A suitable guarantor includes someone who regularly pays their bills on time, has a regular income and can afford to make the loan repayments if the borrower cannot.
This could be your partner, spouse, family member, friend or colleague.
When finding a guarantor for a loan, think of someone you have a good relationship with and who might be able to help you out by being your guarantor.
Write down a list of people who might be able to help you out and the order you would like to ask them in. You could ask your parents first, followed by siblings or grandparents, followed by close friends or other relatives. But do not put anyone under pressure.
Guarantor loans are all about trust – and it is important to make your guarantor aware that they can trust you.
Guarantor loans can be a great way to borrow the money you need if you are looking into borrowing up to £8000 for a big purchase or project, as well as repairing your credit score at the same time.
They are an especially great way for your mum and dad to help you out without putting themselves out of pocket. (It is important to know that, although having a guarantor is a great way of getting a helping hand, it is a big undertaking for the person agreeing to be a guarantor. However unlikely it may be, the person must be willing to take on responsibility for your repayments, should you not be able to pay.)
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.
If you are considering taking out a guarantor loan – why not get an instant quote today to see how much you can borrow? It is quick, easy and leaves no mark on your credit history.
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
We’ve created a simple email you can use to ask that person to be your guarantor. Please click below to view our email template and then send an email to invite them to be your guarantor:
The rate you are offered will depend on your personal circumstances. A guarantor may be required.