Should I be a Guarantor?
What does being a Guarantor mean?
Someone you know well and trust wants to get a loan with us. To support their application, you can vouch for them as a Guarantor. If they can't make or they miss a monthly loan repayment, being their Guarantor means that you may be required to pay on their behalf.
We will only approach you if there's a problem as a very last resort. If we do, we will discuss the situation with you and agree on the best outcome.
Why am I needed?
People need loans for countless and very worthy reasons but not everyone can get a loan in their own name. For instance, if they have never had credit and therefore have no credit history, or if their circumstances have changed, things can get tricky. By agreeing to act as their Guarantor you:
- Reassure us that you personally trust this person to meet their repayments for any money we may lend.
- Agree to settle any monthly loan instalments for them if ever they are overdue or missed.