What is a Guarantor Loan?

If you’re thinking of being a Guarantor for someone’s glo loan, here’s what you need to know.

First of all – thank you, that’s brilliant!

By showing someone your support, you’re telling us they can be trusted. And that means as long as they can afford the repayments, we could offer them the money they need to move their life forward, at an APR that shouldn’t scare either of you.

We understand there are all sorts of reasons people can’t get loans, but it doesn’t mean they aren’t good, honest people who deserve to be able to make choices about investing in their future.

A glo loan could be used for a car to get to a new job, grow a business or pay for a training course. Some people use it to tidy up more expensive credit options. All good, positive things that help people improve their lives.

A glo loan also lets a person prove they can handle credit responsibly.

So how does this work?

But this is important....

Being a Guarantor is a serious matter and we won’t try to pretend otherwise. If the person you support doesn’t make their repayments for some reason, you will become legally responsible and may have to pay off the loan yourself. We will let you know straight away if a payment is ever late, so you’ll get plenty of notice if something starts to go wrong, but ultimately you could end up with the bill.

Unlike other lenders, we’ll always do everything we can to work with the borrower to resolve the issues first, but if we can’t do that, we will come to you.

If you truly trust someone, none of this will worry you. If it does cause you concern, maybe being their Guarantor isn’t the right choice for you at the moment. That’s fine. Please don’t do this unless you want to and are prepared to commit to it.

glo look at things differently

To be a Guarantor you must

  • Be a relative or friend of the borrower
  • Believe that they can afford to meet their repayments and be happy that they are borrowing for a good reason
  • Be willing and able to take over the loan if they can’t make the payments
  • Be aged 21 to 69
  • Be financially independent from the borrower – you cannot share finances

Unlike some other Guarantor lenders, we don’t insist that you’re a homeowner. If you’re a tenant that’s absolutely fine, as long as you’re financially stable.

What sets us apart?

  • We don’t set up a direct debit from you
  • If the loan is defaulted on, we will always contact the borrower and try and resolve it with them before we contact you

For further details...

If you have any questions about being a Guarantor please call us on 0330 303 7070 . We’re always happy to chat, alternatively click here for our guide to help you decide whether to be a Guarantor for a loan from glo.