How is it being a guarantor
on a loan?

Being a guarantor on a loan is the strength of guarantor loans. As a guarantor you know the borrower, and you feel they can and will repay the loan.

As a guarantor we will ask various financial questions in our assessment of you in guaranteeing the loan.

Once we have finished that process and the loan is approved, you will not hear any more from us as long as the loan is paid as greed, except for an annual statement we are required to send you.

The only time you are as a guarantor become involved with the loan again, is if unfortunately a payment is missed. We would contact you to make you aware, and to ask for your support to get in contact with the borrower to get the loan caught back up.

If for any reason the loan cannot be brought current quickly, we may then need to take further action against the borrower. We would also require you the guarantor to make any missed payments in lieu of the borrower's missed payments. Naturally, we would be contact with you throughout this entire process, and make suitable arrangements for both you and ourselves.

If for whatever reason the loan is not brought back current with any missed payments, we may need to take further action against the borrower, and possibly yourself, which could impact your credit rating and credit score.

These are always last resorts, and we will try to avoid them.

Benefits of a Buddy Loan

  • Easy online application
  • Quick approval
  • Money in your account within 24 hours (in most instances)
  • No deposit required
  • No upfront fees
  • Loan can be for any purpose, to buy a car, consolidate bills, repairs, home improvements
  • Competitive interest rate
  • Loan can be paid back over 60 months (5 years)

Apply today and have your loan tomorrow!

Trustpilot

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Excellent

9.5

from 0 to 10

Representative Example

Borrow
£3,250

Term
36 months

Repaying
£158.57 p/m

Total Repayable
£5,714.67

Interest Rate
41.16% (fixed)


Representative 49.9% APR.

Terms and Conditions apply. Suitable Guarantor required. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.

Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.