Almost all of our applicants will need to have a guarantor, this is how we are able to provide a loan to our applicants when they have been refused elsewhere or if their personal circumstances mean that they would be unable to apply to their bank or usual finance broker.

Why do I need a Guarantor?

The reason that we ask for a guarantor is because we don’t like to judge a person by some electronic credit score, we believe that if a person has someone that knows them and trusts them enough to be a guarantor then we are happy to lend to them too, regardless of any previous credit problems.

Who can be a guarantor?

A guarantor can be anyone who knows you and is willing to help you to get the loan that you need, they may not have the money themselves to give you and this is the next best thing they can do to give you a helping hand.

Your guarantor is ideally someone in your life who trusts you and is prepared to back your loan application, as long as you can find a person who trusts you enough to stand by you and your loan, then we will be able to lend you the money.

People who can be Your Guarantor

The best choice for a guarantor is someone who is aware of your financial situation and who already knows and trusts you, for example:-

• Friends / Neighbours
• Work colleagues
• Your boss or employer
• Landlord

You could also approach your family members who you might normally ask to help you out financially from time to time:-

• Parents
• Grandparents
• Brothers / Sisters
• Aunts / Uncles

In all instances it is best to explain why you need the money and prove by way of payslips or bank statements that you can afford the repayments, that way your guarantor will feel more comfortable about providing the help you need. As long as you maintain your loan repayments we will never need to contact them, they are only ever there as a safety net for the repayment of your loan.

Requirements for a Guarantor

Before choosing someone to be your guarantor they will need to meet the following conditions:-

• A homeowner
• Aged between 23 – 69 (75 at the end of the loan term)
• Have a good credit history
• Have a regular income

We are sure that you already have someone in mind and if they would be more comfortable speaking to us directly then we would be more than happy to fully explain everything to them, just ask them to give us a call.