How to Ask Someone to be Your Guarantor

Guarantor loans are a helpful product for those of us with a slightly patchy credit record or tricky financial situation, who are confident they can meet loan repayments but are struggling to convince lenders of this fact. 

If you're fortunate enough to have a close friend of family member who knows you well and understands your financial situation, asking them to guarantee your loan often means little more than a quick signature and a formality. After all, they know that you wouldn't land them with a debt.

However, if your financial past or credit history are cause for concern for your friends or family, you may need to work a little harder to convince a guarantor they can trust you to take care of your loan. Equally, if you don't have a family member in a position to act as your guarantor, you may need to look further afield and take a different approach to asking an individual to guarantee your loan.

If you are facing this dilemma, these tips could help you convince your guarantor to help you secure your loan: 

1. Do it face to face
Asking someone to be your guarantor is all about trust, so don't ask over the phone or via WhatsApp. Instead, meet them in person to show them that you are serious about taking on finance and committed to using it responsibly.

2. Don't assume they'll say yes
Asking an individual to guarantee your loan is a big favour to ask, so don't approach your prospective guarantor as if they're going to say yes. Instead, explain that you know you are asking a big favour and demonstrate the consideration and respect you intend to show them through the course of the loan period.

3. Present a repayment plan
The most important part of asking somebody to be your guarantor is demonstrating that you have a workable repayment plan in place. Bring along a spreadsheet which shows exactly how much you'll be repaying and when, alongside your income and budget so they can feel confident that you can manage the loan, without it impacting on them.

Have you had to convince somebody to be your guarantor before? How did you approach asking this tricky question? Share your experiences with other readers below.