Terms and conditions - guarantor loan

roundbox

Hello
I'm thinking of getting a guarantor loan, but I can't see the terms and conditions that would apply to the borrower and the guarantor.


Can anyone send me a copy of the borrow and guarantor terms and conditions. Obviously with the personal details masked or taped out.
You can use a temporary e-mail if you want.


Thanks

[Deleted User]

You'll need to ask the lender you want to use.

But essentially it says that when the borrower gets fed up of paying the loan (usually after a couple of months) then the guarantor will make the payments themselves.

Exodi

As above, the T&C's would be relevant to the lender you choose the use. I also agree with the sentiment above, this forum is filled with people finding themselves, for whatever, unable to pay these several months in. It's also worth noting that these companies usually do not bother setting up payment plans with the borrower directly and will instead honor their right to pursue the guarantor for payment at the first sign of an issue.

AnotherJoe

roundbox wrote: »

Hello
I'm thinking of getting a guarantor loan, but I can't see the terms and conditions that would apply to the borrower and the guarantor.

Can anyone send me a copy of the borrow and guarantor terms and conditions. Obviously with the personal details masked or taped out.
You can use a temporary e-mail if you want.

Thanks

There's no such thing as a generic loan agreement.

You'd have to look at the exact terms of your proposed loan and the specific Ts&Cs.
If you cant see them, look harder or regard it as a warning sign and go elsewhere.

System

If you can only qualify for a guarantor loan such as Amigo you are better asking the guarantor to take out a loan themselves with a different lender. They'll be just as liable to repay it as a guarantor loan if you don't but you'll benefit from them being able to get a much lower interest rate.

Example: Borrow £10,000 over 5 years.

Amigo Loans APR 49.9%:

Monthly repayment £395.25, total repayable: £23715

Mainstream bank APR 2.9% :

Monthly repayment £179, total repayable £10754

foxy-stoat

Dont do it - this can't be the only option for you.

Brock_and_Roll

Tarambor wrote: »

If you can only qualify for a guarantor loan such as Amigo you are better asking the guarantor to take out a loan themselves with a different lender. They'll be just as liable to repay it as a guarantor loan if you don't but you'll benefit from them being able to get a much lower interest rate.

Example: Borrow £10,000 over 5 years.

Amigo Loans APR 49.9%:

Monthly repayment £395.25, total repayable: £23715

Mainstream bank APR 2.9% :

Monthly repayment £179, total repayable £10754

Brilliant!! If ever a post sums up the financial illiteracy that is guarantor loans, then this is it!

AnotherJoe

Tarambor wrote: »

If you can only qualify for a guarantor loan such as Amigo you are better asking the guarantor to take out a loan themselves with a different lender. They'll be just as liable to repay it as a guarantor loan if you don't but you'll benefit from them being able to get a much lower interest rate.

Example: Borrow £10,000 over 5 years.

Amigo Loans APR 49.9%:

Monthly repayment £395.25, total repayable: £23715

Mainstream bank APR 2.9% :

Monthly repayment £179, total repayable £10754

This must be easily one of the the top three tips I've ever read on here.
Awesome post.

DCFC79

roundbox wrote: »

Hello
I'm thinking of getting a guarantor loan, but I can't see the terms and conditions that would apply to the borrower and the guarantor.


Can anyone send me a copy of the borrow and guarantor terms and conditions. Obviously with the personal details masked or taped out.
You can use a temporary e-mail if you want.


Thanks

Come on Roundbox its like a game of "Guess the lender" here.
Which lender do you refer to ?


Are you sure you want a guarantor loan ?

LABMAN

DCFC79 wrote: »

Come on Roundbox its like a game of "Guess the lender" here.
Which lender do you refer to ?


Are you sure you want a guarantor loan ?

Oh they'll want the loan...I suspect they wont want to pay it back though.

poppasmurf_bewdley

roundbox wrote: »

Hello
I'm thinking of getting a guarantor loan, but I can't see the terms and conditions that would apply to the borrower and the guarantor.


Can anyone send me a copy of the borrow and guarantor terms and conditions. Obviously with the personal details masked or taped out.
You can use a temporary e-mail if you want.


Thanks

Hopefully, nobody on this forum will help you to get a guarantor loan. But if might be nice if you would ask the proposed guarantor to come on here for advice.