To perform a sports activity, you will need to have the right equipment. The sports equipment may be expensive and you don’t have enough savings to afford it. Unless you have a family member or a friend who could lend you some money, you best solution is to get a cash loan to purchase your equipment and pay it back in installment monthly. For purchasing a sports equipment, there is no need to get a bank loan as bank is more detailed when checking your loan application. You’ll have to wait for 6 months or more to hear a reply about a loan you apply at the bank. If you have a good friend who can support your loan by being your guarantor, you will find that the guarantor loan meet your needs. The following are six advantages of taking out an online guarantor loans.
- Apply it on the Go
One advantage of a guarantor loan is that you can conveniently apply a guarantor loan on the go. You can apply for a guarantor loan with your tablet or mobile phone. It is convenient for people who are busy with chores such as going to work and cannot find the time to go to a local brick and mortar lender to apply for the loan. It saves you lots of time in queuing up as well as the cost of traveling to the bank. It just takes a minute to submit the loan application and you can do this during lunch break at the office.
- Low Interest Rate
Online guarantor loans now have low interest rates due to the stiff competition and low operation cost. Only the credit score of your guarantor will be taken into account. The better the credit score of your guarantor, the lower the interest rate you will receive. The interest rate displayed at the site when you enter the loan amount and loan term on the homepage is usually representative APR which is inaccurate. They will contact you and let you know the accurate interest rate after you submit the loan application.
- Keep Track of Your Loan from Your Account
When you are approved for the guarantor loan, they will set up an online account for you so that you can keep track of the loan. From your account, you can see how much you have paid off and how much is remaining balance you need to clear. The account will show the due date for the loan. You will be able to set up alerts, for example, sending an email to your email account or sending SMS to your mobile phone when the due date for the bill payment arrive.
- Saves Time in Applying
Applying for a guarantor loan online is convenient in that you don’t have to speak to anyone in person to find out if your application gets approved. There is no need to make a phone call or visit the local branch along with the financial documents. All the requirements for the guarantor loan are stated clearly on the net so there is no need to spend time to inquire this information.
- No Strict Requirement
The lenders normally do not have a strict requirement for the guarantor. You just have to find someone who is employed and receive a stable income. Before you enter the guarantor name on the application, make sure you have already discussed about it to the person. The person that you suggest as your guarantor must know about the loan that you want to take out and agree to be your guarantor. Additionally, it is important to mention all the responsibilities that he will be taking on his shoulder if he agrees to be your guarantor.
- Easy to Perform Comparison Online
Another advantage is that you can easily do research and perform comparison in between a lot of creditors who offer guarantor loans. You can apply as long as you have a suitable guarantor who is financially able. The next thing you know is that they will call your guarantor to ensure that the guarantor is real and have a good credit profile as submitted in the application. The lender will call you and the guarantor to discuss about the lending terms as both you and the guarantor have responsibilities to repay the loan.
In conclusion, the many advantages of a guarantor loans make it a wise option for people without a good credit history. If you know someone who could be your guarantor, you should not hesitate to ask him and you could be getting approved for the loan and receive the funds you need in a few days.