Can someone who is self-employed be a guarantor on a loan?
Loan guarantors can be self-employed so long as they:
- Income – have a regular income that they are able to prove (2-3 years accounts).
- Affordability – are able to show that if they were called upon to make the repayments on behalf of the borrower, that these would be comfortable.
- Willing – are willing to be a guarantor on a loan, and take on all the responsibilities.
- Criteria – in addition, they will need to meet all the lender’s guarantor criteria
Our lenders do consider the personal circumstances of all guarantors, whether they are self-employed, retired, part-time employed and more.
- For more information – see our Guide to Being a Loan Guarantor