Guarantor loans are a tremendous way of obtaining an affordable loan with a good APR, and it is easy to see why this style of loan is becoming an increasingly popular one across the United Kingdom. To obtain this style of loan, you need to make sure that there is someone who is willing to act as a guarantor. There is criteria that the guarantor has to meet, so first of all, check out the terms and conditions that a guarantor loan company has to ensure that the person you want to act as a guarantor meets the criteria.

You should also be prepared to accept that the person you ask to be your guarantor will say no. This may affect your chances but you need to respect the wishes of the person that you ask. It is likely that they will have a good reason for saying no, they may even have a number of reasons, and it can be helpful to think of the situation from their point of view.

Everyone has their own financial concerns to deal with

The person you ask to be a guarantor may have their own financial concerns and they are not willing to place themselves in a position where they may have to pay your loan. This is perfectly understandable and given that none of us know what will happen in the future, you can see why some people would be cautious with respect to guarantor loans.

Think about the condition of your relationship

You also may find that the opposite reaction happens, with the guarantor being confident about their finances, and they could even offer to provide you with the loan directly. If you can do obtain finance without a loan company being involved, you should give it serious consideration. It should be more affordable and you may find it is more flexible. However, it is not necessarily all good news though because if you fail to pay back the loan, will your friendship or loan be affected? You always need to think about the personal aspect of the relationship between yourself and the person who you ask to be a guarantor. If a guarantor says no, it may be because they value your friendship and don’t want to jeopardise that in any way.

Everyone has their own outlook and reasons in life, and if you are looking for someone to act as a guarantor, you need to be prepared for that person to say no to your request. This means having a few people lined up as a potential guarantor will provide you with the best chance of obtaining the finance you need.