Guarantor loans are an option for borrowers with a poor to bad credit history and who require a loan from between £500 – £20,000. If you have a low credit score you may find it easier to get a loan with help from a guarantor. Non homeowner and tenant guarantors considered also.
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Before you apply for a loan with one of the lenders above ensure that you have a suitable guarantor in place who has agreed to act on your behalf and understands the responsibilities. This will help speed up your application process and make the process easier when you come to apply.
Guarantor loans can be a very useful way to borrow money if you have bad credit or a very limited credit history.
Using a person you know to be your ‘guarantor,’ they will co-sign your loan agreement and agree to cover your loan repayments if you cannot. By having an extra person to secure your loan, it gives the lender a lot of confidence and helps those borrow money who might have been turned down by mainstream lenders.
Your guarantor is typically a close friend, parent or sibling and ideally if they are a homeowner and have a good credit rating, this will boost your chances of approval and getting the funds you require.
Lending Expert offers an effective way to compare guarantor loans in the UK – working with the whole of the market and providing a simple comparison table so that you can find the best rates and terms for you. Simply compare our lenders and then click on ‘check eligibility’ to get started.
If your options are very limited due to your circumstances, then a guarantor loan could be one of your best prospects.
Some of the advantages include:
Your guarantor is someone that you can trust and speak to regularly – often a parent, spouse or sibling. This person should be someone with a stable income, aged 25 to 70 and can afford to make repayments on your behalf. Ideally, the person should be a homeowner and have a fair or good credit rating to maximise your chances of approval.
Working with someone that you trust is very important, since a guarantor loan can last for 12 to 60 months and the person will still be liable for payments if you cannot afford them.
A close family is someone that you are still likely to be in contact with for the foreseeable future – meanwhile you may not be in touch with a girlfriend, boyfriend or work colleague in a few years’ time. So selecting the right person is essential and you should have their full consent before applying. If you are unable to find a suitable guarantor then you can compare no guarantor loans on Lending Expert to find lenders who will accept your application and dont require a guarantor.
Yes, guarantor loans are often used for people with bad credit ratings, who may have been turned down by the local banks or other short term lenders. This includes people with CCJs, IVAs and bankruptcy.
You need to find someone who is willing to act as your guarantor and has a strong credit history, stable income and employment. The lender will take the approach that ‘if this person is willing to act as your guarantor, we are happy to consider your application.’
When applying for a guarantor loan, it is important to do your homework and understand the terms including the loan amount, duration, rates and requirements.
By using the comparison table by Lending Expert, you can get all the information you need and make a better informed decision.
We understand that personal finance can be confusing and we want to help people to save money and get the best rates possible.
Customers applying for loans can typically receive funds in 24 to 48 hours.
You will need to have your guarantor available to co-sign the online loan agreement and to speak to the lender on the phone to confirm some basic details.
Once fully approved, the funds are transferred directly to the guarantor’s bank account as a security measure and there is a 14 day cooling period if they want to return the funds, with no fees charged.
Start by comparing rates and loan amounts on our comparison table – and once you are ready, just click on ‘check eligibility’ with the lender of your choice.
You will be required to complete some basic information on the lender’s website and you can often receive an instant decision on the screen.
Subject to some further checks with you and your guarantor, you can be approved very quickly and funds can be transferred in 24 to 48 hours, or sooner.
A Guarantor loan can help you borrow money with the help of someone you know to act as your guarantor. This trusted person agrees to co-sign your loan agreement and cover repayments if you cannot - often helping people to get money when they have poor credit or no credit history.
Most people can act as a guarantor, such as a friend, family member or a work colleague. They must have a good credit rating and can be either a homeowner or tenant (non homeowner).
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.
Generally lenders will grant loans from £500 - £20,000 over 1 - 5 years (or 12 to 60 months).
No. You will need to undergo a credit check and so will your chosen guarantor. However, these loans are designed to assists applicants with poor credit. If you do have adverse credit or have struggled to get finance before, this type of loan may prove to be a good solution.
Yes. By successfully managing your loan payments and making payments on time, this you will help you build up a positive credit rating and credit score.
We work with the whole market of direct lenders here in the UK, including TrustTwo, Amigo Loans, Lendfair, Talk Loans Georgebanco, MasaLoans, Juoloans, Buddy Loans, UK Credit, Tfsloans, Likelyloans, Bamboo Loans, 1plus1 Loans and Solution Loans.
Yes. If you are retired or at pensioner age then you are still eligible. The lender will take into consideration your age which calculating the loan term depending on how old you are.
Yes. With the help of a suitable guarantor who is a homeowner and who has a clean credit record you can still apply for a guarantor loan and get the funds your need.
Yes. The lenders on our panel accept non homeowner and tenant guarantors.
Yes guarantor loans are available from direct lenders here on Lending Expert. Simply use the comparison table above that displaying all the direct lenders and apply direct.
Yes, guarantor loans are for bad credit applicants who need the help of a guarantor to get the loan they require. Guarantor lenders are more willing to accept poor credit customers with the extra security of a guarantor in place. A suitable guarantor may be a family member or close friend.
At Lending Expert we will search our panel of guarantor lenders to find you a loan at the best rate. However we are unable to guarantee that your application will be accepted by a lender.
Lending Expert is able to provide you with an instant quote following an eligibility check. However an application with a suitable lender may take a few days to finalise and for funds to be released to your bank account.
Yes, depending on how quickly you are able to complete the application it may be possible to get a guarantor loan with a sameday payout with some lenders.
Guarantor loans available from direct lenders. Check your eligibility and apply online for a loan in the UK here on Lending Expert.
Compare guarantor mortgages with Lending Expert. Apply & get expert help and advice from our brokers.
These lenders provide loans for bad credit applicants with no guarantor. Apply online with Lending Expert.
