Can I pay in instalments if I am an international student?
International students can enjoy the perks of paying in instalments.
To be eligible all we ask is that your guarantor is living in the United Kingdom and is over 25 years old. If you do not have a UK-based guarantor, you can still choose to pay in instalments by using a guarantor service company, who can act as a guarantor on your behalf, for a small fee.
What is a guarantor service?
A guarantor service is a financial arrangement where a third-party company such as YourGuarantor, agrees to guarantee rent payments on behalf of an individual. This means the guarantor commits to covering any missed payments if the tenant or borrower cannot meet their financial obligations. Such services are especially helpful for international students, making it easier for them to secure housing.
Key Features of guarantor services
Financial Assurance
These services provide landlords or lenders with confidence that payments will be made, even if the primary payer defaults.
Accommodation access
Individuals without a local credit history or sufficient income can find it easier to rent a property since landlords often require a guarantor to reduce their risk.
Application requirements
To use a guarantor service, individuals typically need to pay a fee and provide personal and financial information for evaluation. Once approved, the service enters a legal agreement with both the individual and the landlord or lender.
Legal responsibilities
If the individual fails to make payments, the guarantor service is legally bound to cover the costs, including rent arrears or loan repayments.
Increased credibility
Utilising a guarantor service can enhance an individual’s reliability in the eyes of landlords or lenders, increasing their chances of securing the desired accommodation or loan.
Benefits of a guarantor service for International Students
Simplified accommodation process
International students often struggle to rent accommodation due to a lack of local credit history or local guarantors. Guarantor services help mitigate these issues.
Financial relief
These services can eliminate the need for large upfront payments or deposits that landlords might require.
Peace of mind
Students and their families gain reassurance knowing there is a safety net in place to cover accommodation costs in case of financial difficulties.