If you are looking for a guarantor loan, there are a number of things you need to learn about guarantor loans. It is vital that you understand the criteria laid out by guarantor loan firms before you apply for a loan. Looking over the terms and conditions of a guarantor loan before you apply will save you time and effort. Far too many applicants have wasted time and effort in filling out a loan application only to realise that they don’t meet the criteria.

Taking the time to read over the terms and conditions before you apply will give you the best chance of finding the solution that is best for your needs. When it comes to finding the best guarantor loan for your needs, you should be at least 18 years old while some firms will ask you to be at least 21 years old. You also need to be a resident of the United Kingdom. These are the most basic of requirements but it is important to comply with every step of the process.

There is also a need to have a valid bank account in the United Kingdom. You should also show that you have some form of income coming into your account. This can be a full-time job, a part-time job, self-employment or even a pension or some form of investment income. As long as the applicant can show they have a regular income coming into their account, they will pass this criteria for obtaining a guarantor loan.

Can you afford to pay the loan back every month?

There is also a need to prove to the lender that you can afford to pay back the loan every month. The amount of money you are applying for and the amount that you look to pay back will have an impact on this, but it does mean that you need to think about the level of income that you have. It is good to show that you have income but income alone won’t be enough to meet the criteria, it has to be income of a sufficient standard to meet the expectations of the loan company.

There are also some criteria aspects that the guarantor has to meet. Most guarantor loan companies look for the guarantor be at least 21 years old and they should have a good credit score. They shouldn’t be linked to you financially and they should be a UK resident with a home or perhaps at least a car, depending on the company that is providing the loan.