While many people find that a guarantor loan is the most suitable loan for their needs, it is not the case that a guarantor loan is available for everyone. Yes, compared to traditional bank loans, guarantor loans are a much more feasible loan option but there is criteria involved with guarantor loans, and there is a need for the applicant to meet the guarantor loan application criteria.
There are a number of things that the applicant must have and their age is an important factor when it comes to applying for a guarantor loan. While every guarantor loan company is free to set their own criteria, you will find that the vast majority of guarantor loan companies are looking for applicants to be at least 18 years old. This isn’t a surprise and people who aren’t 18 years old shouldn’t be looking to place themselves into debt or use this sort of loan anyway.
Meet the rules for a guarantor loan
You will also find that many guarantor loan companies also look for both the applicant and the guarantor to reside in the United Kingdom. This makes it easier for the company to deal with all of the relevant parties and there is also the fact that it ensures everyone is dealing with the same laws and rules.
The applicant also needs to have a debit account in their name and which is valid and in use. You should also find that the majority of guarantor loan companies are looking for the applicant to be in employment or they at least expect them to show that they have regular income. Given that the applicant will need to make a payment each month to pay off the loan, this is a perfectly understandable request from the loan company. Any firm that provided a loan and didn’t actually check whether the borrower had sufficient funds to make payments each month would be a company that behaved in a poor manner. Companies have a responsibility to themselves and their customers and one of the responsibilities a guarantor loan firm is to ensure the applicant only takes out a loan that is within their financial reach.
If you are looking to take out a guarantor loan, you need to make sure that you meet the criteria that the guarantor loan company imposes. The fact that there are so many guarantor loan companies to choose from should ensure that you find an guarantor loan that is acceptable.