LAST UPDATE 27.06.2018

Frequently Asked Questions - Guarantor Loans

Q: Do I need a guarantor for debt consolidation loans?

In general, debt consolidation loans with a guarantor will be cheaper than without. However, many lenders will still offer you a debt consolidation loan without a guarantor, even if you have bad credit. You can apply with Personal Loans Now for best debt consolidation loans for bad credit with and without a guarantor, leaving the decision in your hands.

Q: Why might my guarantor be declined?

There are a variety of reasons why we wouldn't accept someone as a guarantor, but the most common is if their credit rating doesn’t meet our criteria. If someone is a non-homeowner guarantor, it will be their responsibility to make the monthly loan payments if you did not. By looking at their credit score, we can see if they have managed to keep up with their own bills in the past. This helps us to assess if they would be a suitable guarantor.

Q: What should I do if I cannot find a guarantor for my loan?

If this is the case, it's a good time to stop and ask yourself whether taking out a loan is the best option. If you can't find someone who has enough belief that you'll make the loan repayments then you should seek financial advice from a body like the Citizens Advice Bureau or a debt charity like StepChange might be a better idea. If you decide to go ahead with applying for a loan, Personal Loans Now offer guarantor loans with instant payout and low apr. Apply today for a fast decision.

Q: Who can become a guarantor for a personal loan?

There is a large number of people who can act as a guarantor for a personal loan. Your bank will accept individuals not financially linked to the applicant, i.e. the guarantor shouldn't be your partner or spouse, but you can ask a work colleague, an employer, a sibling or a friend. A guarantor also must be over 21 and have a good credit record. Some direct lenders insist that guarantors are homeowners. Guarantor loans for bad credit aren't secured on the property of the guarantor. Meaning that there is no chance of the home being repossessed. But some lenders insist that the guarantor must have a minimum monthly income. The amounts for this minimum monthly income tend to vary according to the different criteria used by the lender.

Q: Who can apply for a guarantor loan?

Anyone can ask for instant guarantor loans. Most financial organisations are happy to lend money for a large purchase as long as the guarantor is suitable. To add to this, younger people may be more successful securing a mortgage for their first home if they were to come up with a guarantor.

Q: What are guarantor Loans?

Guarantor loans are a kind of unsecured loan. The guarantor signs the loan in addition to the borrower and the lender. The guarantor undertakes to repay the loan if the borrower default on making the repayments. The concept of having a guarantor is not new. Before banks introduced credit ratings as the de facto way to assess loan applications, lenders requested guarantors. Even today many landlords ask young or new tenants for a guarantor, and some mortgages are still issued on this basis.

Q: Are instant guarantor loans online safe?

When looking for instant guarantor loans online, you want to keep yourself and your information safe. All FCA authorised and regulated lenders are required to follow safety guidelines that are in place throughout the lending process. If you are looking for a safe lending experience, try Personal loans Now! We only connect you with FCA authorised direct lenders. You can rest assured that all your confidential information will be kept safe.

Q: Do you offer low rate guarantor loans?

Yes! Guarantor loans have rates that are lower than those for payday loans. So, anyone who is having trouble getting accepted for unsecured personal loans by traditional methods will have an easier time applying for guarantor loans. At Personal loan Now, we can help you obtain low rate guarantor loans from our extensive panel of FCA authorised lenders.

Q: Is it better to get a guarantor loan from a personal loan lender or a bank?

You can find guarantor loans at your local bank as well as from an online lener. The role of a guarantor in a bank loan is very similar to their role in an online guarantor loan, with the exception that when using a bank guarantor loan, you will normally need to physically visit the bank with your proposed guarantor. Guarantor loans from a high street bank can be more bothersome, which is why Personal Loans Now are here to help you obtain guarantor loans completely online via Monevo's panel of FCA personal loan lenders.

Q: Can I get guarantor loans from Personal Loans Now?

Yes, Personal Loans Now can get you same day loans with and without guarantors. Looking for guarantor loans with low APR? We will send your application to Monevo who can introduce you to lenders providing same day loans with a guarantor in the UK, including non-homeowner guarantor loans and tenant guarantor loans.

Personal Loans Now

We like to keep things simple. If you have any questions about the way we work, take a look at the FAQs below, or contact us. Ready to go ahead? Apply now and get an instant decision!

  • Guarantor loans
  • Unsecured loans
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  • Long term loans
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