Unlike other kinds the guarantor loan lenders usually are not in fact concerned about what the loan will be utilized for.
The use for the loan is not a demand in the application form, when the form does ask, it is just really advice for the lenders own advertising purposes. We have though found a lot of typical uses
Debt consolidation or repayment of payday loans
Debt consolidation is usually the repayment of several expensive smaller loans, the purpose being to greatly reduce the monthly repayments with one larger lower cost loan,. It is hardly unusual for guarantor loans to function for paying off payday loans, chiefly as you can attain a guarantor loan with a rather bad credit history, similar to a payday loan.
So we've found that guarantor loans can been used to help finance small businesses, as many other types of loans from teh hight street banks are just not available.
Emergency repairs constantly come just like the auto breaking down just before you're going to go on holiday, or the boiler neglecting only before Christmas day, at the worst time. We have found than there been for guarantor loans has a common use for these crises that have come out the blue, only when people failed to possess the money to insure them.
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There are many many more uses from do-it-yourself, to paying to get a vacation to paying family and friends back. Though, a specific use for the loan isn't a requirement on the application.
We do of course advocate for this is a debt that must be repaid, the cash is used, and when you cannot by your guarantor. So we would always recommend only borrowing the minimum amount of cash that you may get away with. For whilst guarantor loans are not anywhere near as expensive as payday loans, rough at typically around 40% APR, they're more expensive than the usual bank high street loan, which interest is cash which you could be spending elsewhere.