Guarantors

Kelly171088

Can you be a guarantor for someone else if you can't actually get a loan yourself?

Caz3121

sounds like a very bad idea

DCFC79

Kelly171088 wrote: »

Can you be a guarantor for someone else if you can't actually get a loan yourself?

All the loan co is looking for is can you can pay it back if the person your guarantoring for is unable to pay.

Are you sure you aant to be a guarantor ?
I wouldnt get involved unless your happy to say goodbye to your money.

MallyGirl

Hopefully if you can't get a loan for yourself then no one in their right mind would let you be a guarantor. The rates will be high and if they don't pay then you would be on the hook to pick up the loan.

AnotherJoe

Kelly171088 wrote: »

Can you be a guarantor for someone else if you can't actually get a loan yourself?

Hopefully not. Tell the person who want you to be one that you cannot be a guarantor as you are unable to get a loan yourself.

bris

They won't take you anyway. The Guarantor is really the one taking out the loan, the other person who's name it is in is really irrelevant to them.


If they do take you then they really deserve everything they get.

Blackbeard_of_Perranporth

AVOID at all costs

Craig1981

same checks are done on guarantor as if they were taking the loan themselves

dont know if you looking for a guarantor or wanting to be one - either way, bad idea

dealer_wins

Short answer.. Very unlikely.

But no one should ever be a guarantor for anyone, ever!! Ends in tears too many times.

Wilson_192019

This is probably a very bad idea.

Guarantors traditionally know the applicant well, have a reasonable credit score, are employed, and are homeowners.

Still, lenders should conduct checks on you as well as the applicant in order to assess the viability of the loan.

Exodi

My money is you can't get a loan yourself so you want to try egging a family member/friend to take it out for you (and subsequently not pay it) with you as a guarantor.

Did I win?