If you are looking for a loan but are struggling to find an option that is right for you, there is a need for you to check out all of your options. It may be that the traditional finance methods are blocked off to you and you would rather avoid the high fees associated with a payday loan but there are other options available to you. It may be that a guarantor loan is exactly what you are looking for.

One of the most important aspects of a guarantor loan is the guarantor and you may ask yourself who can guarantor a loan? The great news is that virtually anyone can act as a guarantor; all they need to do is trust you to repay the loan. A guarantor cannot be someone who you share financial responsibilities with but guarantors commonly come from:

• Friends
• Parents
• Other family members
• Colleagues
• Neighbours

You could even have a landlord or some other associate act as your guarantor. As long as the guarantor understands the responsibilities involved with the role and that they are confident that you will comply with the loan requirements.

There are some requirements that a guarantor must meet, and these include:

• They must be a homeowner in the United Kingdom
• They should be in receipt of a regular income
• They should be aged between 18 and 75

If a guarantor meets these requirements and is willing to act as a guarantor for you, you will find that you will be able to receive a loan. The fact that there aren’t too many restrictions or requirements placed on guarantor loans makes it a great option for people who have been struggling to receive finance or funding from other sources.

Guarantor loans can provide you with the finance you need

You will even find that guarantor loans of £10,000 or higher can be achieved, but it all depends on whether you have the right person acting as a guarantor.

While the requirements for being a guarantor are not too tough, you should make sure that everyone is aware of the responsibility and is happy to go along with it. This is why you should always take the time to talk to your guarantor in advance of making the application.

You will find that all of the reputable and reliable guarantor loan firms will contact your guarantor before processing the application. This means that they can be confident that they are happy to act as a guarantor for the person receiving the loan.