Having a guarantor when requesting money is an advantage that opens up many opportunities. But when you don't have one, is it possible to get a loan without a guarantor ? The truth is that there is the possibility of requesting an unsecured loan, but first you have to know the characteristics and requirements that are needed.
What is a surety
The guarantor is a support person when a borrower requests a certain amount of money to acquire things such as: a mortgage, a car purchase or a personal loan. This person (guarantor) agrees to be responsible for paying the debt if the borrower does not meet the corresponding payments. In short, it is a guarantee that the lender requests to avoid defaults.
Can everyone be a surety? The answer to this is no, and this is because you must have certain requirements. The main requirements that a guarantor is required to do are: have a source of monthly income, have sufficient capital to face the debt, or have one or more assets that can be used to pay the debt.
Loan without guarantor
An unsecured loan may seem like a fictional movie, but it is possible. When a correct credit history is maintained, complying with all the installments and even paying off the loan in advance, they are considered by the bank as good clients. Added to this, a person who has a monthly income with a medium-high amount, also enters the list of good clients.
Similarly, a user who has assets such as a car, a home, a company, among others, can obtain a loan without a guarantor. These people qualify for this type of financing because they can respond with the payment of the debt.
On the other hand, there is another type of loan without the need for a guarantor, these are fast online loans. The amounts that are granted are usually low amounts, they tend to have a payment time of less than a year and the interests are higher.
Requirements to apply for a loan without a guarantor
Fast loans without a guarantor ask for the minimum of requirements, below we indicate the basic requirements demanded.
- Be of legal age . Each financial institution has a minimum age that is usually between: 18, 21 and 25 years old.
- Be a resident of the country where it is requested . In Nigeria, you must present your DNI, NIE or Spanish passport.
- Regular income . A constant monthly income must be shown, it is not required to be a payroll. The income must give proof of being able to face the payment.
- Email . In this way, the status and process of the loan will be reported.
The truth is that obtaining a loan without a guarantor can be very simple and fast. You just have to meet some of the characteristics, the requirements and look for the best loan. In Ideal Loans you can compare different options of financial institutions and choose the best option. In addition, several applications can be made at the same time, so there are more opportunities to get a secure loan.