Frequently Asked Questions

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  3. Common Questions
  4. Who can be a guarantor for a loan?
  1. Home
  2. FAQs
  3. Being a Guarantor
  4. Who can be a guarantor for a loan?

Who can be a guarantor for a loan?

You need to be between 18 and 75 and a UK resident

  • You can be a non-homeowner or tenant (but loans are typically cheaper if the guarantor is a homeowner).
  • Your credit file should be clean, or only marginally imperfect (clean credit file loans are typically cheaper).
  • You should have a regular income (which could be a pension).
  • You need a UK bank account with a debit card.
  • The loan will need to be affordable to you.

During the application process, you need to show that you can afford the repayments if the borrower defaults

  • A regular income
  • Expenses that are less than income

You need to be comfortable that if the borrower defaults you can afford their repayments.

 


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