Personal Loans – The Right Thing To Do
In this post we will be looking at an example of how a guarantor loan agreement can work for some applicants if the company are flexible enough to listen to their situation properly, even when the automated parts of the system has rejected an application.
This is something we pride ourselves with here at George Banco, the capability to listen to each individual, understand their position and make an informed decision based on the full facts.
At the start of this year we received an application from an individual who was looking to pay off a pay day loan. Sadly, at the time he applied for the pay day loan, he had not heard about unsecured personal loans or guarantor loans.
He had stable employment and his financial life was under control apart from the defaults on his credit score due to some late payments on a credit card.
He was then faced with a car repair bill that had to be covered quickly in order to remain working and earning.
The pay day loan situation was simply not working for him and so he decided to explore the idea of a personal loan. He naturally went online and quickly found the George Banco website and for the first time read about guarantor loans.
He then went to his family and after a frank and honest conversation with his father in law he agreed to act as guarantor so he could apply for a guarantor loan.
The applicant spent a few minutes filling in the online form, including the guarantor’s details but still did not meet the agreed credit score criteria due to the previous mismanagement of his finances.
The George Banco customer service team emailed the customer directly to let him know, and he immediately called back to learn more about what this meant for him and why?
After some discussion the customer asked the George Banco team to re-look at the guarantor as he knew the guarantor had a near perfect credit rating and was more than happy to back him.
George Banco reinvestigated the situation as requested. The applicant was open and honest about his situation, was clear that this was the right option for him and after providing additional information proved he could afford the repayments. Further to this information the George Banco underwriters spoke to the guarantor and set the expectations very clearly and were happy that the guarantor knew the situation.
Happy to proceed, our underwriters agreed the guarantor loan and funds were transferred into the applicant’s bank account the same day.
We check back on a regular basis and the customer is still repaying the loan as agreed. In fact he will soon be receiving the first of his Rate Dropper rewards whereby his rate will reduce for timely repayments throughout the first year.
If you are in a similar situation and feel you could benefit from our rate dropper guarantor loan, then apply online by clicking the ‘GET STARTED’ button (above to the right of the page) or call in and speak to one of team on 01225 941 941.