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Guarantor Loans

If you have bad credit, have been refused credit or haven’t built a credit history, there are still finance options available. However, if you are struggling to get credit, a guarantor loan could be an alternative option.

A guarantor loan works in the same way as other loans, but you have a named guarantor who agrees to make repayments for you if you default. Your guarantor can be a friend or relative and will usually be somebody with better credit than you.

You are still responsible for making monthly repayments, but your guarantor will be liable if you can’t keep up. Your guarantor should be someone you trust and who can trust you. If the repayments are not made on time, it could damage both of your credit scores as well as your relationship.

As with any form of credit, you should only consider this option if you are able to make the required repayments.