What criteria do you need to be a guarantor?

To be a guarantor you’ll need to be over 21 years old, with a good credit history and financial stability. If you’re a homeowner, this will add credibility to the application.

What makes a good guarantor?

You will need to be over 21 years old, be financially stable and have a good credit history to be a guarantor. Lenders also prefer guarantors to be homeowners, be in full-time employment at the time of application, and not have any joint accounts with the person they are acting as guarantor for.

What do you need to take into consideration when deciding whether or not to lend this money?

7 Factors Lenders Look at When Considering Your Loan Application

• Your credit.
• Your income and employment history.
• Your debt-to-income ratio.
• Value of your collateral.
• Size of down payment.
• Liquid assets.
• Loan term.

What is the maximum age for a guarantor?

For guarantor loans, it seems as though the maximum age a guarantor can be is 75 years old. You may find some firms who are willing to provide loans when a guarantor is older but the general consensus seems to be that this is the case.

What kinds of things should we consider when taking out loans Why?

Your current financial situation. When you’re considering applying for a loan, the most important factor in deciding whether to borrow money is you. Looking at monthly and yearly budgets may help you understand just how much you can afford to make in loan payments, thus helping you decide on a loan amount.

What factors should you think about before taking out a loan?

5 Things to Know Before Your First Loan Application

• Credit score and credit history. A good credit score and credit history show lenders that you pay your credit obligations on time.
• Income.
• Monthly debt payments.
• Assets and liabilities.
• Employer’s contact information.

Can my guarantor be 18?

Age is an important issue when it comes to guarantor loans It is rare to find guarantor loans that accept guarantors at any age. You will find that a lot of guarantor loan companies don’t allow guarantors under the age of 21 but companies like SUCO Loans allow guarantors from the age of 18.

Can a guarantor be over 75?

Being a guarantor is a serious commitment, so you’ll want to make sure both you and the other individual are happy with the arrangement. In addition, it’s usually required that your guarantor: is between 21 and 75. has a solid credit history.