What's the guarantor loan criteria?

Typical Borrower Requirments

It is useful to understand the typical criteria that the borrower is going to need to meet to get a guarantor loan.

For lender, by lender criteria click here

1

Guarantor required

All our lender's guarantor loans need someone to back your application.

The criteria for guarantors vary between lenders, but all require them.

2

Needs to be affordable

You need to be able to show that you can comfortably afford the loan repayments.

Some have minimum income requirements, and some will not allow state benefits such as job seekers allowance.

3

Age restrictions apply

Typically, you and your guarantor will need to be between 18 – 70 years of at the time of the application, some slightly younger, and some slightly older.

4

UK residency is required

All our lenders require you and your guarantor to be UK residents at the time of application.

Some require the length of residency to be longer than others.

5

Bank account needed

At the time of writing all lenders require you and your guarantor to have a UK bank account.

6

Direct Debit

Only some lenders require that you have direct debit and a debit card facility.

7

Must be solvent

Our lenders will not allow insolvent applicants who are in an IVA (Trust Deed for Scotland), or are bankrupt.

8

Poor credit OK

All our lenders will accept applicants who have a poor credit history, though they must be solvent, plus have a guarantor with a clean credit file.

9

Homeownership not required

We have lenders who accept non-homeowners and tenants as both applicants and guarantors, although currently, the best rates are available to homeowners.

Lender Criteria

Requirements for each of our guarantor lenders.

Note: this can change without notice, though was correct at the time of writing.

1

Amigo Loans

  • Guarantor - you need a guarantor with a clean credit history.
  • Age – at the time of applying you need to be between 18-75 years old.
  • Affordability – you will need to be able to show that you can comfortably make the loan repayments.
  • Insolvent - you can't be bankrupt, in an IVA or trust deed (for Scotland).
  • UK Residency – you need to be a UK resident but it does not matter if you have not been a UK resident for a specific length of time.
  • Non-homeowner – your guarantor can be a tenant - they do not need to own their own home.
  • Credit Rating - the credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history..
  • Direct Debit – do not require you to have a bank account with direct debit

See Amigo Loans Page

2

Bamboo Loans

  • Guarantor - you need a guarantor with a clean credit history.
  • Age – at the time of applying you must be over 18 years of age. Your guarantor must be aged between 21 and 72 at the start of the loan.
  • Affordability – The guarantor must have a minimum income of £1,000 per month and you will need to be able to show that you can comfortably afford the loan repayments if you are only on Job Seekers Allowance this is not accepted.
  • Insolvent - you cannot be bankrupt, or in the IVA.
  • UK Residency – you and your guarantor need to be UK residents.
  • Non-homeowner – Your guarantor does not need to be a homeowner.
  • Credit Rating - the credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account - you, and your guarantor both need UK bank accounts and debit cards registered in your own names.

See Bamboo Loans page

3

Buddy Loans

  • Guarantor - you need a guarantor with a clean credit history.
  • Age – at the time of applying you must be over 18 years of age. Your guarantor must be aged between 18 and 80 at the start of the loan.
  • Affordability – You and your guarantor need to comfortably be able to make the monthly repayments. Your guarantor needs a minimum monthly income of £1,000.
  • Insolvent - You need to be solvent, and not in an IVA, or bankrupt.
  • UK Residency – Both your guarantor and you need to be residents of the UK.
  • Non-homeowner – Non-homeowner guarantors acceptable.
  • Credit Rating - the credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account - You also both need a valid UK bank account.

See Buddy Loans page

4

George Banco

  • Guarantor - A guarantor is required, and if you stop making the payments, they will need to step in.
  • Age – Your guarantor needs to be over 25 years old at the time of the application, you need to be over 18.
  • Affordability – You need to have a monthly income after tax of more than £1,000.
  • Insolvent - You cannot be insolvent, so not in a DMP (debt management plan), IVA (Individual Voluntary Arrangement), Trust Deed (for Scotland only), or bankrupt.
  • UK Residency – You and your guarantor need to be residents of the UK
  • Non-homeowner – Tenant Guarantors are acceptable (or your guarantor does not need to be a homeowner).
  • Credit Rating – The credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account - You will need a valid UK bank account and debit card.

See George Banco page

5

Guarantor My Loan

  • Guarantor – A guarantor is required, and if you stop making the payments, they will need to step in. Your guarantor can be your husband or wife (one of only two lenders that allow this), tenant guarantors are acceptable.
  • Age – At the time of applying you must be at least 18 years old. Your guarantor must be aged between 21 and 75 years old.
  • Affordability – For financially linked applicants, you and your guarantor need to be able to afford the loan in our own right, with separate income and expenditure. For homeowner guarantors and applicants, there must be no mortgage arrears for the last six months.
  • Insolvent - You need to be solvent, so not in a DMP (debt management plan), IVA (Individual Voluntary Arrangement), Trust Deed (Scotland), or bankrupt.
  • UK Residency – All applicants and guarantors must be UK Residents
  • Non-homeowner – tenants are accepted as applicants and guarantors.
  • Credit Rating – The credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account – You will need a valid UK bank account.

See Guarantor My Loan page

6

Trust Two Loans

  • Guarantor - A guarantor with a good credit history is essential.
  • Age - At the time of applying for the loan, you must be aged between 18 and 74. Your guarantor must be aged between 21 and 75.
  • Affordability - You must be able to comfortably afford the repayments.
  • Insolvent - Must not have been bankrupt or in an Individual Voluntary Arrangement in the past 12 months.
  • UK Residency - All applicants and guarantors must be UK residents.
  • Non-homeowner - Neither the applicant or the guarantor needs to be a homeowner.
  • Credit Rating - The credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account - You must have a valid UK bank account.

See Trust Two page

7

UK Credit

  • Guarantor - A guarantor with a good credit history is essential.
  • Age - The borrower must be aged between 18 and 70 years old at the time the loan is paid out. The guarantor of the loan must be aged between 21 and 70.
  • Affordability - You must be able to comfortably afford the repayments
  • Insolvent - Must not have been bankrupt or in an Individual Voluntary Arrangement in the past 12 months.
  • UK Residency - All applicants and guarantors must be UK residents.
  • Non-homeowner - Neither the applicant or the guarantor needs to be a homeowner. However, if your guarantor does own property, they may be eligible for lower interest rates.
  • Credit Rating - The credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account - You must have a valid UK bank account.

See UK Credit page

8

1 Plus 1 Loans

  • Guarantor - A guarantor with a good credit history is essential.
  • Age - The borrower must be at least 18 years old when applying for the loan. The guarantor must be aged between 18 and 74 years old.
  • Affordability - You must be able to comfortably afford the repayments.
  • Insolvent - Must not have been bankrupt or in an Individual Voluntary Arrangement in the past 12 months.
  • UK Residency - All applicants and guarantors must be UK residents
  • Non-homeowner - Neither the applicant or the guarantor needs to be a homeowner.
  • Credit Rating - The credit rating of the borrower can be poor but the loan guarantor must be able to demonstrate a good credit history.
  • Direct Debit & Bank Account - You must have a valid UK bank account.

See 1 + 1 Loans page