Guaranteed Loans for Bad Credit
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Are there guaranteed loans?
👍 Yes, there are bad credit loans with more relaxed credit checks which can offer better acceptance levels.
(compared to high street lenders)
👎 No, there are no guaranteed acceptance loans.
What about loans that are guaranteed by someone?
- A friend or family member (typically) becomes a guarantor, to guarantee the lender repayment of the loan.
- Typically, the most affordable type of poor credit loan (around 49.9% APR).
- Other loans such as payday, instalment, or doorstep can be expensive (up to 1,575% APR).
- The guarantor will need a good credit rating and regular income.
Representative 49.9% APRBorrow £3,250 over 36 months at a Representative Rate of 49.9% APR at an annual interest rate of 41.16% (fixed), you pay 36 instalments of £158.57. Total charge of credit is £2,464.57, total amount payable £5,714.67.
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Frequently Asked Questions
What bad credit loans have the highest acceptance rate?
For the loan types, we list typical acceptance rates
LOWER ACCEPTANCE > MORE AFFORDABLE
- Guarantor loans – typically 29% - 54.9% APR
AVERAGE ACCEPTANCE > AVERAGE COST
- Unsecured Loans – typically up to 89.9% APR
HIGH ACCEPTANCE > MOST EXPENSIVE
- Payday, Instalment & Doorstep - typically 135% - 1,575% APR
We’d suggest trying guarantor first to keep your loan costs to a minimum.
No impact on your credit score, no fees, no obligation
Can I get a guaranteed acceptance loan?
All loan approvals in the UK must be based on the status of the applicant (and if applicable, their guarantor).
- The FCA who regulates the UK finance industry prohibits companies from offering credit where it’s suggested that applications are in any way guaranteed.
- You cannot get a guaranteed approval loan.
- Beware any lender who says that they guarantee a successful application.
What does it mean to guarantee a loan?
When you guarantee a loan, you agree to make the repayments if the borrower defaults.
As a ‘loan guarantor’ you:
- Are legally liable for someone else’s loan.
- Need a good credit rating.
- Should be willing to support the loan application and take on the potential liability.
- Are typically a family member, or friend of the borrower.
When guaranteeing a loan, you can become fully liable for the debt (and get a damaged credit file if there are defaults); you should therefore make yourself fully aware of the implications.
See our Being a Loan Guarantor page.
How does a guarantor loan work?
Guarantor required - you need someone with a clean credit history to guarantee the loan application 🧑🤝🧑
Compared to other poor credit loans, typically:
- Better rates - they typically have better rates than other loans because the lender has the security of the guarantor.
- More affordable - often better rates than other loans with Representative APRs of 39.9% - 54.9% compared to 135% - 1,575%.
- Larger loan amounts - from £500 - £15,000 loans, many other loans often up to £2,000.
- Longer repayment periods - ranging from 6 - 60 months compared to up to 12 months for others (this helps to lower monthly repayments making them more affordable).
More affordable credit available to those with a poor credit history 👍
Am I guaranteed to get approved with a guarantor?
Lenders, unfortunately, do not consider
- Under 18 or over 75
- Zero income
- Non-UK resident
- No bank account or debit card
- Insolvent (undischarged bankrupt, IVA, trust deed)
- Where the loan is not affordable
- Poor credit history
- Who do not meet the other criteria listed above
For more information see page What’s the guarantor loan criteria?
How to find someone to be my guarantor?
Typically, these will be family members, friends or colleagues, someone close to the borrower 👪
- A suitable person will have a clean credit history, be a United Kingdom citizen, and be employed.
- The best way to find someone is to ask them.
For information see our guide on How to find a guarantor for a loan?
How to increase my chance of getting accepted?
Guarantor loans are a great option
- They make affordable loans more available to those with poor credit scores.
- But have lower acceptance rates because not everyone can find someone to guarantee their loan.
Increase your chance of getting accepted
What other bad credit loan options are there?
We summarise three alternative options below 👇
- A high-cost short-term small loan for a few weeks only, up to your next payday.
- Rates are typically very high up to about 1,500%, and because of this, they are relatively easy to get and have the most relaxed acceptance criteria.
- Amounts are typically below £1,000.
- See Are guarantor loans a payday loan alternative?
- High-cost short term unsecured personal loan.
- Rather than only being for a few weeks, there is a repayment plan (typically 2 to 12-months).
- Loans are typically up to £2,000.
- Acceptance criteria can be more relaxed, this is reflected in their cost, with rates with some lenders up to about 1,500% APR.
- There are better value instalment loans coming on the market all the time, but they are still a high-cost option.
- At 535% to 716% APR, doorstep loans are more affordable than the previous types.
- You will need to make weekly payments to an agent that visits your house, which some people do not like.
Can I get a loan without being credit checked?
All lenders undertake some form of credit check, to verify
- Your ID
- That you’re not insolvent (bankrupt or in an IVA)
A guarantor loan has a limited number of credit checks on the borrower, and our lenders accept people with loan defaults and CCJs (subject to affordability).
How do I find out my credit score?
Before looking for a loan it's always worth getting a copy of your latest credit file 📋
A good company to use as their credit report pulls in information from all the three major credit reference agencies - Experian, Equifax, and Call Credit
- You can try checkmyfile free for 30 days, then for just £14.99 a month after, which you can cancel online at any time.
Shows you your credit file and what you may need to do to fix it!
Why use this website?
We've been helping people get easy access to the very best loan deals since 2015
Easy access to all the best deals. One simple form to
(zero impact on your credit file)
This site is free for you to use - all loans cost the same as if you went to the lender directly.
(we’re paid by the lenders)
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