When you have a less than perfect credit score, many lenders ask for a guarantor who can guarantee your loan. In effect this guarantor will undertake that he or she will repay the loan if the actual borrower is unable to do so. This guarantor needs to have a good credit score and better means of income. If this guarantor refuses to repay the loan when the borrower is unable to do so, they can be taken to court. With a guarantor co-signing the loan, the lender has an assurance of getting their money back, so lending money to a person who can provide poses a lower risk for the lender. This is the reason that they are able to charge a lower rate of interest.
However, during cash strapped day, you may not be lucky enough to have someone to vouch for you in a financial matter. At the same time, you may not wish to disclose your monetary troubles to your friends and relatives. Whatever be the case there are chances that you are unable to provide a person who will guarantee the loan. If you find yourself in such bad credit situation, approach Loan Princess. We will help you get no guarantor loans quite easily even if you have bad credit. We will be able to get a loan without a guarantor.