Who can be a guarantor?
Guarantor is the one who is the major game player in the guarantor loan. A guarantor can be anyone who trusts you to repay the loan must be a trustworthy person and have the financial strength to support you in case of non-payment to the bank. A guarantor can be anyone your friend, family member even the finical advisor from any deed company as well.
With the help of the Mayo loans one is always protected with the help of the guarantor loans. The loans are issues based on the worth of the guarantor and the ability to repay the amount. So it is always better to seek a guarantor who has regular flow of income and has a good credit history as well. Before the loan sanctioned; we emphasis the borrower to set a mutual agreement with the guarantor that in case of their non-payment there will be legal issues and the guarantor will be help responsible. So if the guarantor agree to support and has the capacity to payback the amount then only we can lend the loan. The borrower and guarantor are in safe hands with Mayo; condition to that they agree on the given terms and conditions.
For being a guarantor for someone’s loan, a person must be above 21 years old and must be having a good credit history. The credit history of the guarantor is checked with the bank and is normally informed to the borrower and lender as well. This helps the lender to ensure that the given loan will be successful paid back as well. Apart from that the guarantor must be have a UK bank account and in most of the case it is preferred to be UK homeowner as in that case there are chances hat larger sum can be borrowed. It is important to note that the guarantor must agree to be there as your support; else it can cause a legal trouble for you.
As an important fact, it is important that the guarantor is not financially linked to the person who has taken out the loan (a spouse). They must be detached as it enables the guarantor to pay back the loan of the debtor as well. Becoming someone’s guarantor isn’t a choice that should be taken on lightly – one must think all the aspects and then check with the bank and all other sources as well. However at Mayo, if a person is unable to find any guarantor then the service provider is always there who can work as guarantor on your behalf but they do cost their agreement fees and the extra interest rate as well. They have the ability to pay back the amount in one go and then later on you have to pay their installments. In Scotland this term is accepted as trust deed and it is only a choice when a person is under debt and is enable to payback the old loans. But in case of new loan Mayo is the best guarantor loan; which can help the individual to choice the flexible payment plans as per the financial strength of payment.