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  4. Are there payday guarantor loans?

Are there payday guarantor loans?


⇒ Payday loans are short-term loans from £100 – £1,000 for a few weeks up to your next payday


⇒ Guarantor loans are longer-term loans from £500 – £15,000 for 1 – 5 years

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👎 DISADVANTAGES OF PAYDAY LOANS

  • Cost – they can be expensive, with Representative APRs from 365% – 1,575%, compared to 39.9% to 59.9% for guarantor.
  • Lump-sum – at the end of the loan, which is only a few weeks, you’re required to pay back the loan in a lump sum, which can be difficult when money is tight.
  • Credit file – some credit providers do not like to see payday finance, if they see this, it may be a reason for refusing the application.

 

👍 ADVANTAGES OF GUARANTOR LOANS

  • Cost – they can be much more affordable with much lower interest rates and described above.
  • Affordable monthly repayments – as the loan is spread across 1 – 5 years, the lenders ensure the repayments are low and affordable for you.
  • Credit file – can be used to help rebuild your credit score, so help you towards getting more affordable credit in the future.

For more information see: Are guarantor loans a payday loan alternative?

 


 

😀 GUARANTOR LOANS CAN BE SUITABLE FOR

  • Bad credit rating – missed payments, defaults, CCJ’s? Our lenders can help.
  • Non-homeowners – we’ve loans for tenants and non-homeowners; you don’t need a home.
  • Same day payout – some lenders can pay-out the same day of the application.
  • Affordable payments – loans from 39.9% to 59.9% Representative APR compared to 365% to 1,575% for payday loans.
  • No Guarantor – we also have unsecured loans that do not need a guarantor

 


 

🚗 GUARANTOR LOANS TYPICALLY USED FOR

  • Debt consolidation – consolidating more expensive payday, and other similar loans into one smaller more affordable monthly repayment.
  • Emergencies – a more affordable way to cover those unexpected expenses that life can throw at you.
  • Car repairs or replacement – unsecured finance that’s not tied to the car in any way.

 


> Get Quotes for Guarantor & No-Guarantor Loans <

Free, fast, no-obligation, no mark on your credit file