STOP PRESS: Since this article was posted the value has risen to £7500!
There has always been a strong demand for a loan product that never properly existed – the guarantor loan where the guarantor can be a non-homeowner. It has always been the holy grail for lenders simply because the market for such a product is likely to be significant. It often proves impossible for an otherwise perfectly qualified guarantor loan applicant to find a guarantor who is a homeowner. Now the problem has been solved for loan values up to £3000.
£3000 non-homeowner guarantor loans are now available.
£3000 Non-Homeowner Guarantor Loans
One of our lenders has just launched a guarantor loan where the guarantor can be a tenant or other form of non-homeowner. The loans are between £1000 and £3000 and can be taken out for between 12 and 36 months. Because the guarantor does not own their home there is more risk for the lender. Consequently, the APR is higher for a non-homeowner guarantor loan than a homeowner guarantor loan. The cost though is significantly lower than some alternatives, such as payday loans or instalment loans.
These loans are available now and you can find out more information here. It’s worth mentioning another loan that is technically a non-homeowner guarantor loan. We also have a lender who offers short term loans of up to £500 where the guarantor does not have to be a homeowner. So, is all these are the guarantor loan options we cover:
£50 to £500 with a non-homeowner guarantor – more info
£1000 to £3000 with a guarantor who is a non-homeowner – more info
£500 to £10,000 with a guarantor who is a homeowner – more info
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read about Amanda Gillam