If you have decided that a guarantor loan is definitely the financial solution for you then what you will have to do next is check that you can meet all of the set requirements; most of the typical guarantor loan requirements will be screened through your guarantor, but the applicant must also run through a checklist themselves. All being well, the guarantor loan lender should then be able to complete the loan payment within a mere few days. Here are the ins and outs…

Finding a Guarantor
The main obstacle for you is finding a guarantor to back you. Since there is never any credit check carried out on the applicant and there is up to £3000 cash at the ready, backing becomes the central issue here. It is the guarantor that becomes the final piece of the jigsaw to receive that dream loan that you desire. Despite being coined as unsecured guarantor loans, there is some collateral used for this loan. Although the loan is not secured against any specific assets, the lender has the security of taking the loan instalment from your guarantor should you default at any time. It is finding a guarantor that would be willing to do this in the first place that would be the major obstacle for you. There are of course requirements on your guarantor…

Guarantor’s Requirements
Without a guarantor you will not be accepted, the guarantor lenders tend to advise that you should dig a little deeper if you can’t find one at first. Whether this is a family member, a friend, a neighbour, a work colleague… they have to be willing to take the responsibility on. They have to hold a good credit profile, usually be over the age of 21 and must be a UK homeowner. When the loan application is being completed the guarantor must usually provide a full months bank statement, a copy of a driving licence/passport and usually a copy of the front and back of their debit card. That basically covers everything that would be required of the guarantor and if you can find someone that can do this for you then you should get the green light. What about the applicant though?

Applicant’s Requirements
Well, the applicant must also provide supporting documentation similar to the guarantor, but that is pretty much all that’s expected. Obviously, the applicant must be 18 years old and must hold a UK bank account where the payments can be collected by direct debit. There is no credit check carried out, so it doesn’t matter if you are a tenant, it doesn’t matter if you have had arrears, CCJs, defaults and so on. When you have completed an online application, you should receive the credit agreement through the post that must be completed aided by all of the supporting documentation as required. There should be no expensive phone calls here, this swift process should be carried out online and through the post. You should even receive a postage paid envelope to send back and then on acceptance you should receive a quick call to notify that the payment has in fact been made.

Remember to steer clear of any guarantor loan brokers or lenders that ask for an upfront fee, as you should not have to part with any money throughout this process. If you find the right lender and qualify for all of the set requirements listed above then there is every chance that you will receive your loan within a few days… to a week. This money will typically be deposited to your guarantor’s bank account and the payments will then be taken directly from your own personal bank account. The requirements are minimal and with the average lender offering upto £3000 – this is a perfect loan solution for those bearing a poor credit profile that have been turned down elsewhere.

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