What happens after I have made my application?

Once you have completed and submitted your online application form – you will receive an in-principle decision within minutes via e-mail.
If you have been approved – you will be sent a credit agreement by 1 st class post and where applicable by e-mail together with a request for photocopied Ids.
In all circumstances a Guarantor will be required. You will be asked to complete a short questionnaire. The Guarantor will then be sent a letter to sign by either post or by email.

What are the criteria for being a guarantor?

In general you can use anyone to be your guarantor (family/friends) as long as you have no shared credit with them e.g shared mortgage, car loan, bank account etc.

We also look for a Homeowner, who is preferably working and has never been bankrupt or have court actions against them.

We will accept partner's as guarantors - but please note that we often lower the value of the loan we provide on this basis - so it might be a better idea-to find an alternative person.

What does the Guarantor have to do?

We aim to keep the guarantor's involvement to a minimum- however - we will require them to sign a letter to confirm that they are acting as a guarantor for your facility. In certain circumstances we may request the guarantor provide 2 month's bank statements. We will check to ensure your guarantor is on the electoral role.

There is no charge on the guarantor's property.

Furthermore as part of CAIS - we tell other lenders how you are paying you loan- but we specifically TELL NOONE that you are using a guarantor- so the loan and in particular how you pay the loan- should have no affect on the credit history of your guarantor or their subsequant ability to attain credit.

How quickly can I receive the money?

Funds are transferred once we have received all requested documentation and our underwriters have successfully reviewed  your financial situation.The time period may vary but in general you should expect to wait no more than 7 working days. Money is sent to you by 2/3 day BACS transfer directly into your nominated bank account.

How do I repay the loan?

Repayment is by direct debit from your nominated bank account. You must choose either the 15 th of the month or the last working day for the debit to leave your account.

What happens if I want to repay the loan back early?

You can pay the money back early at any time or make additional part payments. You will not be charged any redemption payments. The quicker you pay the money back the less interest you will be charged.

What happens if I wish to take out a second loan?

All loans are assessed on a payment profiling basis- our aim is to filter out the bad payers and reward the good clients who have demonstrated they can make payments on time - as such- if you have made between 6 to 8 months of good payments on your first loan facility  – you can expect a better deal next time!!!

Will taking a loan through GuarantorLoans.com help me with my credit profile?

All loans are reported directly to a credit reference agency. Other lenders will see your repayments.

Is there any Insurance that can be taken out on the loans quoted?

At the present time there is no insurance available on any loan products we offer.

How can I ensure that there are no delays?

Loans are often delayed because the ID sent in is unclear. To speed things up please ensure that all ID's clearly show your name and address and that all addresses match.

Does GuarantorLoans.com charge any upfront fees for provinding the loan?

No there are no upfront fees charged. 

GuarantorLoans.com is part of Commission Now Ltd , 843 Finchley Road , London, NW11 8NA. Company  Credit Licence Number 552646, Company Registration Number 552646. Telephone Number 0871 666 1148. Fax Number 0871 666 0014.