Why does my guarantor need to have a debit card?
We use guarantor’s debit cards as a form of ID check, to protect them against Fraud.
After the loan is paid out, if the borrower misses a payment and we cannot resolve this with them or get in touch with them for two weeks, we may ask the guarantor to pay. We would use the guarantor’s debit card to take the payment and keep the account up-to-date. Therefore, it is really important that the guarantor keeps their card details updated.