Non-Homeowner Guarantor Loans
True to its name, a personal loan caters to different personal needs such as debt consolidation and paying for a cosmetic surgery, just to name a few. A lot of creditors don’t require security or perhaps collateral when it comes to personal loans. However, they look out for themselves against running risks through giving skyrocketing interest rates. Application for personal loans with the help of a guarantor could help you get a pretty much lower interest rates or it could up your possibilities of being qualified for a higher amount of loan.
With the entire world suffering from the pains of the recent recession, getting personal loans have become stricter for people that don’t have security or perhaps collateral. Homeowners will typically be more advantageous because they will possess a track record of complying with mortgage payments, the security their property offers against just about any type of borrowing they apply for, and typically have a good credit record as an outcome. Those who rent or live with their parents, however, could face difficulties whenever they try to get loans they need because of the lack of security or collateral on their part.
In these scenarios, a guarantor loan is really a great option. Through putting in a homeowner to an application, the applicant appears to be providing guarantee that the repayments of the loan could certainly be made. Thus, the creditors are more likely to accommodate in such cases.
Together with a reasonable credit standing, the guarantor could be one of the family members or relatives, a friend, or maybe a workmate. Nevertheless, it is crucial that such person is fully aware what they are getting themselves into and their responsibilities. More to these, they should know that the obligations that they will have could be used to their own benefit whenever they want to attain a loan in the future.
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Categories: Loan Articles Tags: against, collateral, personal loans, security
Can your Social Security Benefits be taken away for a Bank Loan?
Question by Picklez: Can your Social Security Benefits be taken away for a Bank Loan?
Do I have to pay back a bank loan if my only source of Income is Social Security
Best answer:
Answer by MadMan
No. But you need to make sure that the bank knows that the source of the money is just social security or they might try to take it anyway.
What do you think? Answer below!
Categories: Loan Questions Tags: away, bank, Bank Loan, benefits, loan, security, social, Social Security Benefits, taken
Sustainable Wealth: Achieve Financial Security in a Volatile World of Debt and Consumption
Sustainable Wealth: Achieve Financial Security in a Volatile World of Debt and Consumption
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Categories: Loan Products Tags: Achieve, Consumption, Debt, Financial, security, Sustainable, Volatile, Wealth, World
How can I get a loan when I only get a small social security income?
Question by Maryam: How can I get a loan when I only get a small social security income?
I have been online for almost a week trying to get a small loan based on my income to no avail. Now all I get is spam mail. Is there help for me? I am a caregiver for an elderly uncle, before him, my mother until she passed. I am really strained and I need to catch up on my bill. Is there help for a person like myself who can only repay in small amounts and only once a month?
Best answer:
Answer by Judy
Sorry, but probably not. Personal unsecured loans are hard to get in the best of situations. A legit lender will want to be sure you can pay it back, and you can’t show that – if you had extra money, you wouldn’t be behind on your bills in the first place. There are plenty of scammers out there who will claim they’ll give you a loan, but then just scam you out of an “application fee” – you sound too smart to fall for that.
If you have a decent credit score, you could try a peer to peer lending site like prosper.com – they’re legit, but don’t get your hopes up for getting a loan there.
Is there any chance this uncle could help you, since you’re helping him?
Good luck.
Know better? Leave your own answer in the comments!