The Bank of mum and dad

Typically for those people who can't get a loan through their bank or from one of the many prime lending institutions (think big banks, supermarket chains etc) the options are relatively limited. Historically how many of us when younger had to ask, nay beg our parents for some help to get that car finance we needed or a loan towards the deposit on a rented flat. 

In these austere times many parents haven't perhaps got the funds readily available to help out their children. Their ISA maybe has been plundered already, the credit card up to it's limit or the bank account suffering from a drop off in quarterly bonus rewards.

One of our personal loan products may be beneficial as an alternative to the bank of Mum and Dad as it allows them to help their offspring raise the money they require in the form of a loan but without them having to put their hand in their own pocket.

Often referred to as No credit check loans or Guarantor loans  the customer gets the benefit of borrowing the money in their own name and controlling the monthly payments on a typical advance of up to £5000. The parent or though it can equally be another family member or friend simply to stand behind you and guarantee that the payments will be met if the customer falls behind on the payments themselves.

To get a guarantor loan you will need to have a guarantor who is happy with your credit worthiness and is willing to back your guarantor loan. They will need to be between 18 and 75, a homeowner with a Uk bank account and steady income. If they trust you then our lenders trust you and therefore your credit rating is not so important.

So if you are the banker at the local branch of Mum and Dad then maybe you could consider this next time you are asked for help with a loan.