How do I ask someone to be my guarantor?
“Mum, Dad, Sister, Friend,. . . I’m hoping to buy a new car / go on holiday ( whatever the reason ) but I don’t have the money right now. Allied Loans could lend it to me, but I need someone who trusts that I’ll make the monthly repayments to be my guarantor. Are you happy to help?”
Be honest, let them know why you’re hoping to apply for a loan, and explain they could be the one making everything possible. Knowing they could be helping you out in a potentially life-changing way can be an amazing feeling, and the likelihood is they’ll be honoured you asked.
Here’s a couple things that can be good to mention:
- Make it clear that you’ve thought your application through and have worked out it’s the best option for your circumstances.
- Guarantor loans are a way to borrow money more cheaply as our interest rate can be up to 25 times lower than payday lenders.
- Let them know a guarantor loan with Allied Loans could improve your credit score, as long as you maintain your payments on time and keep on top of your other bills.
- Assure them you can comfortably afford the monthly repayments. And when things go wrong, Allied Loans will always try and come to an arrangement with you first.
Just remember, honesty is the key. You’ll likely be asked why you need a guarantor at all, which could lead to an uncomfortable conversation about credit scores. Don’t worry. As long as you’re prepared and willing to speak openly about your finances, then soon you could be wondering why you were so unsure about asking.