Bad Credit Guarantor Loans

Yes 😃

Guarantor 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 for a loan today.

Our lenders look at your current situation, the credit you can afford and your guarantors’ status, not your credit history (see ‘Do you accept people who are bankrupt or in an IVA’ below).

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.

Same day is possible 💨

Many of our lender's payout 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 no guarantor bad credit loans which can often be approved and completed quicker.

Not currently 😔

None of our lenders currently accept applicants who are insolvent, whether that be bankrupt, in an IVA (Individual Voluntary Arrangement) or Trust Deed (Scotland).

For help see Stepchange.org’s articles:

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

Plus www.moneyadviceservice.org.uk

Cost, amount and loan term.

Cost– guarantor loans are typically cheaper than other bad credit loans, with rates from 29% to 54.9% APR compared to 135% up to 1,575%.

For same amount and term due to lower interest rates, costs are typically cheaper.

Larger amountstypically available:

Longer terms typically available:

There are many reasons why people need money from our lenders 💸

• Debt consolidation
• Car finance
• Home improvement
• Emergency expenses
• Travel
• Plus, much more
• Loan reason should not affect your application*

So 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 take out the minimum you need.

* 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.

No 👍 *

When you fill out our 3-minute application form for lender quotes, this does not affect your credit score in any way. All our lenders do a ‘soft search’ which does not affect your credit file.

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

* You need to be mindful not to apply to multiple lenders as this could affect your credit score.

Typically not as everything is done online 💻 

For quotes, fill out our 3-minute online form, which returns in seconds the lenders who have accepted your application (in principle) – all online.

When you’ve selected your preferred loan, our lender's online systems allow you to complete your application.

In a few select cases, the lender may need to speak to you or your guarantor to clarify something regarding your application.

Typically, however, most applicants do not need to speak to anyone.

Cost depends on your circumstances.

For rough loan cost estimates see our loan calculator. Also, see our lender's cheapest loans on our Low APR Loans page.

For accurate lender quotes follow these 3-steps:

1. Fill out our 3-minute form
2. Automatically reviewed by up to 27 lenders (no effect on your credit history)
3. In seconds you’ll receive actual loan quotes

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

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 up to 27 lenders and quotes are returned in seconds, saving you lots of time.

Yes 📝

Currently, our lenders will only accept guarantors who have a good to marginally imperfect credit rating. It’s because they are looking for people who can make the payment if you are unable.

If you have someone willing to be your guarantor but think they may have a poor credit history, they should check their credit score via a multi-agency provider such as Check My File.

Not sure if they will qualify of not:

• Fill out our 3-minute form
• This will get automatically reviewed by up to 27 lenders (no effect on your credit history)
• In seconds you’ll receive loan quotes
• Contact the lenders to see if they will accept your guarantor

Yes 🙂

Whilst we are called guarantorloansuk.net, we also have no guarantor loans, where a guarantor is not required.

Whilst slightly more expensive, they do provide an opportunity for credit. To find out what non-guarantor options there are for you:

• Fill out our 3-minute form
• This will get automatically reviewed by our non-guarantor lenders (no effect on your credit history)
• In seconds you will receive actual loan quotes

Possibly?

Typically, if you take out a loan and repay in full with zero defaults, this should help to improve your credit score.

For more information see the moneyadviceservice.org.uk article: How to improve your credit score.

The following is the typical criteria that you’ll need to meet 👌

• 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 Loan 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.