Do I need to send any other documents like id?
Hannah_P (2 yrs ago)
When I took out a loan with another company I had to send things like wage slips and ID, do I have to with you?
FLM Loans (10 mths ago)
All we need from you is your agreement form signed by you and your guarantor.
On the odd occassion we may need to ask you to supply us with a couple more things for your guarantor. One, if we can't prove your guarantor owns their home they may be asked for either a copy of the deeds, a mortgage statement or a letter from the company or solicitor that dealt with the sale. And two, if we can't check the guarantors account details, we may need them to send us a bank statement or a copy of their debit card.
Most of the time these items aren't needed but make sure you're prepared by checking your guarantor can get their hands on them if they need to.
Comments (6)
FLM Loans (1 year ago)
The reason we ask for a guarantors debit card details, is in the event the applicant is unable to make a monthly payment.
As an example, if there are insufficient funds in the applicants account to cover the direct debit, our system then immediately attempts to take payments from the applicants debit card, which is stored for the applicant on our system.
Only once both payment methods have failed, we will attempt to contact you and yoru guarantor by text, and if no reply we would then try your guarantors debit card. This is also to prevent any charges being allocated to the account for late payment.
The reason we require a debit card or credit card from a guarantor, is because it is the fastest way to collect a payment should the monthly repayment not be made, and we have been unable to collect from the applicant. The reason we don’t initially use the guarantors direct debit is because it can take up to 14 days to set up and by this time, charges would have been incurred on the loan account and we want to avoid this at all costs.
I hope this helps
julie2915 (1 year ago)
Very concerned why you need so much from a guarantor this puts people off straight away they feel like you are needing too much information and panic about giving details which I would myself
FLM Loans (1 year ago)
Hi there,
I can appreciate your concern, however we are asking this information because we want to make sure that your guarantor is suitable enough to stand as part of your loan agreement. A guarantor may be perfectly willing to do it for you, but we want to make sure we aren't putting them under any financial difficulty. We also want to make sure your guarantor is clear on what their responsibilities are as guarantor.
I hope this helps
jo2512 (12 mths ago)
what does my guarantor need to send in and how long will it take for payment toreach me . also can i have the direct debit set up for the first of every month . so i have the funds in my account as i have all my utility bills out on that date
FLM Loans (12 mths ago)
Hi jo2512,
As it says above, occasionally, not always, we may have to ask your guarantor to send in proof that they own their home (this is if we can't find them on the land register) and we may need to ask for a bank statement or a picture of the front of their deit card (if we cant find that their name matches their card details) If we do need you to send anything in, we would always let your guarantor know.
Gav 2010 (1 year ago)
I have been accepted for a loan but why does the guarantor need to send a picture of his Debit Card this seems abit odd??