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Be a guarantor

Help a friend or family member secure a loan by becoming their guarantor—offering them support when they need it most.

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What does being a guarantor mean?

As a guarantor, you are required to pay back the loan if the borrower doesn’t.

This means you might have to pay any missed payments and future payments until the loan is fully paid. This could affect your credit score, and if the loan isn’t paid, you might have to pay late payment fees and face legal action.

This is where the guarantor helps. A guarantor is someone who knows the borrower and believes they can make the loan payments. People only agree to be a guarantor if they trust the borrower to pay back the loan. That’s why most guarantors for our borrowers are close family members or friends

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Can I be a guarantor?

To be a guarantor, you need to:

  • Have a good credit history
  • Live in the UK, either renting or owning your home
  • Be at least 18 years old and no older than 70 when the loan ends
  • Be able to afford the payments if the borrower can’t pay

    • Being a guarantor has risks. If the borrower doesn’t pay, you will have to cover the payments and future repayments until the loan is fully repaid. This could lead late payment fees, it could affect your credit score and may lead to legal action. If you’re not sure the borrower will pay, or if you don’t know them well, it’s best not to be their guarantor. You can use our decision tree to see if being a guarantor is right for you.

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    Why should I be a guarantor?

    If you are a guarantor, you can help a friend or family member get a loan to:

  • Improve their credit score
  • Manage their money if they can’t get a loan on their own

    • Before you decide, its important to know that you are required to pay back the loan if the borrower doesn’t. This means you might have to pay any missed payments and future payments until the loan is fully paid. This could affect your credit score, and if the loan isn’t paid, you might have to pay late payment fees and face legal action.

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    How and when do I sign the guarantor contract?

    When the borrower has read and signed their contract, they will get an email and text with a link to your contract as the guarantor. You will receive this link by text or email.

  • The Pre-credit information has all the details you need about the loan. Please take your time to read it carefully. Then, tick the boxes to confirm you have understood it.
  • Next, read the guarantor contract. If you agree with everything, you can sign it electronically by typing your full name in the box at the bottom, just like you would sign a paper contract with a pen.
  • After everything is set up, we will give you a call to go over a verbal agreement. This is to make sure you understand your role and can afford to make payments if the borrower cannot.

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    Paying out the loan

    When we finish our checks and have made sure you and the borrower understand your roles and can afford the payments, we will send the loan money straight to your bank account.

    This keeps you safe from fraud and gives you time to feel comfortable as a guarantor before passing the money to the borrower.

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