About the Guarantor

To ensure fast approval of your guarantor loan, one of the main requirements you should secure first is your guarantor. If you have a guarantor willing to back you up, the application is a done deal in majority of cases.

Finding a guarantor before applying for a loan makes perfect sense. Though it is not a requirement per se, it is a logical recommendation especially if you want quick processing and fast approval. With a guarantor handy, you can expect to receive your money in a matter of hours.

What is a Guarantor?

A guarantor is someone who will guarantee your credibility to make payments. In case of default or failure to do so, he or she will shoulder the repayments for you.

Who can be a Guarantor?

Your guarantor can be anyone except for someone who is financially linked to you (spouse). It can be any family member, close friend or even a colleague if willing. Said person should trust you enough to back you up for an unsecured loan.

Finding a Guarantor

Though becoming a guarantor is not something many would easily agree on, finding one is easy if you can establish your credibility. Simply assure that person that you can and you will make payments on time.

Guarantor Requirements

In general, your guarantor should be a homeowner in order to qualify for loans up to 7500. He or she should be of legal age with full employment or the capability to shoulder the payments in case of default. The guarantor should also have good credit history.

Borrower Responsibility

As a borrower, the loan will be under your name which means good performance will reflect on your credit rating and not on your guarantor. Sole responsibility to make repayments should be all yours and defaulting should be avoided as much as possible. Your guarantor should only serve as a back-up in case it happens.