Can anyone be a Guarantor?
Yes, as long as you meet the criteria needed, the basic criteria is as follows:
You would need to have a good credit history, aged between 25 and 65 at the start of the loan period. You will need to be employed, self employed or retire, are you retired then you will need to demonstrate that you have savings to cover the debt.
How old do I need to be?
Between 25 and 65 years of age at the start of the loan period.
What is the process?
Using our sliders you will be able to adjust how much the applicant borrows and the loan period and this will give you the total figure to be paid back. The applicant will need to fill in our form and the details will be sent to our partner UKCredit whose own application form will be rep filled with the details already given to us. As Guarantor you will also be asked to fill in an application form, the applicant will be given a link for your to follow following this we will arrange to have a chat with both yourself and the applicant and you will need to provide us with some documentation.
Once this has been done we will then be able to transfer the money into your bank account.
Do I need to be a home owner?
No, you can be a tenant, we will need to see details of your tenancy agreement and confirmation that rental payments.
I am a family member of the applicant can I still be a Guarantor for them?
Yes, that's no problem at all, as long as you meet the basic criteria it doesn't matter if you are a family member or friend of the applicant.
I live with the applicant does that matter?
Yes, this does not matter: you will still need to demonstrate to us that you will be able to make the repayments should the applicant fail to do so.
Will I be asked to make any payments?
Yes, you may be asked in circumstances to make a repayment on the applicants behalf should they not be able to do so themselves.
Am I charged any fees?
No, not at all, we do no any fee at any punt during the process nor does our partner company UKcredit.
Will this affect my credit history?
Your credit history may be affected if you are unable to make a payment on the applicants behalf and legal actions has to be taken against you
Do I need to have a good credit history to be a Guarantor?
Yes, you will need to have a fair to good credit rating to act as an guarantor.
Do I need to be employed to be a Guarantor?
No, you can also be self employed or retired, if you are retired then you will need to demonstrate that you have adequate savings in place.
Does the money get paid into my bank account or the applicants?
The money will be transferred into your account as the Guarantor, this is so that we protect against the risk of fraud and that we are certain that you are fully aware of what you are being asked to do.