Guarantor My Loan
Guarantor Loans from £1,000 to £10,000
They have grown and developed into one of the more innovative and popular loan lenders in the market today. They’re proud of our pioneering peer-to-peer lending model, which benefits both lenders and borrowers who are looking for more affordable rates than they could maybe get elsewhere.
Early repayment with no charges
Peer-to-peer lending options available
1 month’s cashback available upon repayment of the loan
Must be a UK resident
Must be aged 21 or over
Cannot have a history of bankruptcy or any active IVAs, CCJs etc
Guarantor must be aged 21 or over
Guarantor must be able to demonstrate a good credit history
Maximum APR 48.9%
Arrangement fee: £30.48
Early repayment fee: £0
Late payment fee: £11.50
Top 3 loans by score, reviews and cost
Compilation of Guarantor My Loan's online reviews
3.7 out of 5 from 152 online reviews
Guarantor My Loans has over 150 reviews online, on Trustpilot with all of them appearing on Trustpilot:
- 152 reviews
- Excellent - 86%
- Great - 12%
- Average - 1%
- Poor - 1%
- Bad - 1%
We have compiled below a selection of these reviews, both good and bad.
Rob and aimee done all they could to helpJames Currie
Quick and efficientChristine
Excellent service very polite very quickJustin Tindale
Excellent companyFilipe Nunes
great company. personal advisor start to finishMelanie Casey
My verdict of Guarantor My Loan
By Jon Edward
Lender performance rating 61.4 out of 100
A reputable and well established lender, Guarantor My Loan offer an excellent level of service and an affordable APR.
As evidenced by their online reviews, their reputation is positive and they stand out from the crowd by offering peer to peer lender which allows a spouse to act as guarantor.
A slight word of caution relates to the fact that there are reports of above average times for the processing of applications which can be an issue should funds be needed quickly.
However, with no hidden fees or charges and the promise of one month’s instalment as a cashback option upon full and timely completion of repayments, Guarantor My Loan is a company well worth considering.
Guarantor My Loan’s loans range from £1,000 to £10,000, and their repayment periods are from one to five years. See our summary of some of their loans pros and cons:
- Very good rates (for the guarantor market) if you and your guarantor are both homeowners
- Your guarantor can be your husband or wife (one of only two lenders that allow this)
- Increasing number of positive reviews online
- Tenant guarantors are acceptable
- Annual service fees are charged
- You need a guarantor, and if you stop making your monthly payment, they will need to step in.
- Maximum age of 70 for both you and your guarantor
- You and your guarantor need to be over 21
- For financially linked applicants, you and your guarantor need to be able to afford the loan in your own right, with separate income and expenditure.
- For homeowner guarantors and applicants, there must be no mortgage arrears for last six months
- All applicants and guarantors must be UK Residents
- You will need a valid UK bank account
- You need to be solvent, so not in a DMP (debt management plan), IVA (Individual Voluntary Arrangement), Trust Deed (Scotland), or bankrupt
The following is representative example for a Guarantor My Loan
Representative Example - £3,000 over 36 months, representative 48.9% APR Fixed. Monthly Payment £145.17. The interest is 10% per annum fixed and service fee is 30.48% per annum fixed. Interest payable £549.95 and service fee payable is £1,676.17. Total repayable £5,226.12
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