How to ask someone to be your guarantor
Asking can feel like the hardest part, it needn't be. Here's who may make a good guarantor, and how to have an honest, no-pressure conversation.
Try looking close to home
Parent
The most common choice, and likely to want to back you.
Sibling
A close family member may know you the best.
Friend
A close long-term friend, who you know and trust.
How to have the conversation
Be honest about why you need it
Explain what the loan is for and how it'll help. Openness builds trust.
Explain it isn't a joint loan
The debt is yours. Their credit is only affected if you fall badly behind on your repayments and they don't uphold their guarantee.
Reassure them on what happens if things go wrong
We always talk to you first, we will keep your guarantor informed along the way. They will always be able to see what payments have been made and missed.
Give them time to decide
Let them think about it and ask questions. They need to be clear on what they are agreeing to.
The things they'll want to know
It's not a joint loan
They don't own the debt and it won't show on their credit file, unless you fall badly behind and they don't uphold their guarantee.
We check them too
We complete an affordability check on the guarantor too. This means the loan is affordable for both of you.
We keep you both informed
If you miss a payment we will keep your guarantor updated. They will always be able to see the status of the payments.
