When applying for a guarantor loan it will be likely that the guarantor lender will need documents from both you and your guarantor. The documents needed for a guarantor loan are used to confirm your identity, security and income details. You will be asked to send photo copies or clear photos of your documents so this can be verified, if you don’t have a phone that send pictures very clearly or don’t have a camera phone at all you can send documents via fax or scanned and uploaded to a computer and emailed to the guarantor loan lender.
We at The Lenders List want to make life a bit more easier when applying for a guarantor loan so we have made a guide of what documents may be need by a guarantor lender to support your application. Please use our following guide as a brief outline of what documents you may need always check directly with the lender as the documents needed will vary from lender to lender –
Confirming Your Personal Identity Documents
What lenders may ask for that would verify your identity –
- UK Drivers License
- UK Debit Card or UK Credit Card
Confirming Your Residential Status
Lenders need to be able to confirm permanent address for you and your guarantor this provides security for the lender you could be asked to send 1 to 3 documents –
- Utility Bill – Usually dated within 3 months but some lenders may accept it if up to 6 months old, this could be gas, water or electric bill other utility bills may be accepted please ask lender
- Bank Statement – Lenders again will ask this to be dated within 3 months but some lenders may accept statements longer than this period
- Rental/Mortgage Agreement – If you live in a house rented or you own the property the guarantor lender may request to see this agreement. Having a permanent or long term residency rather than temporary accommodation could strengthen your application
- Electoral Roll – You don’t have to send documents about being on the electoral roll but this will be something that will be checked by a lender to see if you are registered on the electoral roll. Please check our Electoral Roll page for more details.
Evidence Of Income
Guarantor lenders will need to see evidence of income as they need to see that you have a regular income and that the loan amount you have asked for fits within your means. If the lender thinks the loan amount is not manageable with your current income status they may offer you a lower amount and the lender is being responsible when considering your application here is what a lender may ask for –
- Payslips – Usually you need to send the most recent payslip but may request up to 6 months worth of payslips
- Bank Statement – Dated up to 3 months or 6 months with some lenders. From the bank statements the guarantor lender can see when and how much you were paid from your employment
- Employer Details – You may need to provide this so that your employment can be confirmed. Some lenders will make a discreet phone call asking to be put through to you or a member of staff can confirm you work there this is a form of security lots of lenders use. This is also done if a lender can not get hold of you in the future and have permission to contact you at work to get a hold of you
- Benefit Documents – If you receive benefits form the government you may be asked to send proof of this income and will need documents dated up to 3 months
For any further details about the documents needed please contact the lenders directly or visit the direct guarantors site for more information.