Who can be a  guarantor?

Borrow up to £5,000 over up to 5 years with a guarantor*

Representative 48.9% APR (fixed)

*Representative Example £3,000 over 3 years, representative 48.9% APR fixed. Monthly payment £145.17. The interest is 10% per annum fixed and service fee is 30.48% per annum fixed. Interest payable £549.95 and service fee payable £1,676.17. Total repayable £5,226.12

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Who can be a guarantor?


In the past, before lenders judged the merits of a loan application on the basis of automated credit checks and scoring, a more personal approach was common.

The bank or lender would often ask for a guarantor as security – just like many mortgage companies and landlords do today. It’s a time-proven system based on talking to people in person. and on trust.

In plain language, being a guarantor means that if the borrower has problems with repayments, the guarantor will pay them on their behalf.

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Your Guarantor must:

  • Be over 21
  • Be able to take over your repayments if needed
  • Know and trust you well
  • Have a good credit record


Once we’ve received a loan application we will contact the guarantor by phone to ensure that they are comfortable with the repayment arrangements.


They must be able to cover the cost (should you be unable to) in addition to their own outgoings, so it is a commitment that is not to be taken lightly.


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If you've previously been turned down for credit a Guarantor Loan could be right for you, so who can be a guarantor? For those unexpected costs that hit all of us time to time, we may need to borrow money, but many ordinary people may have difficulty obtaining credit via traditional high street lenders. Guarantor Loans are different, and Guarantor my Loan are different.


We don't use automated credit scoring, you are treated like a human being and the decision is based upon your circumstances. Our personal loans could be ideal for you if:

- You have been turned down by a lender using automatic credit scoring

Who can be a guarantor?

- You have a friend or family member who is willing to act as a guarantor 


Guarantor my Loan are a flexible, ethical lender offering fair rates and easy repayment plans, making our loans a great alternative to pay day lenders or other credit.


A Guarantor will support your application, offering us security if you have a bad credit rating, so who can be a guarantor? Your guarantor needs to be a homeowner with a good credit rating between the age of 21 and 72.

We offer loans of up to £5,000 and you can borrow money for up to 5 years. We have no application fees, brokers fees or hidden costs - it's affordable and simple.


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Who can Guarantor my loan?

Who can be a a guarantor? You ask someone who you can trust, and trust you to be your guarantor. Who can guarantor a loan? The person you ask neeeds to be able to afford to step in and make payments for you if you are unable to do so. Each application is reviewed on an individual basis so we take into accout both your and your guarantor circumstances. 


What is Guarantor My Loan?

If you’re on the lookout for some credit, then it’s likely you’ll have heard of guarantor loans by now. One of the most traditional methods of lending has seen a rise in popularity since the recession began in 2008. Guarantor loans fell out of favour during the advent of computers. This is because, as information could be shared widely through computer networks, the credit file was created in order to give other lenders an idea of what the applicant’s financial history was like. A bank manager no longer had to have backing from someone who knew and could vouch for the applicant’s ability to pay, which understandably cut out a lot of paperwork.


Peer to Peer Guarantor Lenders

These days, guarantor loans have been given a modern make-over. They’re aimed at those who the banks will not lend to – those with a less-than-perfect credit history. These days however, it’s not difficult to get into that position. Just one missed payment or simply never borrowing at all can mean a turned down application from some of the more guarded lenders. Guarantor loans take their inspiration from the past and team it with the efficiency and accessibility of modern day.


Direct Guarantor Lenders – Finding A Balance

Of course, in order to be fully compliant with lending legislation, guarantor lenders do check your credit history as part of the application process. However, they also look at your guarantor’s credit history and consider them together. This helps the applicant to get a boost to borrowing more money (usually between £1,000 and £5,000) at a lower rate than certain other lenders. What’s more, with repayment terms from 1 to 5 years, the applicant has time to build up their credit history.


How to Find a Direct Guarantor Lender

In your search for direct guarantor lenders, make sure you’re definitely dealing with a direct lender and not a broker. You may also ask yourself who can be a guarantor? Brokers will apply for many loans for you on your behalf, or show you a wide selection of loans at different rates for you to choose from. While this may seem convenient at the time, brokers will always charge a little more interest than the direct lender in order to make a profit themselves. Going to the guarantor lender directly will ensure you their most favourable rate and will give you the opportunity to get a better feel for them, rather than going through a middle man. It’s always important to feel comfortable with your lender when borrowing money, as it’s likely to be a long term relationship the next thing to do is to decide who can be a guarantor for you.


Who Can Apply?

Anyone who is legally allowed to borrow money in the UK can apply for a guarantor loan. You do not need a perfect credit history. All a direct guarantor lender needs is for someone (usually a close friend or family member of yourself) to stand as your guarantor, agreeing to make any loan payments that are missed. This, thankfully, is rare; and most guarantor loan customers leave with an improved credit history and happy guarantors.