Why was my guarantor declined?
Unfortunately, in some cases, a guarantor will be declined 😢
- This does not mean that you have been declined.
- But it will mean that you’ll need to find another guarantor.
- Or apply for a no-guarantor unsecured loan.
- One reason a guarantor may be declined is if their credit score does not meet the criteria of the lender.
- If you were applying for a ‘top-up’ loan with your lender, but your guarantor was declined, don’t worry your existing loan is still safe and will continue as normal.
- It may be due to a change in circumstances by your guarantor, for example, if they are no longer a homeowner.
- Often you can continue with the top-up loan but will need to find a new guarantor first.