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who is liable to pay off the loan in case the borrower defaults. There are a lot of aspects to be considered when taking out aguarantor loan and they apply for both the borrower and guarantor.
For some getting loans in UK is becoming increasingly difficult with the changes in regulations that have been instant loan brought over since the FCA took over the financial industry’s regulation.
The loans should still be assessed in a way which could be affordable to pay off for the borrower, but in case the borrower defaults on the payments, the guarantor has to pay off the payable amount.
For becoming a guarantor, most banks will ask for the guarantor to have great credit ratings, sometimes along with a house for security. Some organizations in UK like Amigo loans will prefer a guarantor with a house
Before giving out online installment loans, lenders check the credit history of the guarantor to see whether they have any negative markings in their credit history.
People planning to act as a guarantor need to think very carefully about what they are doing. Having a significant amount of trust.
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