Sentence examples for guarantor loan from inspiring English sources

Guarantor loans A guarantor loan for sums of between £500 and £5,000 is available from Amigo at a representative APR of 49.9 per cent.

"Every time you make a repayment on the guarantor loan the info is passed to the credit reference agencies, so over a period of time you can repair your rating and at some stage borrow from mainstream lenders again".

Glo, short for guarantor loan option, is aimed at people locked out of mainstream borrowing who need cash to make a big purchase, like buying a car, or to consolidate other debt.

Probably the best known provider of guarantor loans, Amigo Loans, offers borrowing of up to £5,000 over periods between one and five years.

Sara Williams, a Citizens Advice adviser, says other forms of high cost credit such as "logbook loans" (money secured against the borrower's car), guarantor loans and doorstep lending can be just as problematic for the borrower.

Guarantor loans provide borrowing to people who can provide a friend or family member willing to step in if they are unable to repay, while logbook loans are secured on the borrower's vehicle.

Andrew Hagger, a personal finance expert at Moneycomms, said: "Guarantor loans can be a great stepping stone for people with below average credit scores or no history of credit and with rates at around 49% APR are a far cheaper alternative than payday loans.

Citizens Advice said last week that the number of people struggling with debts to rent-to-own firms and on guarantor loans rose by 16% in the second quarter, as borrowers no longer able to get payday loans move to other, less heavily regulated forms of borrowing.

The number of people struggling with debts to rent-to-own firms and on guarantor loans rose by 16% in the second quarter, as borrowers no longer able to get payday loans move to other, less heavily regulated forms of borrowing.

He then acted as guarantor for loans taken out at local banks that refused to lend money to poorer people.

Even if a private company has a guarantor, most loans are for only three or four months -- 18 months in exceptional cases.