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.