Consolidating debt from fast loans is a good option for people with high indebtedness, especially when the new loan is guaranteed by a reliable guarantor. This allows borrowers to reorganize their financial obligations, reduce their monthly payments, and improve their credit score over time. Financial institutions also find this scheme beneficial, as it reduces the risk of unpaid debts.
For individuals with a poor credit history, securing a guarantor can be a key element in obtaining approval for a debt consolidation loan. The co-signer acts as a backer, taking on the responsibility to repay the loan if the primary borrower is unable to do so. This provides additional assurance to the bank or financial institution that the loan will be repaid, even if the borrower faces difficulties.
To qualify as a guarantor, a person must have a clean credit history, stable income, and meet certain financial requirements set by the lender. This reduces the risk for the financial institution and increases the likelihood of loan approval.
| Age |
| А: below 20 and up to 30 years old |
| B: from 30 to 40 years old |
| C: from 40 to 50 years old |
| D: 50 years old and above |
Both borrowers’ income salary types
| А: below 2 500 and up to 5 000 BGN |
| B: from 5 000 to 10 000 BGN |
|
C: from 10 000 to 30 000 BGN and above |
| Borrower work experience types |
| А: below 3 and up to 5 years |
| B: from 5 to 15 years |
| C: from 15 to 30 years and above |