What is a guarantor and what are their responsibilities?
A guarantor is someone who is willing to make the remaining payments on the loan if the borrower cannot.
This could be your friend, family member, spouse, partner, someone you work with or even an employer who wants to help you and is prepared to back you by making your loan payments if you do not pay.
Why do you need a guarantor?
If you don’t have a good credit history you may need a guarantor, someone who can help to improve your credit score.
With a Bamboo guarantor loan, you could either build or repair your credit score to be offered cheaper credit in the future. Remember, your credit score is important to determine how much money we can lend to each customer.
What does my guarantor need to do to help me get the loan?
We will email your guarantor asking them to complete a few details. So, your proposed guarantor will have to 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.
You can check how likely you are to be approved for a Bamboo loan by getting your instant quote with no impact on your credit score.