Should I be a guarantor?
Being a guarantor for someone is a serious commitment. Before you agree to be a guarantor we want you to be 100% sure that it is the best option for you.
By being a guarantor for an Amigo Loan, you could help your friend re-build their credit score. Every time they pay us on time, we inform the credit reference agencies who record the payment on their credit file. The more payments they make, the better their credit score could become.
When considering if you should be a guarantor, we recommend you ask yourself the following questions:
- Do you trust this person to make all the payments on time every month?
- Is the monthly repayment something they can afford?
- Are you comfortable with making these payments on their behalf should anything go wrong?
If you are comfortable with the guarantor responsibilities and trust the borrower, then we will too.