This is someone who agrees to make any payments on the loan if the borrower does not. A suitable guarantor generally pays their bills on time and can afford to make the loan repayments if required. At the start of the loan the guarantor must be aged between 21 & 72 and is usually a partner, spouse, family member, friend or colleague.
Aged between 21 & 72 at the start of the loan
Partner / spouse / friend / family member / someone you work with
UK resident (excludes Isle of Man and Channel Islands)
UK bank account
Valid UK debit card (Visa Debit / Visa Electron / Debit MasterCard)
Either a tenant or homeowner
Able to afford the monthly repayments
Not currently a customer or guarantor with Bamboo
If you have a decent credit history you could be able to help a partner, spouse, family member, friend or colleague to get a Bamboo loan. With a Bamboo guarantor loan, the borrower could either build or repair their credit score to be offered cheaper credit in the future.
If the borrower misses any repayments for any reason, the guarantor is responsible for making the payments.
However, we shall always try and get in touch with the borrower to discuss why the payment was not made. If the borrower cannot make the repayments, we will advise the guarantor.
When you act as a guarantor you are taking responsibility for the loan as if it were your own, but not in the same way as the borrower does. Provided the borrower is making the repayments on time every month there won't be a record of the loan agreement on the guarantor’s credit file.
However, if the borrower fails to make the repayments, this will be reported on the guarantor’s credit file and the guarantor will be responsible for making the repayments.
You will receive an email or text from Bamboo asking you to complete a few details. Click on the relevant link and follow the step-by- step instructions. The process is completely online and it only takes a few minutes to complete the application. However, on occasion we may need to contact you for some more information.
The rate you are offered will depend on your personal circumstances. A guarantor may be required.