Gaurantor loans

millwall36

Hi there,

Am looking for a loan of about £3500 and think I can find a gaurantor, any recommendations?

immoral_angeluk

Who is your guarantor? Do they realise they'll be fully liable for the debt should you default? Who's the loan with and what do you need it for?

I'm not being nosey, they're important questions we need to know before we can advise properly

millwall36

Thanks, gaurantor would be a friend and yes they will be aware of being liable.

I am looking for recommendations for who would lend on these terms as haven't apllied for anything yet

Emmzi

borrow direct from friend if the have it to lose

fozmcfc

Or if your friends is definately going to be a guarantor, then as they are going to be responsible for the debt, they would be better off getting a loan as they are most likely able be able to get it at a lower rate than any guarantor loan will be at.

One thing, you seem to be quite it's no big deal about it, but I really hope if it goes ahead, you don't let your friend down, because that would be a really nasty thing to do.

CHR15

Again. . . Ask your friend to take out a loan himself and give it to you in cash.
If he doesn't seem so keen, then he doesn't understand what being a guarantor means.

The lender doesn't think you are worth lending to so are insisting on having someone else who they can make the repayments.

If this post was being made by your potential guarantor, we would all be pleading with him not to allow himself to have his kindness abused by a so called friend

millwall36

In reply to Chris and fozmcfc, the person who I am going to ask to be a gaurantor is an ex business associate who did very well out of me in better times and ended up selling his company to the company I was working for at a fantastic time and great profit and became a personal friend, therefore there is no way I would abuse his trust if I did not think I could keep up his repayments!

To all others, thankyou for your constructive advice....

fozmcfc

millwall36 wrote: »

In reply to Chris and fozmcfc, the person who I am going to ask to be a gaurantor is an ex business associate who did very well out of me in better times and ended up selling his company to the company I was working for at a fantastic time and great profit and became a personal friend, therefore there is no way I would abuse his trust if I did not think I could keep up his repayments!

To all others, thankyou for your constructive advice....

I say that it would be better for your friend to get a loan as the interest would mosy likely be less then a loan that requires a guarantor. I.E. you will save money.

I think that is very constructive advice, that could well save you thousands of pounds.

Some people clearly just can't be helped. :wall: