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% APR
Borrow £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.
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?
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
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.
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).
Before looking for a loan it's always worth getting a copy of your latest credit file 📋CHECK MY 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!
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