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  3. Why was my guarantor declined?

Why was my guarantor declined?

Don’t worry if your guarantor has been declined, the most important thing is we’ve already accepted your application and want to help you get the money you need.

You just need to find someone else to be your guarantor instead. As soon as you’ve found someone new, we’ll check that the payments are affordable for you both and will then arrange paying out the loan.

There are a few reasons why we’re unable to accept someone as a guarantor, but the most common is if their credit score doesn’t meet our criteria.

If someone is a guarantor, it will be up to them to make the loan payments if you did not. By looking at their credit score, it allows us to see if they've kept up with their own bills in the past. This helps us to decide if they would be a suitable guarantor.

Other reasons include:

If your guarantor was declined on a top up application, and they’re currently a guarantor on your existing loan, don’t worry. Your existing loan will continue as normal.

This can happen if your guarantor’s circumstances have changed. For example, if they’re no longer a homeowner or if their credit score has changed. You can still continue with the top up application, you just need to find a new guarantor first.