A guarantor loan is a style of unsecured loan where there is a need for a guarantor to cosign the agreement. The guarantor for your guarantor loan is said to trust the applicant but they are also agreeing to pay off the debt if the person that borrows the money defaults on their payments.
In the modern era, guarantor loans are recognised as a positive alternative to payday loans. Guarantor loans are considered more inclusive because the applicant's credit rating is not taken into consideration. People with no credit rating at all can apply for a guarantor loan and this is a loan with an attractive rate of APR which can be placed into an account faster than most traditional loans - A guarantor loan can be appealing to many people.
While the presence of the guarantor is a relatively recent innovation with respect to unsecured loans, it is a common type of agreement for many financial agreements, such as letting contracts and mortgages.
A Guarantor is required. You must nominate a Guarantor for your loan who agrees to guarantee the performance of your obligations under any agreement with us and make repayments to us if you fail to do so.
There are some criteria attached to who can be a guarantor for a guarantor loan from SUCO, but not too many. Guarantors are generally people like friends, parents, family members but guarantors can also be landlords, neighbours and work colleagues. As long as the person trusts you and isn't financially responsible for you or financially dependent on you, they can be a guarantor for your guarantor loan if they meet the following criteria:
If you have any queries about who can act as a guarantor for your guarantor loan, please get in touch and we will do our best to assist you with any information you need.
Should you be unsure if your guarantor will be accepted or not then please take the time to apply anyway as we will always try our best to accept an application.
While there is no need to worry about your credit score or rating having any impact on your eligibility to receive a guarantor loan, there are some criteria you need to meet. You need to be at least 18 years old and you need to be in employment earning a regular income. You should be able to show that you hold a bank account in the UK and that you are a resident of the United Kingdom.
You will need to demonstrate that you are able to meet the guarantor loan repayments.
Yes, you can obtain a guarantor loan with bad credit. At SUCO, we know that many people suffer in not being able to obtain a loan from a traditional bank or lender because of their bad credit rating. You can obtain a guarantor loan if you have suffered CCJs, if you have defaulted on payments or if you have missed any payments.
At SUCO, your credit history isn't important, all we focus on is whether you have a guarantor that trusts for you and that you are confident you can meet your monthly payments. We are proud to offer our customers between £1000 and £15,000.
48 Monthly Repayments, borrowing £2000
Total Amount Payable: £4067,04
48.9% APR Representative
Rate of Interest 25.84% Fixed Flat Rate
Monthly Repayment: £84.73