If you are looking for a way to obtain finance and you have heard a lot of good things about guarantor loans, the natural question to ask yourself is who can be guarantor for my loan? Being a guarantor is a big responsibility, which means that you should be looking to find someone who is willing to vouch for you and who will be able to repay the loan.

First of all, when it comes to the type of person that can be a guarantor for your loan, there are plenty of options. It can be your parents, siblings or any family member. It can be your friends but it could even be your landlord, your neighbour or a work colleague. If there is someone that is willing to vouch for you and act as a guarantor, you will find that you will be able to receive a guarantor loan.

A guarantor needs to meet criteria

However, there are some criteria that the guarantor needs to be met as well, so it is important to be aware of these aspects. For someone to be a guarantor, they need to a UK homeowner. They also need to be aged between 18 years old and 75 years old. They also need to be in receipt of a regular income.

To recap, the three key elements for a guarantor are:

• They must be a UK homeowner
• They must be aged between 18 and 75
• They must be earning a regular income

It is important that the person willing to be your guarantor meets all of these components because if they don’t, they will not be allowed to act as your guarantor. If you know the person quite well, you will likely know if they meet the criteria or not, but it makes sense to sit down with them and have a chart about being a guarantor and everything that it entails. Being a guarantor is a big responsibility and it is important that you, as the borrower, and the guarantor understands what the situation entails. When it comes to finding a “guarantor for my loan”, you should be fully confident and aware of the requirements of the loan.

With more and more people turning to the affordable nature of guarantor loans, a greater number of people will be aware of what these loans entails. This means that it is likely that people will understand the requirements and criteria for being a guarantor. If you need finance and are struggling to obtain a loan through traditional methods, a guarantor loan may be just the thing you need to help you get back on your feet.