Friday 4 May 2012

Have you previously failed for a loan? Have you looked at the Guarantor Loan market that makes it's possible for some customers to qualify for a loan.

The guarantors as a rule need to be a home owner. Home ownership is considered a key factor  when assessing the credit worthiness of the guarantor and the application as a whole and at this point in time is a mandatory requirement.

This can be be a stumbling block for some customers who don't know a suitable homeowner to act as guarantor on a loan for them. It may be the only home owner you know is a family member and you are not comfortable asking them. You may have a friend however who has a good clean credit history and happy to help you or perhaps an employer?


If they can help they just need to meet the guarantor loan criteria. Your guarantor must be aged 18-70, be good with their money, financially stable and own their own home.


As highlighted in a previous article a guarantor loan is most likely not for customers who have a poor track record if they have no genuine intent to improve their situation. It is similar to applying for a job and not being able to supply character references. This type of loan will only be helpful to a customer who can find someone who is deemed a secure and responsible individual to stand guarantor to the loan. The guarantor for the loan is ultimately responsible for the payments should the applicant default, this is the lenders security.

Click here for more information on guarantor loans