How much can I borrow from a guarantor lender?
One of the first things you consider when applying for a guarantor loan is how much you can borrow. The maximum available through a guarantor loan in the UK is £15,000 repaid over 7 years. Some people will try borrow as much as possible with others looking for specific amounts for particular purchase such as a home improvement, wedding, car or emergency. Below we provide insight into how much you
Read MoreHow a guarantor loan application works
A guarantor loan application works slightly different to your typical personal or payday loan. This is not just a case of entering your details and getting a decision. The key difference is that you are entering the contact details of your guarantor too and based on the guarantor's credit rating and employment will have a significant impact on whether your loan of up to £15,000 is approved or not. Some
Read MoreThe Checks Carried Out By Guarantor Lenders
The lenders we feature will always carry out a series of checks with the borrower and the guarantor before granting a loan of up to £7,500. The customer will typically fill in an online application which takes around 5 minutes and they will be asked to fill in details about themselves including their age, residence, employment and expenditure. It is important for the lender to carry out various checks in
Read MoreThe responsibility of the guarantor
What does guarantor mean on a loan? The guarantor is the person who agrees to pay for someone else's loan if that person cannot afford to repay. The guarantor is always asked to co-sign the loan agreement before it goes through and the lenders we feature will usually do a phone call with both parties to go over the terms and conditions of the agreement. Circumstances can change and the borrower
Read MoreWho could be my guarantor?
A crucial part to a guarantor loan is selecting a good guarantor to increase your chances of the loan being improved. From the lenders point of view, have a good quality guarantor with a good credit rating adds huge credibility to your application. Even if you have bad credit and have been turned down by banks and other lenders, you can still borrow up to £15,000 based on having a good
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