 | Are there any bad-credit loans for UK tenants that don't require a guarantor? |
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Question: Are there any bad-credit loans for UK tenants that don't require a guarantor?Please, only serious answers and nothing judgemental - many thanks.We got onto serious financial problems a couple of years ago following my going part-time after having had breast cancer and my husband losing his job. We tried a craft business but it simply did not pay. Not eligible for benefit. Therefore both of us are now job-seeking.We have made informal arrangements with our creditors, which run smoothly. Nothing has gone far as CCJ or IVA stage.We are in a desperate financial situation - facing possible bankruptcy and eviction from our privately rented property. We have a bad-credit lender willing to lend us just enough to tide us over until my husband gets a job and I get full time employment. We know we can repay this.However, the company who have made us the offer require a guarantor with good credit and in full time employment, which means we are going to have to ask a friend or family member to guarantee the loan for us.Do all such lenders ask this?
Answer: Bad things happen to Good people all the time.Here in Michigan where I live, Yes, Lenders have the right to ask for a co-signer on a "low risk" applicant.Not saying that you would not pay the money back, but the majority of the Banks/Lenders come across this ordeal everyday, and they don't know you and they are only trying to protect their Interest.This way, if for some reason you do de-fault, the Lender has someone to fall back onto to retrieve their money, usually here, the co-signer has to have some form of collateral, (example) Home. Something they can attach a lien onto if the monies are not paid back.
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