We’re all trying our hardest to make a little bit of extra money to put away each month instead of grafting for a month just to pay it all straight out again, then doing the same again the next month. When you work hard and receive the pay packet at the end of the month it’s a wonderful feeling, but when you realise just how much you have to pay out it does leave you questioning how you can even afford to live; especially when so many people are talking about their holidays and new cars.
While they might be able to afford to jet off somewhere twice a year or to check-in to a fancy hotel for a weekend away, some of us are forced to make-do with ‘staycations’ and camping trips because we’ve already got enough bills to pay and, to cut a long story short, we don’t bring home the kind of money they might do.
To many this is hard to take, especially when they’re close friends who aren’t intentionally pointing out how well-off they are, but we end up turning down a night out with them in the pub or a restaurant because we’ve got the electricity bill to think about.
In many cases there are two solutions – take on a second job, or ask the boss for a pay rise. One of those (and you can probably guess which), is much easier than the other, no matter how much we feel like we might be deserving of a pay increase. At the same time, we might already be working long hours and just don’t have the time to do another job and to see the family (or sleep) which puts a second job out of the equation.
Guarantor loans from the likes of Buddy Loans, however, have become a viable option for many looking for a bit of a cash-injection in the short term to help them to cover a few bills or to get a much-needed weekend away somewhere, perhaps to repair the car or to cover the cost of a school trip for the kids.
They differ to your typical bank loans which are becoming notoriously difficult to acquire, because they have a second signature on the agreement meaning that the second person – the guarantor – would pick up the repayments should, for whatever reason, you be unable to do so. This might be because you lose your job, have an unexpectedly high bill to pay such as the car needing essential and expensive repairs, or other circumstances.
A guarantor loan is usually for a relatively small amount, just a few hundred or thousand pounds in most cases, so they are theoretically more simple to pay back, but it should never be assumed that everything is fine because there is a second name on the loan agreement.
This person, usually a friend or family member, is essentially telling the lender that they believe you will be able to make the repayments and, if not, they will do. You should, obviously, always do your best to ensure that it doesn’t come to that.
By taking out a guarantor loan, at least you can try to get some of the bills cleared and re-evaluate your financial situation to establish just where you can make savings in the future, so that once the loan is repaid you can be in a position to go for those drinks, meals and breaks that you deserve. So don’t fear, there is a friendly helping hand around to help.
