Which guarantor loan to get? Advice please

jonnym8083

I have several debts that I am looking to consolidate.. I can only do this with guarantor loan due to a default I have from 3 yrs ago has wrecked my credit. My partner will b my guarantor.. My partner however is not a homeowner and is 22.. I see a popular choice is FLM Loans but guarantor has to be homeowner? Are there any other loan companies where my partner can be a gurantor.. My partner has good credit rating.. All advise welcome.

Emmzi

or, leave your partner alone so her good credit rating stays intact - it'll be shot as soon as she is linked to you, not very fair!

BoGoF

In all honesty if she's daft enough to go along with this she would be as well applying in her own name and then giving you the money. To all intents and puposes that's all a guarantor loan is anyway.

The rights and wrongs aside, at 22 does she have the credit history, income to obtain a loan big enough to clear your debts - you didn't say how much you needed.

jonnym8083

5k would consolidate it all.. Yea she does

BoGoF

I hope you're not basing that on a 3 digit 'score' from a credit reference agency.

She is aware that it will severely restrict her ability to obtain credit should she go ahead?

jonnym8083

Why that if the loan is paid on time?

CLAPTON

jonnym8083 wrote: »

5k would consolidate it all.. Yea she does

5k isn't a great deal of money

just start to budget and stop wasting money and pay it off
don't involve your OH

BoGoF

Because lenders will only lend a certain % of an individuals income at any one time.....that is one of the factors they look at.

jonnym8083

So how is best way to get a loan

BoGoF

The question you should be asking is how can I repay my existing debts without taking further credit and screwing up my partners credit rating........

corbyboy

It would make more sense for her to take out a "normal" loan in her name and pay off your debts.

As a guarantor she is 100% responsible for your loan anyway. Why take out an FLM loan at 50% APR when she could possibley get one herself at, say, 15%.

By the way that APR is real. You will pay back £12000. Absolute insanity.