Why does the guarantor need to have a debit card?
0Michelle0 (2 yrs ago)
My guarantor has a debit card but why do you need those details? I will be paying for the loan
FLM Loans (10 mths ago)
If there are insufficient funds in the applicants account to cover the direct debit, our system will attempt to take payment from the applicants debit card.
If both payment methods fail, we will attempt to contact you by text, if we receive no reply we would then try the guarantors debit card. This is also to prevent any charges being allocated to the account for late payment.
Unfortunately, we would not be able to accept a guarantor without a debit or credit card.
The guarantor wont need to send in a copy of the debit card, the caseworker will take this information over the phone when they contact them.
Comments (4)
FLM Loans (2 yrs ago)
That is correct. We pay the money into the guarantors account for two reasons. One, it helps protect you and us from fraud. We know that we're giving the money to the right person. And two, because it's a final check that your guarantor is happy to stand for you. It's not an issue; they can just transfer it straight to you.
staceyl (12 mths ago)
can my gararontor give there card details over the phone to you instead of putting it through the web site.stacey
FLM Loans (12 mths ago)
Yes that's fine, we will be calling both you and your guarantor to confirm everything anyway so that's fine.
gary johnson (2 yrs ago)
i was reading one of the questions and one of our answers stated that the loan is paid out to the guarantor is this correct and why?