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  4. Are there payday guarantor loans?

Are there payday guarantor loans?

NO πŸ‘Ž

β‡’ Payday loans are small loans from Β£100 to Β£1,000 for a few weeks up to your next payday

β‡’ Guarantor loans are larger loans from Β£1,000 up to Β£15,000 for 1 to 5 years


 

πŸ˜€ GUARANTOR LOANS CAN BE SUITABLE FOR

  • Same day payout – some lenders can pay-out the same day of the application.
  • Bad credit rating – missed payments, defaults, CCJ’s? Our lenders can help.
  • Non-homeowners – we’ve loans for tenants and non-homeowners; you don’t need a home.
  • No Guarantor – we also have unsecured loans that do not need a guarantor
  • Affordable payments – loans from 39.9% to 59.9% Representative APR compared to 365% to 1,575% for payday loans.

 

πŸš— GUARANTOR LOANS TYPICALLY USED FOR

  • Debt consolidation – consolidating more expensive payday, and other similar loans into one smaller more affordable monthly repayment.
  • Emergencies – a more affordable way to cover those unexpected expenses that life can throw at you.
  • Car repairs or replacement – unsecured finance that’s not tied to the car in any way.

 

πŸ‘Ž DISADVANTAGES OF PAYDAY LOANS

  • Cost – they can be expensive, with Representative APRs from 365% – 1,575%, compared to 39.9% to 59.9% for guarantor.
  • Credit file – some credit providers do not like to see payday finance, if they see this, it may be a reason for refusing the application.

 

πŸ‘ ADVANTAGES OF GUARANTOR LOANS

  • Cost – they can be much more affordable with much lower interest rates and described above.
  • Credit file – can be used to help rebuild your credit score, so help you towards getting more affordable credit in the future.

For more information see: Are guarantor loans a payday loan alternative?

 


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