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If you have had bad credit in the past then getting a loan, when you really need one, can be problematic. That is why there are loans for people with bad or no credit with the help of some guarantor. A guarantor states that he/she will pay the loan if borrower misses a payment or default on the loan. Having a guarantor strengthens the entire loan process and reduces the risk of lender may have. If you are seeking a guarantor for your loan due to having bad credit or no credit, you need to secure a guarantor and this is usually done before applying the loan. Having a guarantor lined up insures the process will flow smoothly and quickly. So let’s look at "How to Find a Perfect Guarantor For Your Loan" mentioned below:

Someone You Know Personally
It is necessary that you must know someone who can be your guarantor. She/he may be a close friend, partner or spouse, even a work colleague who knows you well and would be happy to help you. Of course it doesn’t seem to be easy to ask someone to be a guarantor, so you need to explain what is involved in whole loan process to them.You can check the terms and conditions that what is expected of a guarantor, and explain it and even guarantor can also read it. So finding a guarantor is not much difficult, but there are a couple of other things you need to know about and be aware of.

Has a fair Credit
This is somewhere people get concerned being a guarantor and they think they need perfect credit to be a guarantor. As a guarantor, you do not need perfect credit score but you just need to be in a financial position to repay the loan if the borrower fails to do so. Therefore, this misconception is to be debunked as it is more about affordability. But this also does not mean a guarantor can be currently in any bankruptcy or struggling to repay their own utility bills and finances. It is necessary that their credit score meets the target set by the lender and they must know the borrower, in case the borrower default, they can afford to "Repay the Loan".

No Financial Tie Ups
At the last, finding the perfect guarantor for your loan is that you don’t have any financial ties with them. This saying doesn’t mean a partner or spouse cannot be a guarantor for their partner but they cannot have co-signed any other loans that are currently outstanding at the time. For instance, if your guarantor is your partner and you both have a car loan or any other together, they cannot be your guarantor as this is a financial tie and you need to be aware of this.

So now you know the easy steps to finding the perfect guarantor for your loan so forget about your worries and apply for any kind of loan at ShubhBank.


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