Not a New Loan

This is NOT an extra loan. All we are offering to do is to clear the original Guarantor Loan that you are Guarantor for, but substantially lower the APR your friend / Family member paying.

Paid Direct To The Original Lender

To counter temptation, we always pay the money to clear off the loan direct to the lender. At no point will the person you are Guarantoring have two loans running continously. 

The Guarantor

Because of the way that Reloan works, the chances are you are already fully aware of the responsibilities that come with being the guarantor for a loan. With ReLoan you should be aware that although you will be still a Guarantor, you won’t be guaranteeing any more loans.

ReLoan is only offering only pay off the existing loan of an existing guarantor. We do not pay out extra funds to you or the borrower in the loan that you are guaranteeing.

Now going back to the role of the Guarantor, we can’t assume that your existing lender explained everything correctly. They probably did, but we just can’t assume that – so we have to go through it again for you.

By being the Guarantor, you are basically saying that you are willing to vouch for the borrower and his or her ability to repay the loan. In a nutshell, if they cannot keep up with the repayments in the repayment schedule – you will be asked by us to step in and cover their loan until they can.

Just To Be Clear

One thing you really need to be aware of is that borrowers that need guarantors are those that have struggled to get credit from other places. This means that lenders will normally have assessed their situation and come to the conclusion that they may struggle to repay the money, or it may put the borrower under certain pressures that will not be good for the borrower.

Now these lenders use computer scores to work this out and these can be wrong. That is the reason behind most of the guarantor loan type products, a guarantor who knows the borrower better than a computer may believe they can afford to make the repayments.

But you as a Guarantor should be aware that a computer thinks they may not be able to – you really need to think about it.

Now the good news, to get a loan with ReLoan, you as a Guarantor will already have gone through the process and already have vouched for the borrower. What we do here at Reloan is to pay off that loan and cut the interest your borrower is paying by half.

This basically means that if they were making the repayments before with the existing lender, they will stand a better chance with us because it is half the interest.

The Reloan is safe, you don’t need to worry about the loan being paid to the borrower and them buying another car or wasting it somehow in a wreck less spending spree.

We pay the money directly to the existing lender; this means that you will only ever be guaranteeing one loan at a time.

Moving to ReLoan helped Andy lower his repayments and took away some of the risk of being a guarantor.

Mark, Andy's Guarantor