How long does it take to apply?
The application process itself not takes more than a few minutes. You will then be assessed and given a decision within the same day, usually not more than a few hours. You will then be referred to one of our partner lenders, who will finalise the deal.
When can I get my cash?
Assuming that all your requirements are submitted immediately, you can expect the cash to be available in your guarantor’s account within 24 hours.
Why does the money have to be sent to my guarantor?
This is one of the measures that lenders do in order to avoid fraud.
How much will my interest rate be?
Interest rates may vary from lender to lender, as they assess your level of risk differently. Still, you can rest assured that guarantor loans will give you more competitive rates than payday or other types of bad credit loans.
For how long should I make the loan repayments?
The length of your loan period depends on the amount you owe and the amount you are comfortable to pay every month. All loans are subject to affordability, so your income will play a huge role in determining your monthly payments and loan length.
Will there be credit checks?
There’s no need for applicants to undergo credit checks, given the fact that applying for a guarantor loan means that you have substandard credit. However, credit checks will be performed upon your guarantor, to ensure that they are in good credit standing and will be willing to put their name at stake because they trust that you can make the repayments.
Will it affect my guarantor’s credit rating?
Of course not, in fact it won’t even appear on your guarantor’s credit file that they acted as a guarantor on someone else’s loan. The only reason that a guarantor loan might impact their credit is if you failed to make the payments, and the guarantor refuses to shoulder the cost. If both of you do not cooperate, the lender might be forced to file a CCJ against both of you, which will then can affect your credit rating.
Will you always contact my guarantor?
No. The only time that your guarantor will be contacted is to inform them that you applied for a loan and that their approval is requested. Unless you become late on your payments and you refuse to cooperate with the lender, your guarantor will never be contacted again.