If you need money quickly it can be difficult to know exactly what to do. In an emergency situation like this we will often panic and worry about what we can do. We might jump at the first opportunity to get money and then perhaps even regret it because there were better options that we should have considered as well. Therefore, it can be a good idea to think carefully first and understand what all of your options are before you start applying for anything. For example. You may hope that all short-term loans will help you to get money quickly, but that could depend on the loan that you choose. For example, a guarantor loan is quite different to other loans and this could mean that it may take a bit longer to get the money that you need.

What you need to organise for a guarantor loan?

The organisation needed for a guarantor loan could be the part that takes the longest. You will have to think about who is going to be your guarantor. This could be easy for some people. They may know someone that they know will support them and help them out. They may even have used them as a guarantor before. However, it is not that easy for everyone.

Your guarantor will need to have a good credit record. This means that you will need to know if the people that you are asking have a good credit record or alternatively you will need to ask them if they have a good credit record. Some people may not know what their credit record is like. Even if they do check it, they may not know whether it will be good enough to be accepted by the lender. Therefore, you may even have to get in touch with the lender to check with them before you apply. This could take valuable time to sort out.

You guarantor will also have to be happy to help you out. They will need to have enough money to cover your repayments should you not make them and be happy to do so if necessary. Even if you know a lot of people who do have a good credit record, it does not mean that they will be willing to help you out like this. They might feel that they should be keeping that money in case they need it or that you should be sorting things out for yourself rather than relying on you to help them out. This can mean that you could end up approaching lots of people before you are apply to find a suitable guarantor.

There may be some people that just do not know anyone that would be prepared to be a guarantor for them and they will have to find an alternative loan anyway.

How long does application take?

Once you have a guarantor then you will need to apply for the loan. It should not take too long to fill out the information that they need. However, they will need to get information form both of you and do a credit check on your guarantor. This need not take long, but you will need to make sure that you are quick and organised at getting them the information that they need. They will need proof of ID for both of you and so you will need to get that quickly as well as getting on with completing and signing everything that you need to do as well.

How long until you get the money?

The amount of time that it will take form the time that you put forward your application to when the money appears in your bank account will differ depending on the lender that you choose. It can be a good idea to find out before you apply. There may be some lenders that will be really quick and others that will take a long time. You will need to know which are the quick ones so that you can apply to them. It will take time to do this research but it could make a big difference – you might be getting your money in a few hours compared with a few days so it is certainly worth finding out.

So, it is certainly possible to get money quickly with a guarantor loan. However, it is important to make sure that you find out which lenders will be the quickest, if you need the money really urgently. You will also have to be quick to complete your application, once you have found a guarantor. Finding a suitable guarantor could be the trickiest part of the process, so this could be the bit that you will need to concentrate on and put the most energy into and then you are much more likely to be able to get the money that you need really quickly.

If you are getting married then you will be well aware of how expensive it can be. The ceremony is one thing but it is all those extras that add up, the clothing, cars, flowers, favours, food, drinks, entertainment and gifts. There are so many things that you will need to pay for it can seem endless. Financing the whole thing can be really stressful too. Some people are lucky enough to get help from parents or other family members, but these days, it is very often just down to the bride and groom to pay for things themselves. This can mean that it might be necessary to borrow money to pay for all or parts of the wedding and this will mean that different types of lending might need to be considered.

  • Short-term or longer-term loan? – it is worth thinking about the differences between the two loan types and which might be the best for you to use. A short-term loan has a few advantages in that it can normally be arranged more quickly and that it is available to those without a good credit rating. Therefore, if you have a poor credit rating and/or have left organising borrowing until the lats minute, then they could help you. However, they will normally only lend fairly small amounts and so you may need to find somewhere else to do other borrowing or they will be suitable if you only need to borrow a small amount of money. If you can afford most of it or have an additional loan but just need a little extra then a short-term loan could be worth considering.
  • How much to borrow? – it is important to think hard about how much you should be borrowing. You will find that there are many temptations with borrowing to borrow more money than you need. A short-term loan will tend to only lend smaller amounts of money and so as long as you only need a little they will be suitable for you. However, if you do need a larger amount of money then you may need to think about getting a different type of loan where there are more options with regards to larger borrowing amounts.
  • How long to borrow for? – it is worth thinking about how long you are prepared to have the loan for. You will tend to find that a short-term loan will not last very long. This can be a big advantage to those people that do not like being in debt and therefore knowing that they will soon be out of debt can be a big relief. However, some people do not mind and may actually prefer to borrow for a longer time so that they can spread the repayments across a longer time period.
  • How big are the repayments?
    It is worth thinking about the size of the repayments as well. If you borrow more money, then you will need to repay more. However, if you borrow it over a long time period then each repayment will be smaller. With short-term loans you will tend to borrow less but you will have to repay it sooner and therefore the repayments could be relatively large. It is good to think about what you can afford with regards to repayments.Consider what you will be doing after the wedding, perhaps a honeymoon or buying a home and the consequences having large loan repayments might have. It could be good to get it repaid quickly so you can then spend on other things, but if you already have lots of expenses, perhaps having more repayments that are less could be better.

It can be a really tricky decision. You will need to try to analyse your financial situation and what you need to borrow so that you can find the best loan for you. If you have a poor credit record or need money really fast the short-term loans might be the obvious solution. However, other situations will require more thinking about. It can be good to also compare costs as well as whether you can manage the repayments to decide whether a shorter or longer loan might be better for you. It is well worth putting the effort in to make this decision as it will have a big impact on your financial future. It is wise to also discuss this with your partner to be as they might have some ideas as well as to what you should do. It is a good idea to always discuss finances together anyway. Many marriages breakdown due to financial problems and so being open about the decisions that you are making can be a really good start that will enable you to start as you mean to go on with regards to be open about money.