The guarantor is an always important figure when someone can not be eligible or when the mode of the loan or financing requires the filing of one. And the time to hire Federal Government student funding – you may need a guarantor.
The FIES (Student Financing Fund) is a program of the Federal Government that helps Brazilian students giving the resources to enter higher courses throughout the country. With it, low-income citizens finance their degree by paying long-term installments and very low interest rates after training.
Anyone who is going to compete for a place in college or university with federal funding, the FIES to be more specific, has to face the usual bureaucracy to formalize the loan. The guarantor appears at this time, but this is a subject for a complete article.
Alternatives to the guarantor for personal loans
If getting a guarantor is not your best option, we recommend considering personal loan for negative, peer-to-peer, funding on crowdfunding sites, loan with family, pledge and ultimately lenders private individuals – moneylenders!
Secured loan with property or vehicle
Many credit institutions and cooperatives allow their members to contract a personal loan with property or vehicle collateral. Typically, the approved loan amount is a percentage of the total value of the assessed asset.
Although the collateral offered to take out the personal loan releases the requested money, it does not exempt you from credit risks.
The property or vehicle guarantees the qualification for release of the loan which will be much easier and will still have lower interest rates, however, the secured asset becomes the lender (banks, financial or cooperative) until the end of the full repayment of the money borrowed.
Professional Loan Clerk
Recapping : ” Guarantor is an individual who becomes liable to another person for the fulfillment of the payment of used credit or borrowed money on personal loan or financing if he does not pay.”
In cases of financial operation involving money the guarantor is called upon to pay the late repayments, however, the most common way of being a guarantor is to lease a property or to finance a car.
For creditors who grant the requested loan, the figure of the guarantor comes in handy since he will be the guarantor of the debt if it is not paid – the guarantor will be liable for the debt – the company will charge the guarantor the loan with interest, fines and other rates.
As it is a service with no doubts required and sought, you will find many companies supposedly specialized in offering professional guarantor services. That is, who needs a guarantor but does not have to find one, they provide a professional guarantor for this.
Note : When you need a guarantor for a loan, rent a property or buy a car, it does not matter, this operation almost always ends badly, so look for more means under the law than hiring a guarantor.
Online Personal Loan
It is not hidden from people that banks and lending institutions want customers with good track record, excellent scores and high income, however, many online lending companies operate differently with other types of requirements.
Some creditors have requirements that ignore the credit score, the report with restrictions in Serasa and SPC, and others, only require that the contractor prove income or have a stable job etc.
With the huge range of categories, types and types of loan, you would hardly need a guarantor to get loan up to $ 3,500 for example. Online lenders are increasingly striving for the borrower to find a good deal when borrowing money.
Loan without guarantor or guarantor?
Getting someone who has to be responsible for you is not something that sounds right in your own mind. Asking for endorsement is generally considered to be one of the worst resources for anyone who hires a loan, and for whom will be the guarantor of the loan.
Obviously it is better to get money without a guarantor. Firstly, because you will have to ask someone else to do it for you. Secondly, because it is not all the people we know who want or who can be guarantors.
Therefore, there are some barriers to be overcome in order to get the required amount in addition to all the bureaucratic process that involves you and the person who will make the bail for your loan application. The best course is for you to be responsible for all your financial actions and responsibilities.