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TFS Guarantor Loans - TFS Logo

Welcome to the Guarantor Hub

...let us answer any questions you may have about being a Guarantor

Being a Guarantor means you are helping someone with a poor credit score / no credit history to access borrowing that they may not be able to obtain elsewhere

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A Guarantor can be anyone who is trusted to repay the loan. Guarantor’s are usually a friend, parent or other family member of the applicant, but it can also be a work colleague, neighbour or even a landlord. They just need to be a UK homeowner, aged between 18 to 78 and in receipt or a regular income.

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The application is quick and simple, it can take less than 24 hours for the loan to be processed. Check out our step by step guide for more details.

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Try our FAQ section to get answers to the most commonly asked questions by Guarantors.

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View our helpful video

View our helpful video

If you’ve been refused for a loan based on your credit score or history, don’t let it get you down. We’ve created a simple video to explain how we can help you to get a Guarantor Loan.

Being a Guarantor

Being a Guarantor for someone with a poor credit score or no credit history allows them to access borrowing that they may not ordinarily be able to obtain. It is a great way to help a friend or family member to take control of their finances and get back on track with their financial goals.

Loan Repayments

It is important that the Guarantor is confident that the Borrower will meet their regular monthly payment obligations so that the Guarantor is not left in a position where they have to cover a shortfall.

What is a Guarantor Loan?

A Guarantor Loan is an unsecured loan that requires a guarantor to co-sign the credit agreement. At application stage the Guarantor will go through the normal credit checks and 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. As a Guarantor, they will also receive a copy of any notices sent to the Borrower during the term of the loan.

History of Guarantor Loans

Guarantor loans aren’t new – it’s how banks used to lend before computer credit scoring took over. It is a trust-based system, so it is important that the Guarantor has confidence and trust in the Borrower to make the repayments in full and on time.

Responsibility for the Loan

It does mean that someone who is a Guarantor is taking on a degree of responsibility for the debt and should the borrower not keep up with their payments the Guarantor will be responsible for paying the debt.

The Loan and your Credit Record

The loan won’t appear on the Guarantor’s credit record unless the loan defaults. As long as the borrower pays the agreement on time every month the debt will not show on the Guarantor’s credit report and as a result will have no bearing on their own credit rating.

At TFS there are three things that we ask the Guarantor:

  1. To be a UK Homeowner – although the loan is not secured against your property.
  2. Have a good credit history.
  3. Have the means to pay the loan in the event that the borrower cannot.

Guarantor FAQ

To view a list of other common queries regarding loans using a guarantor click here. You can also call us on 0203 476 4170 and a TFS Loans agent will be able to assist you.

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Consumer Credit Awards 2017 Finalise We're delighted to have been nominated as a 2017 Finalist for the Consumer Credit Awards.
Thank you to all of our customers who voted for us.

Useful Information

As a leading provider of Guarantor Loans, TFS are a trusted lender and work with the following organisations.

Experian Logo
Experian http://www.experian.co.uk

Experian are a Global information services company.

Action Fraud Logo
Action Fraud http://www.actionfraud.police.uk

Action Fraud is the UK’s national reporting centre for fraud and internet crime, they provide a central point of contact for information about fraud and financially motivated internet crime.

Equifax logo
Equifax http://equifax.co.uk

Equifax are a credit reference agency in the UK.

CIFAS logo
Cifas https://www.cifas.org.uk/

CIFAS is the UK’s fraud prevention service.

Lexis Nexis logo
Lexis Nexis http://lexisnexis.co.uk

Lexis is a corporation providing computer assisted legal research as well as business research and risk solution services.

Call Credit Logo
Call Credit http://callcredit.co.uk

Leading providers of intelligent marketing and credit solutions: consumer marketing data, digital services, credit risk, fraud, verification and collections.

CCTA logo
CCTA (Consumer Credit Trade Association) http://www.ccta.co.uk/index.aspx

TFS are members of he Consumer Credit Trade Association and all there members abide by there General Code of Practice.