What is a Guarantor

What is a Guarantor?
In the simplest terms a guarantor is someone who backs another person’s borrowing or financial obligations.
Should the borrower fail to repay the debt the guarantor steps in.
Guarantors are often used by both mortgage and utility companies.

What does the Guarantor Do?
The guarantor takes responsibility for your loan if you fail to keep up repayments.
So, guarantors will only act for you if they feel they can trust you.

Who can be my Guarantor?
For £500 to £7500 loans:
UK homeowner
Aged 23 to 75 (at end of loan period)
Good to reasonable credit history
Have a UK bank account
Have an income of at least £400 per month
Not financially linked to the borrower

Who can be my Guarantor?
For £50 to £500 loans:
UK tenant or homeowner
Aged 18 or over
Good to reasonable credit history
Have a UK bank account

Who can be my Guarantor?
Anyone you feel knows you well:
Family
Friends
Work colleagues
Landlord, etc.