Only the best payday lending companies are going to charge you less than 1000% APR. And we can tell you know there is only one in the market who does it: FLM Loans. The reason their interest charge is so low is because their loans require you to have a guarantor. This is fantastic for everyone because it is a safer way for them to lend you money that otherwise would cost you anything up to 2500% APR for under a 10th of that rate.

Apply for an FLM Quick Guarantor Payday Loan

So what is a guarantor loan?

As the term suggests, this type of loan is a special loan given to borrowers and is guaranteed by somebody else. Often, lenders hesitate to approve loan applications by people with poor credit rating. But today, many lenders offer loan to such people only if they have a guarantor who can offer to pay the loan if the person who applied for the loan fails to make payments.

With this type of loan, the lending company is guaranteed that they will be paid even if the debtor fails to do the payments. However, on the part of the guarantor, it is a big decision to make as he or she will take all the risks and the debtor gets all the money. Most lending companies that offer such loans also require a guarantor with good credit standing.

Who can be a guarantor?

The guarantor can be anyone: a friend, officemate or colleague, or family. This type of loan can also affect the credit rating of the guarantor if the person he or she is guaranteeing fails to make the payments. Thus, on the part of the guarantor, it is necessary to make sure that the person you want to guarantee can really pay the loan and won’t get you into trouble. It is also important to remember that, as a guarantor, if you refuse to pay back the loan that the debtor failed to pay, you and the debtor can be taken to court.

To help put the mind of the guarantor in peace, there is a way that can force the debtor pay the loan. As a guarantor, you can ask the debtor to sign a contract or indemnity that states that the debtor should pay the guarantor in case the debtor fails to make the payments.

I’ve Never Heard about Guarantor Loans

You are not alone. Not many people know about guarantor loans because it is a new concept in lending that as always is a rehash of an old one. The main guarantor loan company in the UK is FLM loans and they have a specific payday loan product called FLM Quick. There is no payday lender in the UK that comes close to competing with their APR.

If you want to know the answers to any payday loan questions or guarantor loan questions then it’s worth checking out bad credit faq where you can get answers to all the most common questions as well as asking your own and even answering other peoples questions. A great resource.