Subject to status when it comes to unsecured loans or other loan products available, means that your approval is based on the basis of credit rating and income checks. If these checks for a loan come back positively, showing that you are able to afford...
No, in most cases, whether it is a secured or unsecured loan you will not be approved for a loan without employment. However, with some types of lending like a guarantor loan, it could be possible. The main thing lenders will be looking for...
No, your credit rating is not impacted when you become a guarantor for someone's loan. A soft search is carried out (ie. a search that does not leave a lasting credit footprint) but this will not affect your credit score. However, there are some exceptional...
The nominated guarantor will not be automatically charged for the guarantor loan when an agreement is made. The only scenario where the guarantor is required to pay the loan is if the main applicant fails to do so. This could be because the main applicant...
No, it is not possible to change guarantors after the initial two week cooling off period has been granted. Once someone has agreed to be your guarantor, they then have a legal obligation to complete the loan or see it through until it is paid. This...
If a guarantor refuses to repay the loan, the debt will still be outstanding and it could lead to added fees and impact to the credit score of the guarantor. When co-signing a loan agreement, the guarantor agrees to cover any outstanding repayments and based on...
Yes, it is definitely possible to improve your credit score through a guarantor loan, provided you pay it back on time and do not miss payments. In fact, many people struggling with a bad credit score (or alternatively, no credit history at all) take out a...
Yes a guarantor has a lot of rights and because the loan is funded into their bank account first, they have the power to control whether or not the loan is passed onto the main applicant and can also delay payment. However, being a guarantor is...
No, if you have agreed to become a person’s guarantor for a loan , when you cannot suddenly stop being a guarantor once the full loan amount has been paid out. We understand that the duration of a guarantor loan can last for a long period...
Having a good person to be the guarantor of your loan is essential to maximise your chances of approval. A strong guarantor is important to the lender, because it offers confidence that the loan will be repaid and reduces the risk of default. This can even...