Being a guarantor basically means that you promise to make the loan repayments if the borrower doesn't pay.
Guarantor loans aren't a new concept, it's how banks used to lend before computer credit scoring took over. It's quite common for mortgage companies to still ask for guarantors today.
We believe asking for a guarantor is the best way to lend as your family and friends know you better than a computer ever could. If you trust someone enough to guarantee their loan, then that's good enough for us.
The main reasons...
1. You'd lend the money to the borrower yourself but you want them to manage the loan themselves and make repayments to us rather than to you.
2. You can't lend the borrower the money yourself.
Just enter your “ClearLoans” link above and complete the online registration.
Once we've received your signed agreement and docs, we'll check your details and have a quick phone conversation with you where we'll:
Loans are paid out into the guarantor's bank account. This is to prevent fraud and give you the option of changing your mind before you transfer the money to the borrower.