Applicant FAQ'S

I am not a homeowner can I still get a Guarantor loan?

Yes  you can, it doesn't matter if either yourself as the applicant or your Guarantor is a home owner or a tenant.

I have bad credit history?

Your credit history will not affect you getting your Guarantor loan, it is the Guarantor who will need to have a good credit history. However, if you have been declared bankrupt, are in a debt management plan or entered a individual voluntary agreement then we won't be able to proceed with your application.

How much can I borrow?

If your Guarantor is a home owner then you could borrow up to £7500, if they are a tenant then the maximum you could borrow is £4000

Do you charge any fees?

No, we don't charge you any fees at any point during your loan application process, not even if you go ahead with the loan or you decide not to.

Can I make a full payment?

Yes you can, this will decrease how much you will need to pay as your monthly interest will therefore be reduced, you will incur an added interest however if you do decide to settle in full.

I am unemployed can I still have a Guarantor loan?

Yes, your employment status does not matter.

Can a family member or friend be my Guarantor?

Yes they can, as long as they meet our criteria then that is not a problem and you can refer them to our FAQS for Guarantors if they would like to know more.

Can I top up my loan?

Yes that is not a problem you can do this via a further advance you will need to have had your loan for at least 12 months and shown that you have made your repayments without fault. You may also be eligible for a lower interest amount too as an existing customer.

I have lots of outstanding debt !!

We don't want any of our customers getting themselves into further debt, sometimes getting additional loans is not the answer and we would strongly advise that you seek advice, one such organisation where you can get free advice is www.moneymatters.org.

I can't find a Guarantor 

You will not be able to continue with your application if you don't have a Gaurantor in place.

Can I get a loan without a Guarantor?

No, we only offer Guarantor loans and do not offer any other type of loan.

Could my home be at risk?

No, your loan is an unsecured loan and therefore won't affect your home at all.

Could my repayments increase?

No, your interest rate will be fixed and so as long your are able to continue making your repayments on time your monthly amount will not change over the loan period.

Will I be paid the loan into my own account?

No, your loan will be paid directly into your Guarantors bank account , this is to ensure that your Guarantor is fully aware and protects against the risk of fraud.

What happens If I can't make a repayment?

We ask that in the first instance you get in touch with UKcredit, our partner company, they will advise you on the steps to take and talk you through what you need to do. If you still cannot make your repayments then they will ask that your Guarantor makes the payment for you. If this is not able to happen then UKcredit might take legal action but rest assured that this is not something that they do without cause and they will do everything that they can to help you through any financial difficulties and work with you and your Guarantor before taking this route.

Can I make overpayments?

Yes you can, you are able to make up to 3 overpayments and this will help reduce the total amount that you will need to repay as your total amount is worked out on the basis of the duration that you want to have it for.

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