Borrow £100 to £25,000*

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  • Bad Credit Accepted
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Short Term Guarantor Loans

£100 – £1,000


N Online decision
N Responsible lenders
N Rates from 278% to 1576% APR*
N 3-12 month repayment

Personal Guarantor Loans

£1,000 – £25,000


N Whole of Market panel
N Trusted panel of lenders
N Rates from 5.7% to 278% APR*
N 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.

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Things to Consider for Non-Homeowner Loans in the UK

Key Features

  • You don’t have to be a homeowner to take out a guarantor loan nowadays.
  • There are numerous UK direct lenders available to help with your lending needs.
  • If you have a bad credit score you may still be eligible for a guarantor loan.

Tenant guarantor loans have been around for a comparatively short amount of time but are very much useful to those who may not have close friends and family who own their home. A huge amount of individuals rent their properties, whether that’s through the council, a housing scheme or a private landlord. Renting is so commonplace now, that some clients were striving to find guarantors for their loans. This meant that – for those without a decent credit history – their options for borrowing became very limited, often pushing them towards high payday or logbook loans.


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The best guarantor loans can be seen as those which give the customer plenty of choice when it comes to who their guarantor can be and how much they can potentially borrow. Lenders who are open to tenant guarantors are able to make funds available to more people, allowing them to:

  1. Borrow the amount they need
  2. Build up their credit history with manageable monthly instalments
  3. Stop people from turning to more expensive, shorter term credit which may cause a ‘debt spiral’.

When used and dealt with properly, guarantor loans can be an excellent way for borrowers to establish their reliability, often meaning that they don’t need a guarantor in order to borrow the amount they want at an acceptable rate the next time they require credit.


What are Non-Homeowner Guarantor Loans?

A guarantor loans non homeowner UK is simply a loan that you can take out even if you or your guarantor does not own a property. Some kinds of loans from high street lenders look for a property to be used as collateral. These loans can are called ‘secured loans’ because they are secured against a property. In opposition, guarantor loans are available to non-homeowners. Therefore, they are classified as ‘unsecured loans‘ because the loan is not secured against a property.

Guarantor loans offer credit to people who have a bad credit history, or those who have not built up an adequate credit history to meet the requirements of mainstream lenders such as banks or building societies. The loan involves the applicant to have a second person acting as a guarantor, who will become responsible for the loan repayments if the applicant misses a payment. Guarantors can be anyone you know– a work colleague, family member, spouse, partner or friend.


Guarantor loans – Points to bear in mind

Guarantor loans can extend credit if you’ve been rejected by traditional lenders, due to a poor credit rating, or no credit history. You may find you are able to borrow more through a guarantor loan than loans offered by other lenders.

Guarantor loans typically last between one and five years, offering borrowing amounts from £1,000 to £5,000.

When choosing a guarantor, consider that lenders may require guarantors to be over 21 and with a decent credit history.

Guarantors typically need to be UK homeowners. However, there are some lenders in the UK who will happily accept non homeowners as guarantors.

Guarantor loans are not secured loans – by agreeing to become your guarantor, that person is not securing the loan against their property. Your guarantor will be subject to credit checks similar to the loan applicant – they will need to provide their bank details, statements and proof of identification.

The interest rate on the loan will be acted upon by the applicant’s credit eligibility, not the guarantor, and the level of interest can vary depending on which lender you apply to.

Your guarantor will become responsible for the loan if you miss any repayments – it is a serious financial involvement, and not one to be taken lightly. A guarantor should be aware of their potential responsibilities before they agree to fulfil the role.
If you fail to make on your loan repayments, the guarantor will become liable for monies owed – and they will also pursue you for the remainder of the loan repayments and any interest accrued. If repayments are frequently missed, the lender could take both you and your guarantor to court to retrieve the outstanding payments.
Missing loan repayments for a guarantor loan will have adverse consequences for not only your credit rating but also the rating of your guarantor.

Guarantor loans can be a means obtaining credit if you have struggled to attain a traditional loan from a bank – but like any loan, you need to be confident you can meet the repayments to avoid negative consequences for you and your guarantor. Ensure you and your guarantor understands the conditions of the loan when considering if a guarantor loan is right for you.


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More Homeowner Guarantor Loan FAQs


Who can apply for homeowner guarantor loans?

You will need to be a homeowner if you’re applying for this type of loan and your guarantor will usually also need to own property of their own. Different lenders may have varying criteria for this type of loan though, so you will need to enquire.

Must I provide upfront collateral?

In many situations, you will not have to provide any form of collateral when applying for payday loans. If a lending institution ever requires collateral, they will inform you at the time of applying for your loan.

How fast will I get cash?

After you have applied for your loan and one or more lenders are satisfied with the information you’ve provided to them, they will approve it and have the funds in your account in as little as 15 minutes in some cases. Loans for larger amounts of money may sometimes take longer to process, but your lender will provide further information about this.

What interest will be charged?

Each lender has their own unique rate of interest that they will levy on your payday loan. However, some factors that can affect the rate being charged to you include the amount of money you need and the length of time you need to repay it in full.

Can I repay my loan early?

There may be cases where an individual comes into a little extra cash, and this can be used to repay homeowner guarantor loans before the originally specified due date. You will need to inform your lender ahead of time if you intend making early repayment though.