Loan Approval without a Guarantor

Loan Approval without a Guarantor

Loan Approval without a Guarantor
Getting a loan could require a list of requirements that starts off with some financial documents, collateral and a guarantor or co-signer. A guarantor or a co-borrower / co-signer is someone who will legally commit and is co-responsible for the payment of the loan. In cases of default, the lender may reach out to the co-borrower for payment.

Loan Approval without a Guarantor

A borrower with little or no credit history is often times required to look for a co-signer to be able to get a loan approval. Sometimes it is no easy feat to look for a cosigner especially the ones who would commit to the agreement.

There are several ways to apply for a loan which will not require a co-borrower.

Loan preparation
Months before submission of a loan application, the borrower could prepare few requirements that could be useful when the time comes. One of this is to get a credit card with a low credit limit under the business’ name. A credit card company who does reporting to credit bureaus would be a good choice as they will be able to gear up the borrower’s credit scores. The important thing is for the borrower to be able send payments on time.

Tune Up credit score
Tuning up credit score is the best way to determine if it is possible to get a loan without a guarantor. Possible credit bureaus that will be able to help out include Equifax, TransUnion and Experian. Clear up your credit report, pay off any remaining loans with other lenders and dispute any other inaccuracies with the bureau.

Ability to pay back
Provide all possible means of repaying the loan and make sure that your business’ debt

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to income ratio is in proportion. The income has to be stable for an extended period of time and as a rule of thumb, debt to income ratio should be 30% or less.

Proving creditworthiness
Additional compensating factors that will prove and turn the arrow to the borrower’s favor is to commit collaterals such as car titles, mortgage notes, furniture and equipment.

Search for a credible bank that will work out and understand your specific circumstances. The borrower could call local banks and credit unions or do an online search for a reputable lender.

Loan Approval without a Guarantor

Once a loan is granted, a good suggestion is for the borrower to set aside at least 20-30 percent of the loan as a guaranteed payment for the first few months in a timely and consistent basis. This is to ensure that enough funds are available to cover the initial payments to avoid defaults. Bottom line is, the credit behavior of the borrower is an important factor to consider for future application.

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