About being a guarantor

Before agreeing to act as a guarantor, it is important to consider the following carefully:

  • Have you known the borrower for more than 12 months and trust them?
  • Are you confident they will make their repayments?
  • Are you willing and able to step in and make the repayments if the borrower doesn’t?

As a responsible lender, we need to ensure the loan repayments are affordable for both the borrower and their guarantor. This is one of the main reasons we undertake in-depth affordability assessments during the application process.

Providing the borrower keeps up with their repayments, you won’t be required to do anything. You can track the progress of repayments and view a statement of account at myloan.ukcredit.co.uk.

We will keep you informed about any late or missed payments. If non-payment continues and the loan account worsens, we will call upon you to make the repayments. In some cases, this could be for the remainder of the loan term.

For full details on when we might call upon you to make payment, you can visit our guarantor responsibilities page.

We will always work with the borrower to bring an account up to date and only involve you as a guarantor when necessary. However, we believe it is important for the guarantor to be aware that they could be called upon to make the repayment at any stage of the loan term.