Compare Guarantor Loans
Guarantor loans are a perfect option for borrowers with a poor to bad credit history and who require a loan from between £500 – £10,000 to be repaid over 1 – 5 years. Taking out a this type of loan direct with the lender provides you with a much greater chance of being accepted for a loan when compared to conventional personal loan without a guarantor.
Guarantor Loan (Tenant or Homeowner)
£1,000 - £7,500
Representative 39.9% APR (Variable)
2 - 5 Years
Representative Example: Borrowing £4,000 over 3 years at an interest rate of 36.9% p.a. (fixed), you will repay 36 monthly payments of £185.27. Interest payable £2,669.72. Total repayable £6,669.72. Representative 43.8% APR.
Guarantor Loans (Homeowner & Tenant Guarantor)
£1000 - £10,000
Representative APR 39.90
12 - 60 Months ( 1 - 5 years)
Representative Example: The Representative APR is 39.9% APR (fixed) so if you borrow £4,000 over 4 years at a rate of 34.05% p.a (fixed) you will repay £153.60 per month & £7,372.80 in total.
£500 - £10,000
Representative 49.9% APR (variable)
2 - 5 Years
Representative Example: Borrowing £10,000 over 60 months, repaying £395.25 per month, total repayable £23,715.00. Interest rate 49.9% (variable).
£500 - £10,000
Representative APR 47.9%
1 - 5 Years
Representative example; Borrow £2,800 over 36 months repaying £134.45 a month. Total repayable £4,840.20 Representative APR 47.9% fixed. Interest rate 47.9% fixed.
What is a guarantor loan?
A Guarantor loan can help you gain access to the money you need even if you can't obtain credit in your name alone.
Typically a relative or good friend will agree to be your Guarantor. They promise, should you ever fall behind with loan repayments, to personally cover them for you.
Because your Guarantor knows and trusts you - and has also agreed to cover any repayment shortfall this makes it easier for a lender to lend.
Who can act as a guarantor?
Most people can act as a guarantor, such as a friend, family member or a work colleague. However, they must not be your wife or husband. They must have a good credit rating and can be either a homeowner or tenant.
How do I know a guarantor is right for me?
If you are having problems getting a loan because of bad credit or you have a low credit score then a guarantor loan may be a good solution.
You must be able to afford the repayments, therefore you must consider your financial budget and living expenses.
How much can I borrow?
Generally lenders will grant loans from £500 - £10,000 over 1 - 5 years. You will also have the flexibility to pay of your loan early or make additonal overpayments.
Can I get a no credit check guarantor loan?
No. You will need to undergo a credit check and so will your chosen guarantor. However, guarantor loans are designed with the poor credit applicant in mind. If you do have some adverse credit or have struggled to get finance before, then a guarantor loan may prove to be a good solution.
Will a guarantor loan enable me to build my credit rating?
Yes. By successfully managing your loan payments and making payments on time you will help to build a positive credit rating and credit score.
Is there a large choice of guarantor lenders on the market?
The guarantor loans market has lots of choice with many lenders providing a similar service and offer similar loans and interest rates.
Some of the lenders on the market include: TrustTwo, Amigo Loans, Lendfair, Talk Loans Georgebanco, MasaLoans, Juoloans, Buddy Loans, UK Credit, Tfsloans , Likelyloans, Bamboo Loans, 1plus1 Loans, Solution Loans
Are guarantor loans suitable for pensioners?
Yes. If you are retired or at pensioner age then you are still able to get a guarantor loan. The lender will take into consideration your age which calculating the loan term depending on how old you are.