Guarantor Loans | Loans With a Guarantor @CreditRaters.com

Guarantor Loans

Use Credit Raters today to compare the UK’s leading guarantor loans.

Warning: Late repayment can cause serious money problems, for help and advice please go to moneyadviceservice.org.uk

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Loan Amount

£500 - £15000

Loan Term

12 - 60 Months

Interest

Variable

APR

49.7%

Guarantor Loan

Borrow £4,000 over 36 months. Monthly repayment of £194.78. Total repayable is £7012.08. Interest payable is £3012.08. Fixed APR of 49.7%. Interest rate of 41% per annum. Representative APR 49.7% (fixed).

Loan Amount

£500 - £10000

Loan Term

12 - 60 Months

Interest

36.9%

APR

43.8%

Guarantor Loan

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.

Loan Amount

£500 - £10000

Loan Term

12 - 60 Months

Interest

47.8%

APR

47.8%

Guarantor Loan

Representative Example: £3000 over 3 years, representative 47.8% APR Fixed. Monthly payment £143.84. Annual interest rate 39.7%. Interest payable £2178.24. Total payable £5178.24.

Loan Amount

£1000 - £10000

Loan Term

12 - 60 Months

Interest

33.3%

APR

39.9%

Guarantor Loan

Representative example: £4500 over 3 years, representative 38.9% APR fixed. Monthly payment £199.26. Annual interest rate 33.3% fixed. Interest payable £2673.36. Total repayable £7173.36.

Getting a loan in place if you’ve got bad credit can be a minefield and, whilst we deal with plenty of specialist bad credit lenders, there may be times when a guarantor is needed to secure your funds.

Let’s take a closer look at how guarantor loans work and what you can do to get a great deal today.

What Are Guarantor Loans?

Guarantor loans are a type of loan in which the applicants ability to repay is guaranteed by a third party. Designed for people with a poor credit history, they allow you to borrow funds that you wouldn’t normally be accepted for on the proviso that a friend, colleague or family member will step in to make payment should you be unable to.

Who Can Be My Guarantor?

Anyone can be your guarantor as long as they know you. This could be a friend, work colleague or family member but they’ll need to be aware what their responsibilities are should you be unable to pay.

The great news is that by keeping on top of your repayments, you’ll actually improve your own credit score rather than your guarantor’s meaning that you may improve your chances of accessing more traditional borrowing methods in the future.

How Do I Apply For Guarantor Loans?

Applying for guarantor loans is quick and easy although there are a couple of extra hoops to jump through when compared to more traditional personal loans.

First, you’ll need to find a guarantor who knows you will enough to vouch for your payments. Remember, they’ll be responsible if you can’t pay so pick someone who trusts you enough to keep up with your payment schedule.

Some guarantor loans lenders like to speak to the guarantor before authorising the loan so, whilst you may be accepted in principle, they won’t be able to sign off the funds until they’ve had either verbal or written confirmation from your guarantor.

Once that’s all done and signed off, funds will usually be transferred directly to your bank account within 24 hours and a copy of the agreement will be sent to both you and your guarantor.

So what are you waiting for? Register with CreditRaters.com today for a free, no obligation guarantor loans quotation and find out why so many people use us for their financial comparisons.