First Choice Finance (Firstchoicefinance.co.uk) is a UK loan company that offers a range of loans, mortgages and other financial products. First Choice has a loan to suit every borrower, from those needing a small amount to cover a purchase to larger loans for homeowners or tenants. First Choice also has loans on offer for customers with a poor credit record or history, no credit history and even those who have faced mortgage arrears and County Court Judgements.
The guarantor loans from First Choice Finance are designed to help those with poor credit by allowing a family member or friend to support their loan application. The guarantor loan is unsecured and can be used to cover anything, from a car purchase to debt consolidation, or even a holiday. First Choice Finance offers its customers expert financial advice at every stage, and aims to help borrowers build up a stronger credit rating and get their finances under control.
The guarantor loan from First Choice Finance can be anywhere from £500 up to £10,000, and the payments can be spread up to six years. The loan does come with arrangement fees, but these can be added to the cost of the loan, allowing you to pay it back over time rather than spending extra cash upfront. The interest rate varies depending on your circumstances and the amount being borrowed, but the rates will be far lower than bad credit loans from payday lenders.
To qualify for a First Choice guarantor loan, you must be a UK resident aged 18 or over, have a UK bank account and be employed, self-employed or receiving a pension. You will also need to meet an affordability assessment conducted by the lender to ensure that you’ll be financially able to meet the payments without placing the responsibility on your guarantor.
To qualify to be a guarantor, you need to be 21 or over, have a good credit record and be a UK homeowner. You also must be willing to take over the loan should the borrower be unable to make repayments.
