when you need a helping hand
If you have a low or non-existent credit rating but need to borrow money, our Guarantor Loan may help. Our Guarantor Loan is a type of unsecured loan, which requires a Guarantor to co-sign the credit agreement. A Guarantor is a person who agrees to repay your debt should you default on agreed repayment terms. As direct lenders, we do not charge any application fees.
Who can be a Guarantor?
They must be over 21 years of age, in full-time employment, a homeowner and be able to afford to pay for the loan. Most importantly they must be comfortable with making payments on the borrowers behalf should anything go wrong.
How do I apply for a Guarantor Loan?
It’s an easy three-step process; You submit your application online or over the phone; We make sure your friend or family member understands the high level of responsibility and trust in this type of agreement; We make sure the guarantor can also afford the loan.
How much can I borrow?
With our flexible payment options you can decide how much you want to borrow and for how long. We offer guarantor loans of up to £10,000. The amount you may borrow is dependent on how much you can comfortably afford to repay. Your repayments are fixed over the agreed term of the loan, so you’ll pay the same amount for each payment.
What are the Guarantor’s responsibilities?
To repay the loan if the borrower fails to make payments. To be solely responsible to repay the loan in full, should the borrower go into IVA (Individual Voluntary Agreement) or bankruptcy. Guarantors should seek further advice from Citizen’s Advice Bureau, before you agree to be a guarantor.
What are the interest rates?
The loan interest rates are variable and based on how much you want to borrow, what you can genuinely afford and for how long. Each loan installment meets the FCA rate cap requirements. This means you will never pay more than 0.8% interest per day and never pay back in interest more than the original amount borrowed.
What are the pitfalls?
Taking out a loan is a big step and should be thought through carefully. Borrowing money in this way is generally only a short-term solution. So you need to be sure you are able to make the agreed repayments on time. Missed payments will incur default charges, up-to a maximum of £15. Continued failure to make payments may result in legal debt recovery action. This is not in anyone’s interest, so we will work with you to be sure it doesn’t happen!
What happens If I can’t pay?
At GetMeFinance, we understand that things don’t always go to plan and we would rather you worked with us to find a solution than bury your head in the sand, ignore or avoid the situation and get further into debt. So if you are having difficulties, please pick up the phone and call us. We will try to help resolve matters.
How long will it take to process the loan?
We pride ourselves on the speed of our transactions and we know that personal loans are usually time sensitive. If you decide to progress with the application, we can normally complete the process within 24 hours, subject to us receiving all required signatures and documentation. We will visit you to obtain the required signatures and documentation, which is also done shortly after the initial contact and agreement to proceed. We don’t charge upfront fees, so it is in our interest to complete on every case as soon as possible.