important to check all the terms and conditions of the loan before going ahead. For example, did you know that some lenders require you to have a guarantor in order for them to agree to lend to you? These types of loans are known as guarantor loans.
Guarantor loans require someone else to guarantee the loan for you so that if for any reason you are unable to make your loan repayments, your guarantor will then have to make them on your behalf.
The requirement for a guarantor makes these loans more complicated than other types of loans. As well as identifying a person that you would feel comfortable asking to be your guarantor, that person would also need to have a very good credit rating. This is because the lender will run a credit check on them to be confident that they would be able to make your loan repayments if you were unable to do so.
If you don’t feel comfortable with the concept of guarantor loans, a better option would be to find a lender who offers loans without a guarantor. At Munzee, for example, we offer personal loans of between £1000 – £5000. All our personal loans are loans without guarantor, and can be taken out either by you as an individual or jointly with a partner.
There is no fee to set up a Munzee loan. Our repayment period is 24 months, but you can repay your loan in full at any time during the 24 months without any additional charge for doing so.
So if you would be happier applying for loans without a guarantor rather than guarantor loans, take a look at what Munzee can offer. Our online loan application process is very straightforward and once we receive it we will make an instant lending decision. If your loan is approved, we will get your money to you the same day*, with no guarantor involved.
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