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Frequently Asked Questions

Q. What’s a guarantor loan?

It’s a loan where someone — a guarantor — agrees to cover you if you can’t make a payment. They’re there for those who find it harder to get personal loans, as having a guarantor gives lenders confidence they’re likely to get their money back.

Q. How do they work?

First, lenders will do a ‘soft search’ on you and your guarantor to decide whether to accept you or not. Don’t worry, this search won’t harm your credit rating. And, you’ll both need to show you have a regular income — just as a way to make lenders confident they’ll get the money back.It’s up to you to make the monthly repayments to pay off the loan. But, to help stop fraud, the loan amount is usually be paid to the guarantor. So, you need to trust your guarantor will send the funds straight over to you. If a payment is late or missed, the lender will tell your guarantor, to keep them in the loop with what’s happening. And, if you can’t make a payment, the lender will go to them to get it. If they can’t make the payment, they may face legal action. It’ll also appear on their credit file and could harm their credit score — not great if you’re close to your guarantor. Missed payments also harm your credit rating and will make it harder to be accepted for the credit you want in the future.

Q. Who can be guarantor?

Most importantly, it needs to be someone who can help you pay the loan. It should ideally be someone you trust, like a relative or close friend — but normally a spouse or partner isn’t allowed. They usually have to be under 75 years old, too. It helps as well if your guarantor is a homeowner. It shows they’re a bit more secure, so you’re more likely to be accepted for the loan — and at a lower rate. That’s great, as you’ll pay less interest every month.

Q. What is compared?

We compare a wide range of guarantor loans from across the market, to give you the best choice possible — so you can choose the one that works best for you.

Q. What happens next?

If you want to apply for a loan, hit the orange button, and we’ll send you straight to the lender’s site to finish things up.

Q. What’s pre-population?

Pre-pop (as we call it) is when all the details you give us when you sign up, are automatically sent to the lender when you apply. That way, you don’t have to enter them again, making the process quicker and easier for you.

Missing payments will have severe consequences and may make obtaining credit more difficult in the future.

If you decide to take out a homeowner loan, you agree that your personal details will be sent to a credit broker who will contact you by telephone and/or email to find out more about your requirements. This allows the broker to ensure you are introduced to loan products which meet your individual requirements and financial circumstances.

Should you choose to make an application, the broker will advise you of any arrangement fee you may be charged when you take out a loan.

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TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

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