What Is a Guarantor Loan?

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How Do Guarantor Loans Work?
Guarantor Loan vs Personal Loan
Getting a Guarantor Loan
Guarantor Loan Criteria
Guarantor: A guarantor in good financial standing who is willing to take on some financial risk to help you secure a loan is the first requirement. Credit Score: The primary borrower on a guarantor loan may have low or no credit, but the guarantor will likely need a high credit score to qualify. Income: The guarantor will also need to demonstrate that they have steady employment and income to pay off the loan if the primary borrower cannot. U.S. Residence: Both parties will likely need to live in the United States to obtain a loan. Age: Both parties will typically need to be at least 18 years of age.
Guarantor Loan Consideration
Pros and Cons of Guarantor Loans
Alternative to Guarantor Loans
Secured Credit Card
Flex Loan
Family Loan
The Takeaway
Frequently Asked Questions
Photo credit: iStock/Kateryna Onyshchuk
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About the Author
Austin Kilham is a writer and journalist based in Los Angeles. He focuses on personal finance, retirement, business, and health care with an eye toward helping others understand complex topics.
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