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Audio transcript:
Welcome back to Guarantor Loans TV.
This week we’ll look at the type of person who can act as your guarantor.
The criteria to be a guarantor will vary from lender to lender and the specific requirements often depend on the amount of money you’re trying to obtain. If you’re applying for more than £500 your guarantor will usually need to be homeowner, although the loan will not be secured against their property. Homeowners are seen as being more financially stable, which is why lenders prefer to have homeowner guarantors.
When looking for a guarantor, its important to choose someone who knows you well and trusts you to pay the loan back on time.
Friends, family members or even your employer are usually good places to start. Remember, your guarantor needs to have a good credit rating and be able to afford the monthly repayments if you can't. This means that they should be able to comfortably afford their current outgoings, plus your monthly repayment amount.
Before asking someone to stand as your guarantor, show them the criteria so that you’re not wasting time by asking someone that will be declined.
Thanks for watching and don’t forget to subscribe for the next episode.
