All Circumstances Considered For a Guarantor Loan

All Circumstances Considered For a Guarantor Loan

We understand that shopping around for a guarantor loan provider can be a very stressful experience and it can also be difficult to decide which provider to choose. At George Banco we make sure all our staff are properly trained to make that experience as simple and stress free as possible. In this blog we are taking a look at how we consider all circumstances and how by talking to a human being rather than dealing with an automated system can make the difference between achieving your goals or not.

Back in December of 2013 we received a call from a mother of two looking to apply for an unsecured personal loan of £3000. She had completed the online application form and reached the stage where the system had indicated that she would require a guarantor to support the application. On further investigation it turned out that her credit file reported an IVA (Individual Voluntary Arrangement) and so required a guarantor to secure the loan on her behalf.

The IVA was a result of her husband’s business running into trouble over 8 years

The IVA was a result of her husband’s business running into trouble over 8 years prior and had to cease trading. Since the closure the family had scrimped and saved to repay the IVA in full as agreed, although the credit file had not been updated correctly. They had worked hard to get themselves back in to a financially stable position but still had the issue of being a credit risk.

The lady then approached her sister to be the guarantor for her loan application but due to various reasons the sister could not act as the guarantor in this instance.

The team at George Banco reviewed the application and felt this was one of those situations that warranted looking at a little more in-depth and agreed to speak to the underwriting team to see what could be done.

It was agreed that if the lady could prove the IVA had been paid in full as discussed, she would be eligible for an unsecured personal loan for the agreed £3000 over a 2 year period.

The family was overjoyed at the news, as they had been living with no credit since 2007 and to ensure they remained as financially stable through that time, had not had a family holiday or celebrated a decent family Christmas throughout that entire period. The loan was to support them going away for the first time in nearly a decade for a major family Christmas gathering abroad. The lady had clearly proved they could afford the repayments and so happily accepted the loan.

The family have since paid off the loan in full and applied for a top up loan to continue rebuilding a successful credit history.

If you have experienced a similar issue and feel you would benefit from chatting to one of our customer service representatives then give us a call on 01225 941941. Alternatively you can click the get started now button and find out in minutes if you are eligible.