Guarantor Loans for Tenants & Homeowners
Free-Call 0800 072 0072
Unsecured Loans available from £500 - £7,500.
Unsecured Tenant and Homeowner Loans with no credit score.
£500 - £7,500 available within 72 hours.
Unsecured Loans available from £500 - £7,500.
Unsecured Tenant and Homeowner Loans with no credit score.
£500 - £7,500 available within 72 hours.
Please complete the form below
I have been asked to stand as a Guarantor on a loan, what does that mean?
By standing as Guarantor you are agreeing to take responsibility for the loan if the applicant fails to keep to the agreed repayments. If the loan is paid on time you will have to do nothing more than be involved in the application process, however you should not agree to stand as Guarantor unless you are completely comfortable with the idea that you may have to make repayments if the applicant does not.
What is involved in the application process?
You should have been given a form to complete and sign. This is the ‘Guarantee and Indemnity’ form where you give your consent to act as Guarantor. On this form there is also a Direct Debit Mandate, which must be completed and signed by you. The form should be returned with the blue form that is completed by the Applicant.
Direct Debit may be used to collect money from you in the event that payments are missed by the applicant.
One of our caseworkers will then contact you to confirm receipt of the documents and to complete a verbal contract call. This doesn’t take long, and once completed, your file will be passed to our Underwriting team for approval and payout
Why do you need Direct Debit/ debit card?
As a guarantor you are responsible for meeting repayments in the event that the applicant defaults on a loan. Debit card or direct debit may be used to collect the payment from you in the event that it is impossible to collect from the applicant.
Which laws govern the agreement that I have signed?
The Guarantee and Indemnity that you have signed (pink form) is subject to the Consumer Credit Act 1974.
Will you keep in touch with me to let me know how the loan is being handled?
You will receive monthly statements so that you know that the loan is being repaid correctly. If there is a problem you may be contacted by telephone, text or mail.
Can I act as a Guarantor for more that one loan with you?
No, if you are already standing as Guarantor for one loan you cannot stand as Guarantor for another until the first has been paid off.
Can I be a Guarantor for one loan and apply for my own loan too?
No, if you are already standing as Guarantor for a loan you cannot apply for your own loan until the first has been paid off.
Can I change my mind about being a Guarantor?
You can change your mind at any time until the loan has been paid out. When the loan is paid out it will be paid out into your bank account. It is then your responsibility to pass the money on to the Applicant. Once you have done this you cannot change your mind and will be responsible for the repayments on the loan and any other charges until the loan has been paid off.
Can the loan be paid off early?
Unlike almost all other lenders the lender for our guarantor loans is completely flexible about this issue. You can make overpayments and reduce your payment period at any time. The only thing they insist on is that you make at least the normal monthly payment agreed to on your application form.
24-7loans.net Ltd
130 Aztec, Aztec West Business Park, Bristol, BS32 4UB.
Licensed Broker under the Consumer Credit Act Licence number 510993.