Having a guarantor when requesting money is an advantage that opens many opportunities. But when you don’t have one, is it possible to get a loan without a surety? 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
A guarantor is a support person when a borrower requests a certain amount of money to acquire things like mortgage, 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. Simply put, it is a guarantee requested by the lender to avoid default.
Can anyone be a guarantor? The answer to this is no, and this is because you must have certain requirements. The main requirements that a guarantor is required are: to have a source of monthly income, to have sufficient capital to face the debtor to have one or more assets that can be used to pay the debt.
Loan without surety
A loan without surety may seem like a fiction movie, but it is possible. When correct credit history is maintained, complying with all the installments and even canceling the loan in advance, they are considered by the bank as good clients. Added to this, a person who has monthly income with a medium-high amount also enters the list of good clients.
Similarly, a user who has assets such as, car, housing, business, among others, can obtain a loan without a surety. These people qualify to have 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 granted are usually of low amounts, tend to have a payment time of less than one year and the interest is higher.
Requirements to apply for a loan without surety
Fast loans without collateral request the minimum requirements, below we indicate the basic requirements demanded.
1- Be of legal age. Each financial institution has a minimum age that is usually between 18, 21 and 25 years.
2- Be a resident of the country where you apply. In Spain, you must present your DNI, NIE or Spanish passport.
3- Regular income. A constant monthly income must be demonstrated, it is not required to be a payroll. The income must give proof of being able to face the payment.
4- Email. This way you will be informed of the status and process of the loan.
The truth is that obtaining a loan without a surety can be very simple and fast. You just have to meet some of the characteristics, the requirements and look for the best loan. In Good Credit 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 secured loan.