Provided you’re able to maintain your monthly repayments, there are very few disadvantages to guarantor loans. However, if for any reason you are unable to maintain your repayments, the responsibility will fall to your guarantor, and this can have a negative impact on the relationship between you and your guarantor.
Your guarantor is there to protect you from defaulting on your loan but like with any type of loan – failure to maintain your monthly repayments will be recorded on your credit profile by the lender and may affect your ability to secure finance in the future.