Borrow £100 to £25,000*
- Bad Credit Accepted
- Fast Payout
- No Fees
- Secure Application
Short Term Guarantor Loans
£100 – £1,000
Rates from 278% to 1576% APR*
3-12 month repayment
Personal Guarantor Loans
£1,000 – £25,000
Whole of Market panel
Trusted panel of lenders
Rates from 5.7% to 278% APR*
3-36 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 238.1% pa (variable). Representative 481.6% APR.
Why should you opt for Guarantor Loans?
- Comparing guarantor loans is a simple way to find the cheapest loans available.
- Using a comparison service like UL4U makes the loan process quick and easy.
- Even if you have bad credit, you can find high acceptance direct lenders easily.
Many individuals have felt the results the credit crisis has had on their finances. Individuals are getting it harder to come across a bank that is ready to help them because of their tough new lending rules. For individuals who have bad credit or individuals who have never borrowed money before, a loan can seem elusive.
If you have never borrowed money before and need to take a loan through a bank, it could be hard for them to help, this is because it is not simple for them to know if you would be a good credit risk and if it safe for them to lend you money. There is a possibility available that can help you to set up a credit score and that can be done with a guarantor loan compare.
Guarantor loans are becoming famous for people who need their first loan or have adverse credit status. Obtaining a guarantor loan is very simple; all that the applicant needs to do is find someone with a good credit history to act as a guarantor for the loan. Normally the borrower would ask a family member or a close relative to do this but anyone can help.
When hoping to get a guarantor loan, people think that because they are unsecured loans for people with a bad credit history that the interest rates are going to be a lot greater than other unsecured loans. This is not necessarily true because the loan is assessed on the guarantor’s good credit history, not the borrowers. If the borrower defaults on the loan, the guarantor’s possessions should be safe because it is an unsecured loan.
Borrow anything from £100 to £25,000 today.
Quick online application takes minutes.
Best Guarantor Loans
Poor credit history often prevents you from getting a loan from banks or lenders. In addition, some lenders get an opportunity to offer you a loan with exorbitant interests and fees. Moreover, it is can be a reason to draw more debt. Therefore, it is important to look for a way to get the funds to solve your money problems from a lender who can customise a deal for you despite having bad credit. A guarantor loan is the most suitable option to obtain money from a loan provider. A guarantor loan lets you solve your financial conundrum through loan deals with reasonable rates since there will be another individual involved in the loan agreement to act as a guarantor. Guarantor loans are unsecured forms of personal loans. If you are worried to apply to a loan for the reason of your poor credit history then you can find any friend, family member or any person as your guarantor to apply for this loan. You will be able to borrow a larger amount of money compared to other loan products. It also benefits you as a borrower since you can improve or grow your credit score. It is a well-suited choice for bad creditors and for the individuals, who do not have any collateral to get a loan.
You will find plenty of lenders offering guarantor loans their website or online portal. It lets you review and compare various lenders’ interest rates. It is not difficult to find an online lender who can meet your needs. If you are happy with their rates and services, you should not hesitate to apply for a loan. Of course, you must ensure that you meet the online lender’s qualifying criteria. The minimum requirements are usually the following: a borrower must at least be 18 years old and own a personal account from any bank. Most lenders will request for proof of your affordability so that they can be sure you are able to pay back the loan at the specified schedule.
You must be careful when choosing a guarantor since loan providers will also verify the guarantor’s credit history and score. They will normally examine the borrower and the guarantor’s bank information, bank statements as well as proof of identification. Since a guarantor loan is considered an unsecured type of loan, the lender takes the risk by lending you money. Anyone can be a guarantor – it can be a friend or anyone who can take responsibility for loan repayments in case you cannot. He or she must have a good credit history and at least 21 years old.
Guarantor loans usually apply higher interest rates although the rates will still vary from lender to lender. It is possible to take out funds in the range of £500 to £ 5000 with a repayment schedule for five years with an APR of 50%.
If you have been rejected by banks and traditional lenders because of your poor credit score, you should seriously consider taking out a guarantor loan. It makes you stand for paying your repays on time. Moreover, it demonstrates your integrity while gaining a recovered credit rating.
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More FAQs on Guarantor Loan Comparison
Can I compare guarantor loans before accepting any?
Of course you can! There are several lenders in operation these days and as a result, some of them may offer better interest rates and repayment terms than others. As a result, you should be able to shop around to an extent when applying for a loan.
Will accredited lenders contact me?
Most certainly! When filling in your loan application form and submitting it, you will only be contact by lenders who are fully accredited and reputable. This will ensure that you won’t be charged an illegally high interest rate on your repayments.
Can I contact my lender directly?
Yes! After you’ve submitted your application form and had one or more lenders get in touch with you, they will provide you with details in case you have any queries or concerns regarding your loan or its repayment.
Can my loan consolidate debt?
Absolutely! If you have been fortunate enough to obtain a loan that is sufficient to repay one or more of your smaller outstanding debts, you will be allowed to use your loan for this purpose. This could make your budget a little easier to manage each month.
Can I pay for car repairs with my loan?
Of course you can. Many vehicle owners simply don’t have the extra cash on hand to cover any emergency car repairs that may need to be done from time to time. Payday loan funds can be used for this purpose so that you can still get to and from work each day.