Finding a Guarantor | Guarantor Loan Lenders

Finding someone who will act as a Guarantor on your TFS Guarantor Loan isn’t always easy.

It is a requirement for every TFS Loan that someone acts as a Guarantor, so we’ve put together some useful advice to help you find someone.

Anyone aged from 18 – 78 can be a Guarantor on a TFS Guarantor Loan as long as they:

Know you and trust you to make the repayments (remember if you don’t make them, they will have to, so you need to be able to demonstrate to them how you intend to pay the loan back).
Haven’t had trouble paying their bills in the past (in other words they have a good credit history).
Own a home in the UK – this doesn’t have to be outright, a mortgaged property is fine.

Who can I ask to be my Guarantor?

Most of our customers ask their close family members – a parent, grandparent, aunt, uncle or cousin are the most common types of Guarantors.

You can also ask friends, colleagues at work or even your landlord. You just need to find someone who fits the criteria we have outlined above. Remember that the Guarantor Loan will be in your name but it will be given on the strength of your Guarantor’s ability to pay it back if you cannot, so you need to make sure you ask someone who is in a position to do this.

We can’t accept spouses who are financially linked to you, as your Guarantor. In other words anyone who you have a joint bank account with we cannot accept as your Guarantor.

It is worth drawing up a shortlist of people who could be your Guarantor. Be realistic. If people in your close circle don’t have great credit histories, look further afield.

How do I approach them about being a Guarantor?

When you ask someone to be your Guarantor you need to be prepared to talk about why you need the loan, how you will use it and how you will pay it back. You should have a contingency plan in place if you are unable to pay the loan back, this will help to reassure them.

Let them know that you will keep them up to date with your financial state during the period of the loan. You should also give your prospective Guarantor information about who you are taking the loan out with, as this helps to reassure the Guarantor about the loan company and its intentions.

Where possible, it is a good idea to have a face to face meeting with your Guarantor. You can talk them through the loan and answer any questions they have. If this isn’t possible it’s definitely good to talk it through over the phone.

What will they have to do when I apply for a Guarantor loan?

As part of the application process the Guarantor will have to co-sign the credit agreement and will go through the normal credit checks. They may be asked to provide evidence such as bank statements and proof of ID.

At TFS we always provide the Guarantor with a copy of the credit agreement, contract and tell them the loan term. They will also receive a copy of any notices sent to you during the term of the loan.

To help you we have created a Guarantor Hub on our website which talks the Guarantor through who TFS Loans are, what a Guarantor loan is, the application process, frequently asked questions and more.

Fast process and the staff were wonderful. Great professional people, definitely recommend TFS. Thank you!

Angela Talbott

3rd July 2017

Excellent communication from well trained staff who explained everything from start to finish. I had the pleasure of dealing with Sally who was lovely. Well done!

Karen Walpole

16th June 2017

Great Service, kept me well informed every step of the way. Extremely efficient.

Joanne Yeaman

1st June 2017

A very efficient well mannered group. As a guarantor you answered all the questions I asked and time was of no problem - thank you for looking after my daughter.

Anthony Dinsdale

28th February 2017

All customer service personnel were really polite and extremely helpful. I would definitely recommend the company to others. I would definitely use the service again if needed in the future.

Debra Ramsay

10th October 2016

I would definitely recommend TFS loans and would use them myself again. Everything thoroughly explained in detail!

Simon Lewis

25th July 2017

I felt that the process from start to finish was smooth and quick. My application was dealt with, with ease and I look forward to being able to use this loan for a good cause

Charlene Foster

16th September 2017

Highly recommend TFS Loans very friendly and people person advisors. Very helpful very quick decisions I have had 2 loans with them now

Amanda Taylor

1st October 2018

Very helpful friendly staff. Good rates. Would recommend TFS Loans .

Anthony Denis Millington

8th October 2018

We ensure that the Guarantor is kept informed of the loan progress throughout the term of the loan. They receive annual statements, welcome and loan completion letters and can contact us at any time via our website, email or phone. In the event of you being unable to pay the loan we will always try our best to contact you first to resolve the issue.

We only come to your Guarantor as a last resort, when all other avenues have been exhausted.

If you are still struggling to find someone to be your Guarantor do ask yourself whether a Guarantor loan is for you and what your other options are.

We have produced some articles that you may find useful:

A complete guide to Guarantor loans
How can I find a Guarantor?
Who can be a Guarantor?
Questions when applying for a Guarantor Loan.

Loans are subject to status and affordability. Consolidating debts may increase the term and the total amount payable.

Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.

Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk