Some companies offer special deals for those with poor credit history such as
guarantor loans so don't worry as there are still options available to you.
Some lenders specialise exclusively in
guarantor loans so it's worth shopping around for the best loan deal.
Not exact matches
A
guarantor will be responsible for maintaining payments for your
loan if you default on any repayments,
so they need to be someone who has a good clean credit score.
Guarantor loans often have lower interest rates than payday
loans so they can help you save more money in the long run (as long as you make your repayments).
A
guarantor basically guarantees the monthly repayments will be made
so, when getting a personal
loan, it is of more value to the lender.
The
guarantors and lenders typically coordinate the payments
so that no borrower is paid more Teacher
Loan Forgiveness benefits than he or she is eligible to receive.
In this case, the interest rate is going up not because the
guarantor is released, per se,
so much as because the
loan can't be refinanced without the
guarantor / co-owner's consent which might not be available.
If this is the case, the
guarantor has immense leverage to force a buyout of her interest, even if she doesn't have a legal right to do
so, because otherwise, she can effectively prevent the
loan from being refinanced and can force the house into foreclosure if she doesn't co-sign a new
loan, since all co-owners need to sign (as a matter of commercial reality) to get any mortgage
loan.
The borrower companies failed to make the payments under the
loans,
so Investec made demands against the
guarantors in respect of the personal guarantees.