Most of lenders in our panel offer loans to self employed people. Often self employed people find it more difficult to get any type of loan due to finding it difficult to prove their income. However, guarantor lenders are not so strict on this requirement as long as the borrower can show proof in the form of bank statements, accountant, or company records if you are a director of a limited company.
Most guarantor lenders base most of the risk requirements on the guarantor and less on the main borrower. This means that the main applicant can have some missed payments or even past CCJ’s on their credit record, however to support their loan applicant the guarantor must have a clean credit history and a good to excellent credit score.
Applying for a guarantor loan can take longer in some instances due to the fact there are 2 applicants involved in the process. Most lenders however have an online system that makes the process much more straightward and allows most of the applicant requirements to be completed online and by email.
If you have any questions about our guarantor loans or if you would like to learn more then please contact us.