Even if you have a low credit score and have found it difficult to secure a loan elsewhere, this won't stand in your way to being accepted for a guarantor loan. However, there are a few requirements we need you to meet.
Every application is thoroughly assessed to make sure both you and your guarantor are financially suitable for any loan provided.
To secure a guarantor loan, our criteria is that you need to:
- be 18 to 70 years old at the time of loan payout
- be a UK resident with a bank account
- be employed, self-employed, retired or on certain benefits
- have not been bankrupt or in an Individual Voluntary Arrangement (IVA) in the past 12 months
- have no Debt Management Plan
Your guarantor needs to:
- be 21 to 70 years old at the time of loan payout
- be either
- a homeowner, or
- an employed non-homeowner
- have not been bankrupt in the past 6 years
- have no Debt Management Plan or Individual Voluntary Arrangement (IVA) over the past 6 years