Need help finding a guarantor? What exactly is a guarantor?

Need help finding a guarantor? What exactly is a guarantor?

Does my guarantor have to finish a budget plan?

Ahead of the loan are given out, we’ll need certainly to make sure that your guarantor can easily manage any loan repayments they might need certainly to make for you. For this, we’ll pose a question to your guarantor to perform a budget plan that is quick.

Lastly, we’ll give their a guarantor a call to finalise the application form and organize paying out of the loan. Simply so that you know, the income adopts your guarantor’s banking account in order for them to move on to you personally.

Exactly why is the guarantor contacted straight?

We must contact the guarantor straight to be sure they realize and so are pleased with their duties to the loan. We’ll additionally ensure the guarantor are able to afford the monthly premiums along with having sufficient money to live their normal life.

The thing that is last want is always to cause your guarantor any problems further down the road. By calling them straight ahead of the loan is paid, we could be confident that isn’t more likely to take place.

Will you send out any documents to your guarantor?

It is essential your guarantor always understands precisely what’s happening with all the loan, therefore we’ll post a confirmation page once it is been paid. We’ll additionally deliver monthly statements after the loan is given out in order that they discover how you’re getting on utilizing the repayments. In the event that loan fell into arrears, we might also deliver letters to ensure they’re conscious.


We have the responses.

Why ended up being my guarantor declined?

There’s no have to worry in case the guarantor happens to be declined. We’ve currently accepted your very own application and need to acquire the cash you may need. You simply need a think of who else could possibly be your guarantor instead.

You can find a few factors why we’re not able to accept some body as being a guarantor, nevertheless the most frequent is when their credit history does not fulfill our requirements.

If the guarantor had been declined on a high up application but they’re currently a guarantor on your own existing loan, there’s no need to panic. Your current loan will stay as normal. This will probably take place if the guarantor’s circumstances have actually changed, such as for instance if they’re no further a home owner or their credit rating changed. It is possible to nevertheless carry on aided by the top-up application; you merely have to find a brand new guarantor first.

Can somebody be considered a guarantor for over one individual?

A guarantor can simply be an Amigo consumer on a single loan at any given time. They might need certainly to part of and then make any loan repayments you don’t, therefore we don’t think it might be directly to expect you to definitely make repayments on two loans in addition.

Can a guarantor get that loan on their own?

It is possible to simply be on a single loan with Amigo at time, either being a borrower or guarantor. Your guarantor might be able to submit an application for a loan somewhere else but consider they might want to spend your loan straight right straight back if you don’t. They should think about this when reviewing their affordability for almost any credit that is further.

Imagine if my guarantor doesn’t have actually the world-wide-web?

When your guarantor doesn’t have actually the web, that’s no problem. As soon as you’ve completed your region of the application, we’ll send you a paper type that your particular guarantor can signal by hand. They simply want to fill their details in the old fashioned means before publishing it back into us.

That said, it might be well worth someone that is asking use of the net to be your guarantor first. There’s not as possibility of any delays into the application and they are given by it better use of the account as soon as it is been settled.

Could I alter my guarantor?

If for example the loan hasn’t been paid yet, it is possible to improve your guarantor whenever you want.

With us and want to change your guarantor, you’ll need to repay the loan in full and apply for a new loan, or apply for a top up if you become eligible if you already have a loan.