Guarantor loans?!?

thefamousexcuse

Hey guys hope you are all well,

I am currently looking for a loan company that will lend me around £10,000. I have a guarantor and even though they can take the loan out for me I don't really want to go down that route because I need to improve my credit score.

So my question to you all is, do you know of any companies that will do this for me?

TIA guys

x

CLAPTON

depending upon why your credit rating needs improvement, you can improve it by using a credit card regualarly for ordinary spending and pay in full each month; no need for a 10k loan to do it.

thefamousexcuse

Yes I understand that, the loan if fpr a different purpose, but the reason I need a guarantor because my credit rating is shocking, sorry should have said that in previous post.

x

Apples2

Does your guarantor know how shockingly bad you are at repaying your debts.

Please ask your guarantor to sign up and make a post.

thefamousexcuse

Yes they are fully aware of the fact. Thank you for your concern, I was asking for help if any one knew any lenders that was it, nothing else! My credit score is poor one because of my age and two because of 2 outstanding debts that I have (not that they amount to alot)

Can any one help or am I just wasting my time trying to defend myself?

archer7

We generally are quite mean with people wanting guarantor loans because they're usually a terrible idea. People here are giving up their own time to help you, so we'll say it how we see it even if it's not what you want to hear. Check some of other threads in the loans forum for our usual blunt and harsh replies.

Quite often we can look at your situation and suggest another solution - people on here know a lot about credit. If the guarantor loan is the best route, we'll say so, but it rarely is. If you can give us some more details about why you need the loan, we might be able to help you better. If you just want a list of companies, Google might do a better job than us - just watch out for broker scams (search the forum).

geoffky

You need a guarantor to borrow 10k and does that guarantor really understand what's going on because if they do they are mad...you have a history of borrowing from people and not paying it back but want some poor fool to take the risk this time....i really pity the guarantor if you do get a loan which i very very much doubt you will..In fact there is more chance of you getting ripped off than getting a loan

iluvmarmite

FLM is the only one I know of, but if you google you might find a couple more

CLAPTON

thefamousexcuse wrote: »

Yes I understand that, the loan if fpr a different purpose, but the reason I need a guarantor because my credit rating is shocking, sorry should have said that in previous post.

x

it makes no sense to pay very high APRs for a 10k just to improve your credit rating;

better to ask your guarantor to get a lower rate loan in their own name and then address the issue of your poor credit rating seperately

what exactly do your credit files actually say?

dtsazza

CLAPTON wrote: »

it makes no sense to pay very high APRs for a 10k just to improve your credit rating;

better to ask your guarantor to get a lower rate loan in their own name and then address the issue of your poor credit rating seperately

Absolutely - paying extra interest for this is loony.

Have the guarantor get the loan directly; and get yourself a "poor credit" credit card, put some things you'd have normally bought on it (weekly shop etc.), and have a Direct Debit to pay it off in full.

Cheaper loan, credit rating being repaired.

(And if your guarantor isn't willing to take out the loan directly and give you the money, then they presumably don't understand what being a guarantor entails.)

penguinpenguin

Hello sorry to gate crash someone else's problem with my own, but I'm trying to post and ask a question myself however I can only seam to write on someone else's. Can someone help me how to do it? (Not sure if it's that I'm looking so hard I can't spot it, or what)
To "thefamousexcuse" who originally posted this, really sorry! My question is about loans and your feed had online people.
Hope you get all the help you need anyway! :-)