Why Are Long Term Guarantor Loans So Popular? Guarantor lenders offer both short and long term loans ranging from 6 months to 5 years giving you the flexibility to choose how long you can borrow for while considering all living costs. Long terms guarantor loans are becoming a popular choice for consumers as this gives them the freedom to pay off loans over a longer period. Consumers feel more comfortable not having to pay a lump sum from their income each month if it was a short term loan but paying off a loan early means you pay less interest and the choice is always open to you as guarantor lenders encourage this and will not be penalised for this.
Funds From One Guarantor Lender
One of the best thing’s about a long term guarantor loan is that you can obtain loans from £500 to £10,000 depending on the lender you go with so if you need a loan for a few thousand pounds you don’t need to find multiple lenders to generate the amount you need as you can possibly get the amount you need with one lender and repay over 5 years.
Long Term Guarantor Loans Impact On Your Credit File
Getting a long term guarantor means that you can start repair your credit history. Repaying your loan on time every month and keeping to the agreement made means that the lenders will notify credit reference agencies that you have made payment and on time and this will reflect positively on your credit report. Demonstrating a good repayment history means that there is a chance that you can apply for a future loan without the need of a guarantor and could get better interest rates from banks.