I have been asked by someone to be their guarantor. What does this mean?
Your friend or a family member has applied for a personal loan backed by a guarantor. This is likely to be because they have problems with their cr...
What do you need to be a guarantor?
First you need to meet the basic requirements. Second you need to be comfortable that you will be credit checked. Third you need to satisfy yoursel...
Do I meet the criteria to be a guarantor?
These are the guarantor criteria for loans of £500 to £15,000.
I've been asked to be a guarantor. What do I do now?
The first thing to decide is if you are happy to act as the guarantor for the person who has asked you: Do you know them well enough to judge if yo...
Am I credit checked? What does this mean for me?
A lender needs to ensure that a guarantor has the capacity to make the loan repayments if the borrower cannot. So, they will conduct a credit check...
Can a guarantor be retired? Are there age limits?
While any guarantor needs to have an income the income could be from a pension rather from employment. So being retired is OK so long as any upper...
Does being a guarantor affect your credit score or credit rating?
You will be credit checked prior to the approval of the loan for the borrower. This is a “soft” search that does not leave an imprint on your credi...
Can I act as a guarantor for more than one loan?
No, if you are already standing as guarantor for one loan you cannot stand as guarantor for another until the first has been paid off.
What are the risks of being a guarantor?
The primary risk to you if you act as as a guarantor is that the borrower fails to keep up the repayments. In these situations, the lender has a ri...