Frequently Asked Questions

Home
FAQs
Guarantor Criteria
Do guarantors need to have a debit card?

Do guarantors need to have a debit card?

YES 💳

The guarantor’s debit card is typically used as

A form of ID check – so the lender knows that they are dealing with the correct person
Source of loan repayment funds if the borrower stops paying

This will, therefore, need to be available for the loan application.

> Everything you ever wanted to know about being a loan guarantor <

> Best rate loan deals <

Safe & secure UK website established in 2015

Authorised

Registered

Compliant

For loans over £1,000

Representative 49.9% APR

Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 installments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67

For loans less than £1,000

Representative 99.8% APR

Representative example: If you borrow £500 over 52 weeks at a Representative rate of 99.8% APR and an annual interest rate of 99.8% (fixed), you would pay 52 weekly installments of £13.41. The total charge for credit will be £197.32 and the total amount payable will be £697.32.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk