Need help finding a guantor loan

RobertoMoir

If your family are willing to guarantee a loan but not to get the loan in their names and have you repay them, then, with respect, either they're crazy or they don't understand what it means to guarantee someone else's loan. The two processes are essentially the same risk, but the guarantor loan will cost more. It really is that simple.

zxspeccy

If you are taking out a guarantor loan and your dad is the guarantor then this is in essence a joint loan. To coin a legal phrase the debt is “joint & several”, if you don’t pay your credit file gets trashed and they go after your dad for the full amount of the outstanding balance (plus any default charges).

Guarantor loans have a bad reputation which is why most self respecting lenders stay well clear of offering these as a viable form of credit.

It would be easier and cheaper for your dad to lend you the money direct (if he has it available), or if not then take a loan out in his own name. Either way at least he would then be well aware of the risk involved by using this method.

KingElvis

Jesus wept

Emmzi

KingElvis wrote: »

Jesus wept

and had some interesting view on money lenders too

cajef

KingElvis wrote: »

Jesus wept

I am not surprised with people like the OP about.:eek:

KingElvis

cajef wrote: »

I am not surprised with people like the OP about.:eek:

He sounds like a fine, upstanding member of the community...probably out tending his fruit and vegetables for the village fete.

Dear me.....I would rather sew my head to the carpet than back a loan for him.

Caroline_a

kward83 wrote: »

Hi,

Im 25 and looking to get a guantor loan.
My bad credit from a few years ago is still there, not allowing me to get a personal loan.

I was late with a few phone bills many times (by a day or 2) and repayment for my loan in 2004. I paid the loan back 2 years early and no other problems really.

I had an operation 3 years ago, which has given me a hard time. I was teaching and training martial arts full time before.
But Im on the road back, I have a business set up, selliing animetoys and I teach martial arts too. I live with my dad, so I have money coming in, so not worried about repayments.

I was hoping you guys can help where I can find a decent guantor loan. I see alot of questions and anwsers on google, saying high street banks to give guantor loans. Money.co.uk, said tesco does it, but when i called they said they didnt.

My dad and 2 uncles have good credit and are willing to help if I get the information. My dad is with hsbc and barclays, and I joined hsbc for a few months now.

Im looking to borrow money to add a new site and stock to the business. And also help fund me with a few qualifications for my career, including a nutrition course and 3 month course in america learning strength and conditioning with marv marinovich. Which I want to bring back home and teach too.


Thanks

See bold - why? you can gain good S & C qualifications in this country without going to the US. A young friend of mine did some really high level qualifications (US ones) from this country and passed. He just had to work hard!

RuthnJasper

kward83 wrote: »

Hi,

Im 25 ...My bad credit from a few years ago is still there, not allowing me to get a personal loan.

I was late with a few phone bills many times (by a day or 2) and repayment for my loan in 2004. I paid the loan back 2 years early and no other problems really.

I'm not sure a loan of any description is the wisest thing to do in your circumstances. As others have said, if your dad isn't willing to take out the loan in his own name for you, then he won't thank you for having to pay it back ANYWAY if you don't manage to sell any animetoys or run any training classes for a few months. And they WILL come after him for the money if he is the guarantor.

It might be of interest to you to look at this thread, currently running: https://forums.moneysavingexpert.com/discussion/3977333. Someone got their 82-year-old nan to be their guarantor, the loan went t*ts-up, and now a frail, elderly grandmother is being harrassed for the money. Would you really want this to happen to your dad (who is also your landlord at the moment)...?

Maybe your dad isn't being "hard to deal with" - perhaps he's concerned about you and trying to help?

I'm not having a go at you OP - good luck with your plans - (not sure WHAT the Facebook remark was about though) but I REALLY do think that the answer to your present situation is NOT a loan.

shopaholic2

Has anyone seen that tv advert for 'Amigo loans'? You don't need a good credit rating,just a good freind. HA, so there you go, OP, google Amigo loans,knock yourself out, screw over your dad & uncle, and we will see you soon no doubt, homeless,penniless, lonely and angry that you were given wrong advice :-)