Guarantor Loan Eligibility Criteria

Typical and lender by lender

Guarantor loan criteria does vary from lender to lender, on this page we look at the typical criteria, plus the current criteria lender by lender.

With so many guarantor loans it can be time consuming to find out the eligibility criteria

We have made finding this information easy by summarising it on this page

Typical Criteria

It is useful to understand the typical criteria that is required by all lenders. If you do not meet some of these, it will become clear that you will not qualify for a guarantor loan, thereby saving yourself a great deal of time.

  • Guarantor

    The premise of all our lenders loans is that you will need a guarantor, someone to back your application. The criteria for these guarantors varies between lenders, but all require them.

  • Age

    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.

  • Affordability

    With all lenders you will 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.

  • Insolvent

    None of our lenders will allow insolvent applicants who are in an IVA (Trust Deed for Scotland), or are bankrupt

  • UK Residency

    All our lenders require both you and your guarantor to be UK residents at the time of application, though some require length of residency to be longer than others

  • Non homeowner

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

  • Credit Rating

    Applicant

    All our lenders will accept applicants who have a poor credit history, for this is the purpose of this type of loan. Some will accept worse histories than others.

    Guarantor

    Typically, all our lenders require the guarantor to have a clean credit rating, though slightly imperfect is accepted by a couple of lenders.

  • Direct Debit & Bank Account

    At the time of writing all lenders require you and your guarantor to have a UK bank account, but only some require that you have direct debit and a debit card facility.

Lender by lender Criteria

Below we list the current outline criteria lender by lender. Please note that this can be subject to change by the individual lenders at any time, so this is only intended as a guide. For more information, please go to our compare guarantor loans page.

Quick links to Amigo, Bamboo, Buddy, George Banco, Glo, Guarantor My Loan, TFS, Trust Two, Quick Cash Club, UK Credit

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 - will accept people with a bad credit rating through missed payments, CCJs etc.
  • Direct Debit – do not require you to have a bank account with direct debit

Apply to Amigo Loans

Bamboo 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 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 - you can have a poor credit history, and CCJs are not a problem
  • Direct Debit & Bank Account - you, and your guarantor both need UK bank accounts and debit cards registered in your own names

Apply to Bamboo Loans

Buddy Loans

  • Guarantor - you need a guarantor with a clean credit history
  • Age – Your guarantor needs to be between 18 and 75 at the time you take out 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 - Your credit file can be poor
  • Direct Debit & Bank Account - You also both need a valid UK bank account

Apply to Buddy Loans

George Banco (also MASA Loans)

  • 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 – poor credit ratings accepted
  • Direct Debit & Bank Account - You will need a valid UK bank account and debit card

Apply to George Banco

Glo Loans

  • Guarantor - unfortunately if you have no guarantor you will not be able to get a loan from Glo, you need to be completely financially independent from your guarantor
  • Age – at the time of applying you need to be between 18-75 years old and your guarantor needs to be 21 to 69 years of age
  • Affordability – your guarantor does not need to be in employment, so long as they have a suitable income, such as a pension. You and your guarantor need to be able to show that you can comfortably make the loan repayments
  • Insolvent - If you are in an IVA unfortunately you cannot get a loan. However, if the IVA is completed you can apply. If you are bankrupt, you cannot get a loan with Glo
  • UK Residency – you and your guarantor need to be residents of the UK
  • Non homeowner – your guarantor does not need to own their own home, Glo are happy with tenants so long as they have a suitable income
  • Credit Rating – Glo accepts those with a poor credit rating
  • Direct Debit & Bank Account - Glo do not insist on setting up a Direct Debit from you

Apply to Glo

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 – Maximum age of 70 for both you and your guarantor. You both also need to be over 18.
  • 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 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 – applicants are accepted with a poor credit history
  • Direct Debit & Bank Account – You will need a valid UK bank account

Apply to Guarantor My Loan

TFS Loans

  • Guarantor – You need a guarantor and they need to be a UK homeowner
  • Age – Guarantor age to be between 18 and 78, you need to be over 18
  • Affordability – You need an income, but TFS will accept both employed and self-employed, and also include additional income from some benefits or a pension. Guarantor needs to have a regular income
  • Insolvent - You cannot be bankrupt or in an IVA
  • UK Residency – Applicant and guarantor to be UK residents
  • Non homeowner
  • Credit Rating – Accept CCJs, defaults or missed payments
  • Direct Debit & Bank Account - Applicant and guarantor need valid UK bank accounts in their own name

Apply to Guarantor My Loan

Trust Two Loans (also SUCO Loans)

  • Guarantor – You need a guarantor, husband / wife cannot be your guarantor
  • Age – You need to be over 18 and your guarantor needs to be between 25 and 74
  • Affordability – you and your guarantor need to be able to show a suitable income and affordability
  • Insolvent - You cannot be in a debt management plan (DMP), IVA or bankrupt
  • UK Residency – You need to be a UK resident
  • Non homeowner – Guarantor needs to be a UK homeowner
  • Credit Rating – Bad credit history acceptable, guarantor needs a good clean credit history
  • Direct Debit & Bank Account – You need a debit or credit card to apply

Apply to Trust Two

The Quick Cash Club

  • Guarantor – You need a guarantor with a clean credit file.
  • Age – Your guarantor needs to be over 21 years old
  • Affordability – Your guarantor needs a minimum monthly income of £800
  • Insolvent - You cannot be bankrupt or in an IVA
  • UK Residency – You and your guarantor both need to be UK residents
  • Non homeowner – Non-homeowner or tenant guarantors accepted
  • Credit Rating – You can have a poor credit history, your guarantor needs a good credit history
  • Direct Debit & Bank Account - You need a valid UK debit card

Apply to Quick Cash Club

UK Credit

  • Guarantor – Your partner can be your guarantor but you will need to be able to show that they can independently afford the repayments.
  • Age – You can apply for a loan as long as you are between 16 to 65 years old. Your guarantor needs to be between 25 and 65 at the start of the loan
  • Affordability – Your guarantor can be employed, self-employed or retired, so long as they have sufficient income to afford the payments
  • Insolvent - You must be solvent, and not in a debt management plan, IVA, Trust Deed (Scotland), or bankrupt.
  • UK Residency – You and your guarantor need to be UK residents. Due to law differences, you and your guarantor must both live in Scotland, or both not.
  • Non homeowner – Tenant Guarantors accepted, homeowner guarantors accepted which open you up to a better rate
  • Credit Rating – applicants with a bad credit rating and CCJs are acceptable
  • Direct Debit & Bank Account - Do not insist that you set up a Direct Debit. Standing order, bank transfer and cheques are also accepted

Apply to UK Credit

Return to our Guarantor Loan page.

For a related article see the Money Advice Services article What is a personal loan?

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