How much can I borrow with a guarantor loan?
The amount you're able to borrow depends on a number of different variables:
- What type of loan are you applying for? Generally, personal loans come with set minimum and maximum amounts. If you are eligible for one of these loans when applying with a guarantor, you should be able to apply for any amount in this range.
- What do you want to finance? If you are looking to purchase an asset such as a car, you may be restricted to borrowing the value of the vehicle. If you’re borrowing to take a holiday or other personal expense, lenders may not approve you for as high a loan amount since the loan is more of a risk to them.
- What financial situation are you and your guarantor in? Your income, credit history and employment situation will help lenders determine your capacity to manage your repayments and their own risk in taking you on as a borrower. Similarly, your guarantor’s financial circumstances play a part in this risk level if you are unable to repay your loan and they become responsible for your repayments. The higher your determined risk, the lower loan amount you’ll be approved for.
- What lender are you applying with? Lenders have varying eligibility criteria, personal loan products and loan amounts available. Opt for a lender that offers you the loan amount you’re looking for to ensure you have a better chance of being approved for the loan you need.
Hi! I have been approved for a small loan through my work. The only problem is I don’t have a guarantor. I have no family or friends and I have only been living here for 12 months and don’t know anyone. So how and where can I find a guarantor?
Hi Kylie,
Thanks for getting in touch with Finder. I’m sorry to hear about your problem.
A guarantor can be anyone who is willing to take on your debt if in case you default on your loan. I can’t specifically tell you where you can find a guarantor since I’m not completely familiar with your situation. Perhaps, you can ask around and finally find someone who wants to be your guarantor.
If in case you can’t find a guarantor, you might consider getting a small payday loan. If this interests you, you can use our comparison table to conveniently compare fast small personal loans in Australia. You can compare based on the maximum loan amount, loan term, and costs, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
I’m looking for a bad credit personal loan and on centrelink, I have a guareentor but having trouble finding places that will help me.
Can you plz tell me who will actually help me?
Hi Catherine,
Thank you for reaching out to Finder.
Payday and cash loans are available to Centrelink applicants as well as those with bad credit. You may refer to our list of lenders who offer bad credit payday loans. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I would like to apply for a personal loan where I can also put down a guarantor.
Hi Demi,
Thanks for leaving a question on finder.
Everything you need to know on how to get approved for a loan with a guarantor is in this page you are in. If you have any other specific questions that is not in this guide, please send us a message anytime. :)
Cheers,
Joel
Hi, I am currently looking to apply for a personal loan I’m a single mother on the pension and I have recently become aware that my credit isn’t very good I have roughly $20,000 in assets and I am easily able to afford my loan repayments but unfortunately I don’t know anyone who can go as guarantor on the loan for me. I was wondering if you know of anyone who will legally sign as my guarantor on the loan please??
Hi Erin,
Thank you for your inquiry. I’m sorry to hear about your situation.
I’m afraid we don’t specifically know someone who can become your guarantor, but what we do have is a guide that discusses guarantor loans.
If you can’t find any guarantor, what you can do is decrease the loan amount you are planning to borrow to increase your chance of approval. Aside from that, you should get a better chance of getting approved if you choose bad credit personal loans or pensioner personal loans.
I hope this information has helped.
Cheers,
Harold
Hi,
Community first don’t accept a guarantor for personal loans where the applicant has a bad credit history. It seems that no lenders do. Have I missed something or is this article false?
Hi Dee,
Thank you for your question.
Please note each bank and lender will have different criteria based on the applications they will consider. You’ll need to get in contact with the lender you’re looking to apply with to confirm your eligibility. With this in mind, you can go through the lenders featured on this page or you can also check our bad credit history to check other options.
I hope this information has helped.
Cheers,
Harold