Jake from the Midlands Needed An Emergency Guarantor Loan

Jake from the Midlands Needed An Emergency Guarantor Loan

Every month we take a look at some of the customers we have helped and their experience with George Banco. In some cases their reasons for applying for an emergency guarantor loan are due to extremes and some are of an urgent nature. In this, our latest instalment, we take a look at Jake, a mid-twenties welder from Birmingham whose need wasn’t so much of an extreme, but was most definitely an emergency.

Jake is a young man with a good job, still living with his parents and has a reasonably carefree attitude to life. He clearly works hard but had somewhat neglected his personal finances in the past. At the time, like most people, he didn’t think small discrepancies like going over his overdraft limit and late payment of credit card fees would have much bearing on his future, until that moment arose, leaving Jake in need of funds to ensure his planned adventure of a lifetime wasn’t ruined before it had started.

Jake was based in the Midlands but loved spending his weekends on the south coast surfing. He went on a college trip when he was younger and became obsessed with the sport. Ever since that point Jake and a couple of likeminded friends/class mates decided that they would save for the trip of a lifetime to go surfing in Jefferies Bay, South Africa. They had all seen televised championships being held over there and vowed that they would one day surf that beach together.

Jake and his pals all finished college and went on to their respective careers. Of course, despite best intentions, none of the group saved every penny they could have. To be honest they actually went out a lot socialising and having fun like many people in their early twenties.

The group were saving some funds during that next three years for the trip but not as quickly as they could have. Unfortunately for Jake he had in that time, as touched upon above, somewhat neglected his personal finances and allowed his bank account to go over the overdraft limit and not just the once, it had happened a few times. He also forgot on a couple of occasions to pay his credit card bill on time. Sensibly Jake did pay off and close the credit card account to stop it from happening again.

After four years of slow saving the group of friends had all reached the point where they had scrimped and saved enough to pay for tickets, accommodation and insurance for the trip to surf Jefferies Bay, South Africa.

They went ahead and booked the tickets for the following February when it was mid-summer in South Africa and in the months leading up to their departure, collected all the equipment they would need to support the trip.

Just one week before they were due to leave, Jake and his family were unfortunate enough to suffer a break in at their home while they were out. A lot of their valuables were stolen including a couple of mountain bikes and some of Jake’s equipment, including his beloved surfboard.

In the days following the robbery Jake’s parents contacted their insurers and started the proceedings but knew that it wouldn’t be a quick turn-around, or at least not quick enough for Jake to get the funds needed to replace his surfboard and travel kit before he was due to leave.

Jake thought for a moment that his trip was over before it had begun. He frantically looked around for second hand replacements but couldn’t find anything suitable to replace the board or the rest of the kit required.

Jake immediately looked to his bank to see if he could get a £1,000 loan to cover the cost of replacing the stolen items, but due to his past financial discrepancies he was immediately turned down. He asked his parents, and despite them desperately wanting to they were not in a position to lend him the money themselves.

Jake spoke to his friends about the situation thinking he would have to cancel but one of his mates suggested he give George Banco a call to see if he was eligible for an unsecured personal loan.

Jake spoke to one of our customer service representatives who told Jake he could put in an online application and get an answer in the next day or two. Jake did just that and waited for a response. Jake’s credit history was too poor to make him eligible for an unsecured personal loan himself but he could certainly continue his application provided he could find someone to act as a guarantor. Jake immediately spoke to his parents who agreed on the spot. They were both still working and although they didn’t have the amount needed to give to Jake themselves, were happy that they could afford to cover the repayments should anything stop Jake from being to do so himself.

In short, after the relevant checks and clarifying the agreement in full with Jake’s parents, George Banco agreed the guarantor loan and transferred the £1000 loan to the guarantor’s bank account.

Jake was delighted and informed his friends that he would again be joining them on their trip of a life time to Jefferies Bay.

Jake told us that he hugely enjoyed his surfing adventure and has now nearly repaid the entire loan amount.

If you are in a position of needing additional funds quickly, and for a wide variety of reasons, then you can also put in an online application with George Banco and see if you are eligible for a loan. Just click the get started button and we will be in touch.

Please Note – Certain details have been changed for Data Protection purposes.