Tips for Finding a Suitable Guarantor for Your CedisPay Loan

Subject: Tips for Finding a Suitable Guarantor for Your CedisPay Loan

Dear CedisPay Customers,

As part of our commitment to responsible lending and ensuring the sustainability of our business, CedisPay requires personal guarantors for loans with a credit score below 70. We understand that finding a suitable guarantor can be a daunting task, but it is a necessary requirement to ensure that our customers are able to repay their loans.

We are pleased to announce that customers now have two options to choose from when it comes to finding a suitable guarantor:

Option 1: Required to post collateral, such as post-dated cheques or pension assets.

Option 2: If the guarantor does not have a banking relationship and cannot provide post-dated cheques, they should provide proof of income such as mobile money statements. The income of the guarantor should be at least the same as the borrower's income. If it is less than the borrower, we cannot accept that guarantor.

Here are some best practices for finding a suitable guarantor:

1. Choose someone who knows you well: A guarantor is someone who vouches for your creditworthiness and ability to repay the loan. Therefore, it's important to choose someone who knows you well, such as a family member, friend, or colleague.

2. Look for someone with a good credit history: A guarantor's credit history is an important factor in the loan approval process. CedisPay may require a guarantor to have?a history of timely repayments on loans . Therefore, customers should look for someone who has a good credit history.

3. Choose someone who has a stable income: A guarantor's income stability is also important as they will be responsible for repaying the loan if the customer defaults. Therefore, customers should choose someone who has a stable income, such as a salaried employee or a self-employed person with a steady income.

4. Discuss the requirements with the potential guarantor: Before asking someone to be a guarantor, customers should discuss the requirements and responsibilities of being a guarantor with them. This will ensure that the potential guarantor understands the commitment involved and is willing to take on the responsibility.

5. Provide documentation to the guarantor: CedisPay may require the guarantor to provide documentation such as proof of income, identity proof, and address proof. Customers should provide all the necessary documentation to the potential guarantor to help them understand the requirements and expedite the loan approval process.

It's important to note that finding a guarantor can take time and effort, but it's an important requirement for obtaining a loan from CedisPay. Therefore, customers should plan accordingly and start the process early to avoid any delays in loan approval.

We hope that this information is helpful in finding a suitable guarantor for your loan application. If you have any questions or concerns, please do not hesitate to reach out to our customer support team for assistance.

Best regards,

CedisPay Team