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