What happens if your application is not successful
Not every person that applies for a guarantor loan will be successful. As we work with responsible lenders, they have an obligation to find the right product for the customer and not give them a loan that will cause financial difficulty. So despite your best intentions, your application might be turned down because: You have a history of bankruptcy, CCJ or IVA Your guarantor does not meet the criteria i.e credit score,
Read MoreCan I stop being someone’s guarantor?
Unfortunately, if you have signed the loan agreement and the loan has been successfully paid out, you cannot stop being someone's guarantor. So the answer is simply, 'no.' We appreciate that guarantor loans can last for up to 5 years (60 months) and half way through you might decide that you don't want to be involved any more or perhaps you are no longer on good terms with the person you
Read MoreWhat is the criteria for applying?
At GuarantorLoanComparison, we act as a comparison site which is authorised and regulated by the FCA as a credit broker. So we don't have our own personal criteria for applying - we recommend a number of leading guarantor lenders that you can apply with and they tend to follow the application criteria below: Most of our lenders have the following criteria Applicant is over 18 years of age Must have a
Read MoreUnderstanding the costs of guarantor loans
As a comparison site and part of our commitment to responsible lending, it is important that we explain the costs of a guarantor loan and how to measure and understand them effectively. With a number of loan products available, it can be hard to know which one is the best and whether you are getting a good deal. So we look at the following factors which give a further insight
Read MoreWhy its important to have a guarantor with a good credit score
One of the first checks carried out by guarantor lenders is to find the credit score of you and your guarantor. For lenders it is ideal for borrowers to have a guarantor with a good credit score or at least someone who is a homeowner because they would have to have demonstrated a good credit score in order to get a mortgage. A guarantor with a good credit score: is more
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