BORROWER FAQ

 

How can I find a guarantor?

While finding a guarantor to many does not seem easy, you can easily turn to family, friends, or work colleagues to stand as your guarantors. People you have a close association with and those with whom you share a measure of trust will easily agree to stand as your guarantors.


Can I get a loan if I have poor credit rating?

Yes, you still have a chance to get a loan from us if you have poor credit rating. Your application will be reviewed to ascertain that you are in a position to repay the loan. If this turns out to be positive and your guarantor chooses to stand by you, you will be rewarded with a loan as per your application.


What does the application process entail?

You and your guarantor need to fill out an online application which goes through checks by our staff. If the applications pass the checks, the loan is then paid out to your bank account. However, there are things that may delay the process. These include:

  • If the guarantor cannot be reached after the application is made
  • If you do not submit needed paperwork like ID in good time when asked
  • If the property owned by the guarantor is outside the UK (Scotland or Ireland)
  • If the application was done over the holidays or weekends since the banks are closed at this time

 

How long does it take to access the loan?

After completion of the application process and a review of the documents and details sent, the loan is approved and the funds disbursed into the guarantor’s account.

 

Is the guarantor loan expensive?

No, you will find this loan product quite cheap. Due to the availability of a guarantor, this loan is considered low risk facilitation. Due to this, it has lower interest rate when compared to other loans such as pay day loans. There are also no application fees thus reducing the cost a borrower incurs on taking the guarantor loan.


How do I know my guarantor is eligible?

There are basic requirements that Moher Flagstone Loans looks for in a guarantor. These include:

  • The guarantor should be a full time employee
  • The guarantor should have a good credit history
  • The guarantor should be aged between 23 to 70 years
  • The guarantor should be preferably a property owner in the UK

 

Can I make a loan payoff early?

Yes you can. You will even benefit as we will make a calculation of the amount you owe us up to the day you want to payoff the loan. This will save you extra pounds that you would have paid if the loan matured to the full repayment period.

 

How is the money paid off?
The agreed amount is paid off to the guarantors account. This ascertains that you and the guarantor are comfortable with the arrangement put in place.

 

How are the installments repaid?
The monthly installments are automatically deducted from the borrowers account. In case of arrears and default, the installment is deducted from the guarantors account automatically.

 

What if I change my mind once I have received the loan?
Moher Flagstone Loans gives a period of 14 days which are charge free after the loan is disbursed. If you change your mind within this period, the loan will be recalled without charging the borrower any interest amount.

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