Financial institution offer two types of loans in the categories of secured and none secured. The non secured loans have no collateral offered on them whereas the secured loans are given against some form of collateral. The collateral offered against a loan acts as its security in case of inability to repay the loan sum loaned to an applicant. Most of the unsecured loans may be offered by an institution based on the good credit history of the applicant and especially against a pay slip. So if you want to go in for a secured loan the interest rates are lower, but if you want to go in for an unsecured loan then naturally the rates will be higher and hence you should decide what is the best option for you. Once you make up your mind then things will be much easier. Keep in mind all the pros and cons of each, once you do that then you can decide the best option for your needs. So for your needs go in for piggy guarantor loans and you can get things done in quick time.
The secured loans where a security is required may seem to lock out a lot of people out, but that is not the case. This is not true though, due to most individuals getting into the credit list due to unavoidable circumstances especially with the bite of a recession. This locks out a very big chunk of a population for something outside their control. Besides the secured loans by the brick and mortar institutions will require the security to be linked to the borrower. This is where the piggy guarantor loans come in, to the rescue of those with a bad credit record and have been locked out of credit access which they may require so urgently. Hence they may find it very tough to get the loans and once they get the loans then things will be much easier. There are lots of people who want quick money and for them this the best way of getting it in quick time. Hence it is very popular. piggy guarantor loans have various terms and condition and hence you as an applicant should know most to avoid any kind of confusion later, hence always read the contract well.
A piggy guarantor loans does not require the credit history of the applicant but that of his guarantor. This sets up an opening for those locked out of credit facilities by financial institutions to be eligible to borrow. A piggy guarantor will require the applicant to produce a credit worthy guarantor who is ready to vouch for him. The guarantor should also be a homeowner either through a mortgage or straight ownership of the same. The fact that the guarantor trusts the applicant can repay the loan, and is willing to put up his property as a guarantee, serves as better credibility to the lenders who will afford better terms for a client.