Home > Who can become a guarantor?

Who can become a guarantor?

The lenders with which you are connected with through paydayiom.co.uk are ready to lend you money even if you cannot boast good credit score. You should have no difficulty in taking a loan if you are an 18 years old + citizen of UK who has got a banking account. Besides you should have a paying capacity and somebody who is willing to be your guarantor.

Guarantor lenders: who are they?

Guarantor lending is such a kind of debt financing when a person who resorts to this type of financial help has got a trusted friend or a family member who in case of borrower’s inability to pay it back is to render the financial assistance. There can be lots of reasons when people are urged to choose this type of debt financing. Good news is that a person with a poor credit score, or someone who is on benefits, putting it otherwise, no matter how bad your financial situation is, guarantor lending is ready to throw a lifeline to you.

Who can become a guarantor?

It should be a person who knows you well, a person whom you can trust. Traditionally it can be somebody among your relatives or your friend. To become a guarantor the person whom you’ve chosen to be your provider of surety must be 18+, a homeowner. In case of borrower’s failure to pay off the guarantor is to cover the sum of money that has been borrowed.

What are the demands for a guarantor?

Actually, there are no special demands. One thing that is needed is to understand one’s responsibility to repay the borrowing if the debtee is not able to do it. Besides, there must be signed a guarantor agreement. Actually, if the borrower pays the money back without any delays, or is able to do it, there’s nothing to do for a guarantor in this case. Ideally, the guarantor gives a chance to a person who is due to some circumstances cannot be approved, and only in this case, having a provider of surety, he or she can do it.

How we work?

What is the difference between payday loans and guarantor lending?

The process of application and matching with a lender is pretty much the same in both cases. What makes guarantor lending different is that a potential borrower is to mention a person who serves as a guarantor. Let us stress the idea once again that such type of lending gives a chance to be approved even if the situation is not optimistic, because the applicant is backed up by the guarantor.


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