The fact you are looking at a guarantor loan, probably means you have bad credit. It may or may not have been your fault, it could have happened many years ago or more recently, maybe a missed payment on a credit card or catalogue that you forgot to pay. None of this matters with a guarantor loan, as long as the situation you are in now is financially stable and you can comfortably afford the repayments. This also applies to your guarantor, who also needs a reasonable to excellent credit history. The guarantor can be a tenant or a homeowner. The rate you will be offered will depend on the above factors as the better credit history the guarantor has then the less risk to the lender, which results in a lower payment being offered and vise-versa.

You can fill in our 1 minute application form here to receive your personalised quote tailored to your circumstances. You will then be emailed with instructions on what to do next should you wish to proceed. All quotes are tailored to each applicant and can be as low as 29.9% for the best cases, our representative apr is 48.6% variable.

Guarantor loans rely on you have a Guarantor with a reasonable to excellent credit rating. A guarantor is needed should the worse happen and you are unable to make your monthly repayments, your guarantor will be asked to step in and take over the repayments for you. This rarely happens and the lender will try and find a solution with you personally before contacting your guarantor. The guarantor is the security for the loan, which is enabling you to be lent up to £10k which otherwise you would be turned down by other sources.

Guarantor loans are different than most other sources of finance, as they don't use a computer to automatically reject you due to your credit score. Each case is looked at by an underwriter in detail before a decision is made, once you pass the affordability test and you have entered you and your guarantors details. This gives a greater chance of success as the underwriter looks at your current circumstances and ability to repay, rather than something that may have happened in the past.

If you have a good credit history then you should probably look elsewhere loans with lower APR that reflects your credit rating better.