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Increasing Your Chances Of Finding A Guarantor

This article is intended to explore a few ways in which a UK individual can increase their chances of finding a guarantor for a loan.

1/ You need to be in good standing with this person, so choose people who know you well & have only had good experiences with you & know you to be a trustworthy individual, trust is essential so don’t waste your time asking people who either don’t know you or don’t trust you.

2/ Provide visibility over your current financial situation, this can help you in a big way, because if people have an understanding over your situation, & it makes sense to them that they can trust in you & that the repayments can be made by yourself alone, then this will likely make people much more likely to trust you due to the fact that you have the means to honour the deal, and also for the fact that you have provided them with visibility over you financial situation.

3/ If it is someone you live with that you are asking to stand guarantor, show them that you can be responsible for your own finances by smart budgeting, let that individual see that you can manage money, this will increase their confidence in you, & that they can safely guarantee your loan and you will keep your end of the bargain by making the repayments each month.

4/ Have a good income. Might sound strange to some people, but fundamentally, if you have a good income, of course it makes you a much more viable borrower for all parties concerned, make your employment as solid as possible.

5/ Approach the question of “Will you stand guarantor on a loan for me?” with care, understand what it is that you are asking the person to do for you, give them time to think about it, for some people it’s not necessarily a quick decision, it can take some thinking about because it is not an agreement they can easily walk away from if something were to go unplanned

All in all, the best people to ask in general are family members, because these individuals are most likely to know you better than anyone from outside your family, however, there have been known to be much more unconventional people that have stood as a guarantor, with people’s bosses, boyfriends, girlfriends etc also having been available to undertake this responsibility, you might just be surprised where the help can come from.

Also, be polite! If you are in a particularly stressful situation, remember to keep your moods in check, however a small thing this sounds like, the way you come across to people can have a bearing on whether or not they wish to agree to a proposal you make for them, it is never a good thing to sound desperate, as this can be mis-read as “lack of responsibility”, overall what these people want to see is a calm, mature individual with a good nature who they can trust not to let them down & to uphold their end of the bargain.

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