What criteria does my Guarantor need to have to be accepted?
- They must be 21 years of age
- They must be a UK resident
- Homeowners or tenants are accepted
- They need to have a UK bank account and with a UK debit card
- They need to have a good, clean credit history
- They must not be subject to a current Individual voluntary arrangement (IVA), bankruptcy order or Scottish equivalents
- They must be in full-time employment and be able to demonstrate the last 3 months' income or self-employed and able to provide the last set of company accounts or VAT return
- No benefits are included in affordability assessment
- They can be any relative or friend who meets the above criteria
What is the minimum criteria to be a Borrower?
You must be a UK resident
You must be at least 18 years old
You need to have a person who has agreed to be your guarantor and meets our minimum criteria
You need to be employed, or if self employed be able to demonstrate stable income
Have a UK bank account and with a debit card
You must not be in an IVA, Debt Management Plan or declared Bankrupt
You must pass Angel Loans affordability and creditworthiness assessment
Can I use my partner/spouse as the guarantor?
Yes, you can have your partner who owns/lives in the same property as you. They must be able to afford the loan repayments on their own, and pass our affordability and creditworthiness assessment.
I live with my parents, can they be my guarantor?
Certainly, your parents can act as your guarantor, provided they pass our affordability and creditworthiness assessment.
The guarantor has been rejected?
Unfortunately, Angel Loans may have to decline a guarantor's application if their personal details do not comply with a list of mandatory requirements, or they have not passed our affordability and creditworthiness assessment.
If this occurs, the borrower can nominate a different person to act as their guarantor.
Do I need a guarantor?
Yes, all Angel Loans applications will require a guarantor who meet our criteria and approved following an affordability and creditworthiness assessment.
Are Angel Loans a direct lender?
Yes, we are a direct lender. We accept applications directly from a borrower.
Will Angel Loans charge a fee to apply?
No, Angel Loans do not charge any application or set up fees.
I am in on benefits; can I still apply?
Yes. Angel Loans will consider applications from borrowers whose income includes benefits, provided that the benefits constitute no more than 25% of the total income. However, any loan approval is contingent upon successfully passing the affordability and creditworthiness assessment.
I am currently bankrupt; can I still apply for a loan?
No. Angel Loans is unable accept any borrower or guarantor if they are bankrupt or the Scottish equivalent.
I am in an IVA; can I still apply?
No. Angel Loans is unable to accept any borrower or guarantor in an IVA (individual voluntary arrangement) or Scottish equivalent.
What if I change my mind after I have signed the agreement?
You have the right to cancel the agreement within 14 days. If you cancel you must return any money borrowed within 30 days of notifying Angel Loans in writing or by phone, plus accrued interest up to the date on which repayment. Please call 0333 577 2000 or email accounts@angelloans.co.uk.
Can I pay the loan back early?
You can settle your loan early penalty-free at any time. You can request a settlement figure at any time, and it will be valid for 28 days. If you settle the loan early, you will only pay interest for the time you hold the loan, including the 28-day notice period.
I need to change my payment date
Angel Loans are committed to ensuring successful payments for our borrowers. We will collaborate with you to select a convenient date each month for your payments.
You have the flexibility to change your payment date up to three times within a 12-month period. Please note that a minimum notice period of 14 days is required for any changes to your payment date. To request a change, please call us at 0333 577 2000 or email accounts@angelloans.co.uk.
Do I have to be on the Electoral Roll to be eligible for a loan with Angel Loans?
No. However, all borrowers and guarantors will be required to complete an online ID authentication to confirm their identity and address. Acceptable proofs include a passport, driving licence plus utility bills and bank statements.
Are the funds transferred to the borrower or the guarantor?
Once a loan has been approved for pay-out, Angel Loans will transfer the funds to the borrower's bank account and inform the guarantor.
Do you lend to residents in the Channel Islands?
No, Angel Loans is unable to provide funds when either the borrower or guarantor are residents of the Channel Islands.