Why do I need a guarantor?
Lucyp (1 year ago)
I have been told I needed a guarantor. Why should I have to get a guarantor?
FLM Loans (5 mths ago)
Pretty much all UK lenders decide who to give a loan to by credit checking and getting employer references. There are a lot of people out there with bad or no credit. High street lenders wont touch these people but we will. Because we ask for a guarantor, someone that will back up the loan if the customer cant make the repayments, means that we can help the people who have had problems or have never had finance. In a nutshell, we're not going to judge you and turn you down because of your situation now. We only care about the future, not the past.
We'll give you the money no problem, you just need to get someone that agrees that you're able to pay the loan back. That person is your guarantor.
To find out who can be your guarantor click here
For help finding a guarantor click here
Comments (12)
FLM Loans (1 year ago)
The only way we're going to be able to pay out any money to you is if you can supply us with a guarantor that's a UK homeowner. I know what you're saying, that if you can't pay it back, it's your problem, not there's but that's the exact reason we ask for a guarantor. If you already think you're going to have problems paying back the loan, how can we pay it to you knowing we might not get our money back? At least if you have someone helping you, if something does happen and you can't pay it back, your guarantor can and you won't make your credit any worse.
kh (10 mths ago)
Hi, I have got a guarantor who is a homeowner she is a housewife and doesnt work is this going to be a problem?
FLM Loans (10 mths ago)
Your guarantor will need to have an income of some kind otherwise we wouldn't be able to accept them as your guarantor. We ask that a guarantor has an income of at least £800 with £150 left over after bills.
Haren (10 mths ago)
I might have a guarantor but the problem is that the guarantor doesnt want to receive any statments at her adress.It is posibile to use an EStatment or something like this ?
FLM Loans (10 mths ago)
Yes this is fine, your guarantor can opt out of paper statements online once the loan has been paid out
amazin (8 mths ago)
Hi,
What happens if I was a garantor for someone who went bankrupt.
Would I be chased for the full debt or be able to take over the existing payments.
FLM Loans (8 mths ago)
If the borrower became bankrupt during the loan then we would have to remove them from the account, and you would have sole responsibility for the repayments until the loan was paid. We wouldn't ask you to pay the full amount, we would just require the payments to be made from yourself instead.
shirl273 (4 mths ago)
My sister has agreed to be a guarantor but is wary about giving out her bank details, will the case worker explain to her that her bank account will not have any money removed unless i miss any payments.
FLM Loans (4 mths ago)
Hi, yes, all the terms and conditions are on your agreement forms and your caseworker will go over this with your guarantor during the verbal contract :)
gaz (4 mths ago)
My parents are homeowners but or both pensioners is this a problem
FLM Loans (4 mths ago)
Hi Gaz. You can only have one person stand as your guarantor, but as long as your chosen guarantor meets all of our critieria and have at least £800 a month then that isn't a problem :)
kim (1 year ago)
you sent me some documents to be filled out by a garantor i can get someone but they are not a homeowner, i would rather not have someone as a guarantor, as if i cant pay off the loan thats my problem not theirs