Homemakers were once known as the backbone of society – the hard working people who do just as a demanding job as someone who is working, but don’t always get the recognition they deserve. Another potential drawback with being a homemaker is maybe not earning money for yourself, depending on arrangements. This means that if you wanted to borrow credit then it can prove potentially difficult. Generally, loan lenders require that you have a stable job and are earning over a specific threshold before you can be considered for a loan – this is to add security that they will actually be able to get their money back.
So what can you do if you are a homemaker and you are seeking personal finance? If you’re a homeowner, you may be able to advance your mortage or get a further secured loan, however times are tight for lenders and so this may not be possible. An alternative option for both homeowners and tenants are called guarantor loans. These loan products allow you to borrow up to 5000 pounds and repay as you would a standard loan.
To get a guarantor loan, you’ll need to have a guarantor who is willing to back your application and essesntially vouch that you will be able to keep repayments. This person will need to own their own home and have a regular income, they also need to have a good credit history to give the lender that extra security that they always seek in an loan arrangement.
These products can easily provide a handy solution for homemakers or unemployed people to get credit and finance when no one else will lend the money., this is a great solution for people in this situation and may be perfect if you are looking for money and can’t get it.. good times!
George Thistle writes for Guarantor Loans Company and researches into alternative finance products.