Bad Credit Loans

Benefits of a guarantor loan when you have a bad credit score

• Cost-effective (29% - 54.9%) - typically the most cost-effective with rates from 29% to 54.9% compared to 365% to 1,317% to other poor credit loans.
• Borrow more (£1,000 to £15,000)- you can often borrow more, from £1,000 to £15,000, compared to £100 to £2,000 for others.
• Affordable repayments - as you can spread loan repayments for up to 5 years compared to 1 – 2 years for other types of loans, the repayments can be affordable.

If you cannot get a guarantor there are options for you, bad credit loans that do not need a guarantor 👍

AN UNSECURED LOAN

• Competitive rates typically from 26.9% to 89.9% (depending on your personal circumstances)
• Borrow from £1,000 to £5,000
• Loan terms from 12 to 60 months

A SHORT-TERM HIGH-COST LOAN (installment or payday)

• Rates from 529% to 1,314% (typically)
• Smaller amounts from £100 to £2,000
• Repay in a few weeks to 12 months

Possibly 👍

We have over 35 UK lenders who specialise in helping people with a poor credit rating

• Low credit scores, no credit score, CCJ, and defaults are all typically OK
• You will need an income and the loan must be affordable to you
• We have multiple lenders who will accept applicants who have a poor credit history
• You must be solvent

Other standard criteria include

• Between 18 and 75 years old
• A permanent UK resident and address
• Having a UK bank account and debit card

Also, see What’s the guarantor loan criteria?

All lenders do check your credit file when you make an application with them, but not to view your credit score 👍

• They check your file to make sure you are not currently bankrupt, in an IVA (or insolvent).
• They also check your file to verify your ID.
• Unlike banks, they generally do not just base their lending decisions on your credit file, but also look at whether the loan is affordable to you, and in the case of a guarantor loan, the credit score of your guarantor.
• Whilst they do not judge you based on your credit score; they will review your financial commitments to confirm the loan is affordable to you would not put you in financial difficulty.
• If you are applying for a guarantor loan then your guarantor will also get credit checked, for more information see

Also see: Do guarantors get credit checked?

Either apply directly to several individual lenders or get multiple quotes in 3-minutes via us 😀

We work with over 35-lenders covering most of the UK 'bad credit' market, so people who apply via us typically find

• Great acceptance rates *
• Lower interest rates *

We do the hard work so finding a poor credit loan is easy

Fill out our 2-minute form and in seconds you'll have a list of quotes from lenders who've pre-approved your application

• no impact on your credit score
• free
• no obligation

* Typically when you search more lenders, you are more likely to get accepted, more likely to find a better deal, and find finance better suited to your circumstances and requirements when compared to reviewing only a few lenders. However, this cannot be guaranteed.

Cost, amount, and term 👍

• Cost– guarantor are typically cheaper than other bad credit loans, with rates from 29% to 54.9% APR compared to 135% up to 1,575%.
• Larger amounts and longer terms:

No 🙂

If you go directly to the lenders you are charged the same rates as via our website.

You save time using guarantorloansuk.net 🕒

Your single form is automatically reviewed by over 35-lenders and quotes are returned in seconds, saving you lots of time.

Same day is possible 🏃💨

• Many of our lender's pay-out on the same day of the application, see here.
• Guarantors need to get their information to the lender in good time, which many people find a struggle.
• So, if you need money fast and cannot wait, many of our clients prefer the no guarantor option which can often be approved and completed quicker.

Our lenders do small to large loans, the most popular size being £1,000.

• So, whether you are after £500, £1,000, £2,000, £3,000, £5,000, £10,000 or £15,000 we have you covered 👍

The most popular reasons people need money are

• Debt consolidation
• Car finance
• Emergency expenses
• Home improvements
• Travel
• Plus, much more

The reason should not affect your application – though all the lenders on our panel operate responsible lending policies, so if they believe your reason for a loan is illegal or immoral, they will reserve the right to refuse your application.

How you spend the money is up to you, though please remember it does need to be paid back, so it's prudent to only borrow the minimum you need.

Typically, family members or friends make good guarantors 👨‍👩‍👧

• Step 1: find out the requirements for 'being a guarantor'
• Step 2: armed with that information, ask the people you know who meet the criteria.

YES

Whilst we're called guarantorloansuk.net, we also have no guarantor options where a guarantor is not required 👍

To find out the options for you:

• Form - fill out our 3-minute form
• Multiple lenders - this will get automatically reviewed by our non-guarantor lenders
• Quotes - in seconds you will receive actual loan quotes

Whilst slightly more expensive, they provide an opportunity for credit.

This depends on your circumstances.

• For estimates - see our loan calculator
• List of lenders - see our Low APR page

3-steps to multiple lender quotes

1. Fill out application - 3-minute online form
2. Automatically reviewed - by over 35-lenders
3. Receive quotes - in seconds

Using our website is free to use as we are paid by the lenders, for more information see How we earn revenue.

Most of the process is done online 💻

• Get quotes - by filling out our 3-minute online form, which returns in seconds the lenders who've accepted your application (in principle) – all online.
• Choose loan - when you have selected your preferred loan, our lender's online systems allow you to complete your application.
• Guarantor loans - typically, there will be some telephone commination with the lenders with both you and your guarantor.
• Payday and installment loans - many of these have a fully online process where you do not have to speak to anyone.
• Larger unsecured loans - there will normally also be some telephone commination with the lender.

The typical criteria that you’ll need to meet

• If you are getting a guarantor loan, you need a guarantor
• 18 to 70 years old at the time of the application
• The monthly repayments need to be affordable for you
• You cannot be insolvent (in an IVA/bankrupt)
• UK resident
• UK bank account with a debit card

For further details see our FAQ What is the Guarantor Eligibility Criteria?

The following is the typical criteria that your guarantor will need to meet 👌

• 18 to 75 years old
• Clean to marginally imperfect credit history
• A regular income and the loan must be affordable to them if you default
• UK resident
• UK bank account with a debit card

 For further details see our Guide to Being a Loan Guarantor.

Not currently 😔

None of our lenders currently accept applicants who are insolvent

• Bankrupt
• IVA (Individual Voluntary Arrangement) or Trust Deed (Scotland)
• Debt management plan (DMP)

For help see Stepchange.org’s articles

• Debt & Borrowing After Bankruptcy
• Borrowing & Loans on an IVA

Plus moneyadviceservice.org.uk

Yes 😃

• Our lender's loans were designed to help people with missed payments and CCJs.
• Just because of past financial issues, this does not mean you should pay over the odds today.
• Our lenders look at your current situation, the repayments you can afford, and in the case of a guarantor loan, their status.

Not for getting quotes on this site

• When you fill out our 3-minute application form for lender quotes, this does not affect your credit score
• Our lenders only do a ‘soft search’ at this stage.

Yes, when you apply with a lender *

• When you’ve decided to apply for a loan
• Your selected lender will undertake a full credit search on you (to make sure you’re not bankrupt, etc)
• Any if applicable your guarantor.

* Be mindful not to apply to multiple lenders as this could affect your credit score.

Possibly 😀

• If you make your monthly repayments on time, this will show on your credit report.
• Over time this will start to show that you are a lower lending risk and your score should improve.
• Especially when you pay back the loan in full.

For detailed information on how to improve your credit score, see our Guide to Re-building your Credit Rating.

Yes 📝

Currently, our lenders will only accept guarantors who have a good to marginally imperfect credit rating.

• Make payments if you're unable - it’s because they are looking for people who can make the payment if you are unable.
• Check their credit file - if you have someone willing to be your guarantor but think they may have a poor credit history, they should check a multi-agency provider such as Check My File.

Not sure if they will qualify or not

• Form - fill out our 3-minute form
• Reviewed by lenders - this will get automatically reviewed by over 35-lenders
• Quotes - in seconds you’ll receive quotes
• Contact the lenders - see if they will accept your guarantor

You can try checkmyfile free for 30 days, then for just £14.99 a month after, which you can cancel online at any time.