happybunny123 (3 yrs ago)
I'm struggling to find, and don't have a guarantor. Who is the best person to ask to be my guarantor?
FLM Loans (2 yrs ago)
Our customer's top choices for guarantor’s
1) Family members/Friends - Our family and friends would love to help us out but they might not have that kind of money lying around. Acting as guarantor for you is the next best thing as they'll be able to help you get the money you need.
2) Bosses and work colleagues - People you work with are perfect, they know that you've got a steady income coming in each month, to make the repayments. Naturally you're going to be wary about sharing your business with people at your work, but there's nothing strange about needing a guarantor and asking for help, especially during a credit crunch.
3) Landlords - If your landlord is letting you live in their property they must know that you're reliable and therefore trust you to make the monthly repayments on your loan on time.
Once you have thought about who to ask, get yourself ready before speaking with them. Some things for you to do.
- Write down all of your income and expenses so you can show your guarantor you can afford to pay the loan back each month, meaning they wont have to.
- Make sure you understand everything about the loan. Your guarantor will want to know what their role involves. If you don’t know the answer, it will be here somewhere.
Before choosing your guarantor you need to make sure we'll be able to accept them. Take a look by clicking here.
Case study 1
John came to us because he had a previous default on his finances due to being unemployed for a period of time. He was in a stable job, but his parents and friends were not homeowner's. John lived in a rented flat, which belonged to a private landlord, and he had been there for three years. An FLM caseworker suggested he speak to his landlord and ask him to act as guarantor.
John's landlord was happy to do this, as he had been a reliable tenant.
Both landlord and applicant posted back the application to us, and we paid out the loan within 24 hours of it being processed.
Case study 2
Jean was looking to go away on a Christmas holiday for break with her kids. She wanted to take a loan out to pay for this, but due her past credit on a previous address, she was unable to. Until she came to FLM.
To start with, she did have a bit of difficulty finding a guarantor. Her parents weren't homeowners and were unable to help. She discussed the problem at length with here parents, who although initially sceptical, thought that they could talk to a close family friend, that her father had been in the army with.
Their friend Spencer, was more than happy to oblige as he had known the family for years.
Jean was ecstatic, and had a lovely Christmas break with her kids.