Guarantor Loan Customer Profile and Demographic

Posted byDaniel Tannenbaum | Category Blog | Date 20 January 2016

Excitingly, our website has been ranking in the top 5 of Google’s search for ‘guarantor loans‘ for around 2 months and this has given us some useful insight and data about the type of people looking for guarantor loans and similar products

guarantor-loan-Google-searches

As part of our commitment to responsible lending and being transparent, we able to share this information to improve future practices.

This information is public knowledge and whilst we do not ask users to submit information on our website, any data is completely secure through our https secure server and Mcafee Secure Protection.

So based on two months worth of traffic from Google Analytics and approximately 3,600 visitors, we can determine the following about users looking for loans on our website.

Location

The vast majority of users have come from the London area. This will reflect high living costs in London such as rent, transport and entertainment and will also be as a result of a much higher population in the nation’s capital.

guarantor-loans-london

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Demographic

Most of the users on our website were aged 25-34 at around 33%. However, there were also users for those as young as 18 and older than 65. This trend could be due to those in their late 20s having to pay for housing and small children and may be they are trying to get on the housing ladder. This seems logical as those 40 or over are more likely to be on the property ladder and earning more from work and therefore less likely to need a loan.

In terms of gender, there is more or less an even split between men and women suggesting no real trend or correlation.

customer-age

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Devices – Mobile, Desktop or Tablet

It appears that an equal amount of customers where browsing the site on a mobile and desktop. A mobile is more popular for just looking around and assessing your options whereas a desktop user is more likely to be proactive and make an application. There was a small percentage of people looking at our site using a tablet. It is likely for most UK households to have more than one device and use both simultaneously.

devices-used-by-customers

To Recap

The users who have visited our website over the last 2 months have consisted of:

  • 38% London residents
  • 54% male, 46% female
  • 33% aged 25-34 years
  • 46% desktop, 46% mobile, 8% tablet

*Figures expressed by Google Analytics may not be fully accurate and may reflect assumptions of gender and age based on search history

How To Increase Your Chances of Being Approved

Guarantor loans are available regardless of age, gender, location or device you use. However, there are some requirements in order to maximise your chances of being approved for a loan of up to £12,000.

The lenders we feature typically require you to be over 18 years of age, a UK resident, have a working debit account, mobile phone and email address. Applicants are expected to be in employment, either full-time or part-time, earning at least £500 per month so that they can respectively pay off their loan in monthly instalments.

Borrowers must have a guarantor as part of the application process. This person becomes the third party in the loan agreement and acts as security and ‘guarantees’ to repay the loan if the main borrower cannot. The best guarantors to have are typically close family members or friends and if they have a good credit history, it suggests that they have a good record of making other payments in the past and therefore should be a good candidate to repay their friend’s debt if need. For more information, visit our guide on who could be my guarantor.

All the lenders we work with are fully licensed and highly responsible lenders. They will carry out sufficient checks to ensure that you are able to repay your loan on time and will not be given an amount that is too high and will cause you debt problems.

Such checks include a phone call to the main borrower and guarantor to ensure they both understand the terms and agreements of the loan and this will be followed up with an online loan agreement. Additional checks include credit checking from a Credit Reference Agency in the UK and confirmation of salary and employment via a copy of a pay-slip or bank statement.

It is important that guarantor and other high cost short term loan products are to be used for emergency purposes only such as rent, funerals or home repairs and should not be used for frivolous spending such as shopping, holidays or cosmetic surgery.