August 10, 2020 7:59 AM EDT
First of all it can improve someone's credit score (surely if you pay back your guarantor loan). Secondly lender will be much more secured than usually. But you don't have to forget that if you do not pay the loan back, loan responsibility will go to your guarantor.
Guarantor loans are very good choice when you have bad credit, and you can’t apply for traditional loans. They give you the freedom in terms of repayment, interest rates and also give you much more adavntages than you think; however, to do so, you need to find this guarantor first. It must be someone who has a good credit score and who knows you well. The ultimate decision to approve a person as your guarantor rests with the lender. If you still want to take such a loan, think over loan broker company which is located in Canada. There you will definitely find something perfect for you.
This post was edited by Janny Adams at August 10, 2020 7:59 AM EDT