The Criteria for Guarantor Loans Application

By on 7-23-2016 in Business, Finance

 When you apply for the Guarantor loans, you might have decided that it is the best loan for you. After you it, you are in the position when you need to find out more about the guarantor loans. You may need to find out about the criteria for the guarantor loan first. It will help you to get the official information about the loan. You could find about it from the website. Mostly, every lender has similar criteria for the application.3

The criteria for applying for the guarantor loans from the lender

As applicants, you may need to be older than 18 years old. Besides that, the guarantor should be older than 25 years old. The application is only available for the applicant and guarantor who are UK residents. Then, both of the borrower and the guarantor should be employees and they have to earn at least 500 Pounds in a month. When you fill the application, you need to give your working mobile phone number and email address. Besides that, you must have a working debit account. The most important think is that you are not in a state of bankruptcy or IVA

The check done by Lender in the Guarantor Loans Process

By on 7-23-2016 in Business, Finance

 Applying for Guarantor loans is not the same as other loans because it will involve the third party as part of the application. You may need to know the type of check out which is done by the lender.4.

Credit checks

The lender of the guarantor loan will do credit checks. It is done to the guarantor. The lender allows the borrower to have bad credit but the guarantor should have good credit score. It will be checked before the approval step.

Affordability check

4The affordability check will be done to the borrower and also to the guarantor. It may be seen from the income. The lender will see how much the borrower earns every month. And then, the lender will review how much the borrower applies for the loan and how long the loan will be paid. The same check will be done to the guarantor. The lender offers this type of the loan because it is less risky for them. Therefore, they will make sure that they do approval which is worthy.

A quick phone call check

The lender usually does a phone call check as the confirmation for a few details on the application.