Frequently Asked Questions
Being a Guarantor
Can my family member, partner or spouse be my guarantor?
Yes, all the following all accept partner/spouse as guarantor. Read More
Will being a guarantor affect getting a loan?
Possibly? There may be some lenders that could consider your potential loan payments as a guarantor when assessing loan affordability. Read More
Do guarantors get credit checked?
Yes. Your credit file is checked when the signed completed application is sent to the lender. Read More
Can being a guarantor affect your credit rating?
Possibly. When first applying to be a guarantor, this typically does not affect your credit file. Read More
Who makes the monthly repayments?
Under normal circumstances, the borrower is expected to make all the loan repayments. Read More
What happens if a guarantor refuses to make the loan repayments?
If you refuse to pay, the consequences can be the same as if you defaulted on a loan you’ve taken out yourself. Read More
How long before the guarantor is contacted about a missed payment?
Most lenders will act fast, if your payment is not received on your payment date, they will often notify both you and your guarantor as soon as they become aware. Read More
When might you ask my guarantor to pay?
When you have stopped paying! Only if your loan account goes into arrears and the lender has not been able to agree on a plan. Read More
How to get out of being a loan guarantor?
Typically, getting out of being a guarantor is not easy! So, you need to think very carefully before agreeing to be a guarantor in the first place. However, there are limited circumstances where they may agree to remove you from your responsibilities. Read More
Why do you contact my guarantor directly when I’ve spoken to them?
Your lender needs to contact the guarantor directly to make sure they understand and are happy. Read More
Will my guarantor be sent copies of any paperwork?
To meet their responsible lending responsibilities, all lenders will ensure your guarantor knows exactly. Read More
What happens if my guarantor changes their mind about the application?
If your guarantor has second thoughts and decides that they do not want to proceed. Read More
Why was my guarantor declined?
Unfortunately, in some cases, a guarantor will be declined. Read More
Can I find a guarantor for a loan online?
Not a good idea. At the time of writing, all lenders also ask the relationship between the guarantor and borrower. Read More
Why do lenders pay the loan into the guarantor’s bank account?
Most lenders pay the money into the guarantor's bank account to protect them from fraud. Read More
