How do I find a guarantor? - FLM Loans Answer Centre

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How do I find a guarantor?

by happybunny123 on Tue Apr 20th, 2010 11:20 am

Who is the best person to ask to be my guarantor?

by Jon Newman last updated 70 days 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.

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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.

Comments

by stephen_143_uk@yahoo.co.uk 126 days ago.

hi how can find me a guarantor?

by Jon Newman 126 days ago.

Hi Stephen, I wont be able to find a guarantor for you but I can point you in the right direction. The trick of finding a guarantor is thinking outside the box with who to ask. Your guarantor can be anybody; it doesn't have to be a family member or a friend. Think about your landlord or boss or someone you work with. Just someone that knows you'll pay the money back on time.

Have a think about who is in your life that owns their home and would want to help you out. When you've chosen someone make sure you double-check them against our guarantor rules.

by taz 126 days ago.

what can i do if im unable to get or find a guarantor

by Jon Newman 126 days ago.

Hi Taz, sorry to hear you can't find a guarantor. I don't want you to give up though.

I can't really advise you on who exactly to ask to be your guarantor, because I don't know your friends. But after working here for 5 years I've learned that the main problem that most people have is being embarrassed to ask for someone's help. The best way to think about it is that you are just looking for someone who trusts you and knows 100% that you are stable enough and reliable enough to pay off the loan. Try looking at it from that viewpoint instead of thinking who you're comfortable asking.

Sit down and make a list of everyone you know and think about how much each of them trusts you.

by Nizzee 126 days ago.

Hi,

My mum was a previous guarentor to my partner, and he has applied for a top up loan. I dont know what her credit history is like but as far as i know it has always been good.....she probably would of missed a payment or two, but has always noticed and paid it as soon as she realised.....would this effect the final descision ?

Thanks

by Jon Newman 126 days ago.

Hi Nizzee, to answer your question, yes, missed payments can effect the chances of being accepted. But it's hard for me to say because it depends how late they were and for how much. When applying for a top up, we do have to credit check the guarantor again. Best advice I can give you and your partner is to go for it, the missed payments might not be that bad and we'll be able to issue the top up.

Good luck.

by elaine.holgate@sky.com 126 days ago.

Hi, We are still looking for a loan. But finding a garantor is difficult, and is holding us back. Although we can ask family & friends they would sign as a garantor but they too are not house owners.

by yama_faal@yahoo.com 126 days ago.

Hi, what if i cant find a guarantor is my loan still gonna be proceeded.
tanx...

by ad510@hotmail.co.uk 126 days ago.

i tried hard to get a gurantor but i couldnot get it

by Jon Newman 126 days ago.

HI Elaine, Yama_faal and ad510

I'm sorry to hear you're all struggling with the guarantor. I'm sorry guys, we can’t give you the loan without.

We've given you the best advice we can. Any customers out there that could recommend something? Who did you use, how did you go about approaching them?

by CRayner 123 days ago.

Hello, thought I'd share my experience as a 20 year old (when I took out the loan).

Having old 'bad' accounts on my credit account meant I struggled to get a loan to help pay towards replacing my car. However that was a few years ago and haven't missed a single payment since. My parents are homeowners but couldn't afford to be a guarantor so didn't wish to burden them further, so I went to my grand-mother who was more than happy to put her name down next to mine.

I'm now 23 and only 3 months from paying off the loan without missing a single payment, FLM really helped and getting a guarantor was neither difficult nor embarrassing.

by Roxane Tizzard 123 days ago.

Hi CRayner,

Many thanks for giving your experience with FLM and how you managed to get your guarantor.

:)

by srpleass 123 days ago.

What are the 'guarantors' duties/responsibilities in this agreement and at would making one late payment be enough to cancel the agreement and have the loan default to a point where a full refund will be required..?

by Jon Newman 123 days ago.

Hi srpleass, Your job as guarantor is to make sure that the loan is being paid back on time. As long as this happens, no charges will be added and you wont have to step up and make the repayments

by nic5123 120 days ago.

Can my husband be my guarantor? he is a home owner but the account the money would need to be paid into is joint with myself is that a problem?

by Roxane Tizzard 120 days ago.

Thats great that you have asked your husband to be your guarantor.

You will need to have seperate accounts. The loan is always paid into the guarantors account which unfortunately cannot be joint with yourself, the applicant.

by kerry464 119 days ago.

Hi, I have found someone who is willing to be my guarentor, but they don't own their own home, they have a steady income etc but they rent their home
will this affect my chances?
Many thanks

by Roxane Tizzard 119 days ago.

Remember that your guarantor always needs to be a UK homeowner. It is one of our main criteria that Jon posted at the top of this page. If they are renting then they will not be suitable.

There is no way that we can work around this part of the criteria.

Like I have suggested to many customers, its all about asking family, friends, landlords, neighbours etc.

by J5W 119 days ago.

Getting a guarantor is out of the question for me, simply because the majority of my friends and family rent, but the loan is for a commercial vehicle (which in return will pay for itself) Could my loan be secured against the vehicle? What other loans do you have? I keep getting texts from FLM about a guarantor loan but I keep telling them no!

by Jon Newman 119 days ago.

As a guarantor based lender we only provide unsecured guarantor loans.

We don't offer any kind of secured loan as we don't like the idea that somebody could lose a car, house etc.

by adam ben 119 days ago.

if i have no one to be as my guarantor, can I still get the loan? or all the doors will be closed on me then ?

by Roxane Tizzard 119 days ago.

Sorry, you will have to find a guarantor; it's the only way we'll pay out money. There's lots of advice in this answer bank on how to find a guarantor, have a look around, see if it helps.

by lisa3421 118 days ago.

my guarator hasnt got a debit card but is a home owner will that make a differance

by Jon Newman 118 days ago.

If your guarantor doesn't have a debit card they will have to have a credit card. To accept a guarantor we need to be able to take account details and some sort of card details.

by claire 113 days ago.

I have found a guarantor. But they are a bit concerened what checks do you do on them. and dose the loan go in to my account or there

by Jon Newman 113 days ago.

We have to credit check the guarantor to make sure they're ok to back your loan up. This is just a standard credit check, the same as any bank carries out, nothing to worry about.

We pay the loan into the guarantors' account, final check that they're happy to help you. Once it's paid out the guarantor will just transfer it over to you.

by jjjj 70 days ago.

im hoping to be a garantor for someone however im worried about my credit score if i get knocked back for this could the applicant find someone else

by Roxane Tizzard 70 days ago.

Hopefully all going well, you will meet all the neccessary criteria that we require to be a guarantor. However if you do fail the credit check, the applicant can try and find another guarantor.

It would be a good idea to check out your credit report online before hand to see what your rating is like. Try a company such as Experian.

by Gerald 57 days ago.

Hi

Would you accept the garantor-if they do not have a monthly income, but a homeowner and prove that they have £50K savings in the bank?

by Jon Newman 57 days ago.

Hi Gerald,

That's no problem. When you go through your application process your guarantor will be asked to provide bank statements to show they have savings.

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