TrustTwo is one of the UK’s leading guaranteed loan providers, and their new website may have just made the means of getting a short-term loan easier and more transparent.
What is a guaranteed loan?
When you take out a guaranteed loan, you appoint someone as your guarantor. This person agrees to make any payments you fail to meet on time, essentially acting as a safety net that thus allows lenders to take on ‘riskier’ borrowers who have poorer credit ratings, and would likely otherwise be turned away when seeking credit.
Why choose TrustTwo?
With their newly launched website, TrustTwo have put a bigger emphasis on making the loan application process intuitive, user friendly and suited to mobile devices, whilst also offering competitive representative APR and greater levels of flexibility with regards to the amount of money and the timescale involved in each deal (from £500 to £10,000 for between 12 and 60 months). They also now allow guarantors that live at the family home with their parents. In doing this, they have sought to make the process more reflective of the lifestyle of a modern borrower, with loans tailored to the individual.
Is it right for me?
It’s important to remember that short-term loans are a means of tiding you over until your next big pay day or for meeting an immediate and specific outlay that you will be able to repay soon. The inclusion of a guarantor does generally reduce the risk involved for all parties, as the borrower is less likely to fall into additional debt and can improve their credit rating, whilst the lender is sure to get what they’re owed. As always, the decision to take out such a loan should be made by evaluating your circumstances and weighing up all your options.