UKCredit Loans £2,000 - £15,000

UK Credit's online reviews from TrustPilot

Update: due to Corona Virus, UK Credit has paused lending to new customers, click Get Quotes to find the lenders who're still active.

Updated by Jon Edward at

Recent reviews for UK Credit

4.6 / 5 from 1,557 online reviews

UK Credit has received a good number of reviews on Trustpilot. In the last year their reviews are broken down as below:

  • Excellent: 84%
  • Great: 12%
  • Average: 2%
  • Poor: 1%
  • Bad: 2%

UK Credit is now one of the major players in the UK guarantor loans market.

They have a distinct product offering and will lend to those whose guarantors are both tenants and homeowners. They do stand out, as if your guarantor is a homeowner, then they have very competitive rates from as low as 37.9%. UK Credit have a very clear pricing structure and charge more or less depending on whether or not your guarantor is a homeowner. See their rates.

Homeowner Loans 2

Amount: £5,000 - £7,500

Term: 24 – 60 Months

Representative APR: 37.90%

Homeowner Loans 1

Amount: £1,000 - £5,000

Term: 12 – 36 Months

Representative APR: 39.90%

Tenant Loans

Amount: £1,000 - £4,000

Term: 12 – 48 Months

Representative APR: 54.90%

So as you can see, UK Credit so offer some of the best rates in the market, and with a large number of positive customer reviews, they certainly are a good company worth considering.

Loans from £2,000 - £15,000
Term 12 - 60 months
APR 39.9% representative
See representative example
Rating 68.7 / 100
Time to Apply 1 min 45 secs

Customer Reviews

4.6 out of 5 from 1,557 online reviews

Read Reviews

Loan Highlights

UKCredit accept tenant guarantors

You can get a quote on their website without it affecting your credit history

Once your loan has been paid out, you can manage your account online.

More features

Minimum Criteria

You need a guarantor with a good credit history to back your application

You need to be between 18 and 75 to apply

You need a bank account with debit card and direct dedit facility to apply

Fees

Maximum APR 69.9%

Arrangement fee: £0

Early repayment fee: Approx. 2 months interest

Late payment fee: £0

Frequently asked questions

1

What is the application process?

The process of applying for a loan with UK Credit is quick & simple 🏃💨

  • Choose the amount that you want to borrow and time you want it to pay it back over.
  • Fill in the online application form.
  • We'll then need to have a chat with both you and your guarantor.
  • You may be asked to send us some documentation for verification purposes (the quicker this happens, the faster the money gets paid out).
  • The funds are transferred directly to your guarantor.
  • It's our guarantor’s responsibility to transfer the money into your account.
2

How quickly can I get a loan?

They say "work as hard as we can to pay out loans as quickly as possible" 🙋

Time to get a loan depends on:

  • Speaking to you and your guarantor in good time.
  • Quickly receiving the requested information, such as proof of income, or proof of residency
  • If you applied during a bank holiday, a weekend or a particularly busy period.
3

Are there any up-front fees?

Absolutely not 👍

  • UK Credit does not charge you any upfront fees to apply for a loan, and zero fees will be added to the loan.
  • GuarantorLoansUK.net is free to use, and also charges zero fees.
4

Can I pay off the loan early?

Yes 🙂

  • To pay back the loan get in touch with UK Credit and they'll calculate the settlement figure.
  • Paying the loan back early could dramatically cut the amount that you could repay in the long-run.
  • If you settle the loan early an early settlement charge will be applied.

Pros and Cons

UK Credit offers loans from £2,000 up to £15,000, the following summarises the main features.

Pro's 👍

  • Tenant Guarantors accepted
  • Homeowner guarantors accepted which open you up to a better rate and larger loans up to £10,000
  • Do not insist that you set up a Direct Debit. Standing order, bank transfer and cheques are also accepted
  • Can make overpayments up to three times your monthly payment
  • Your partner can be your guarantor, though will need to be able to show that they can independently afford the repayments.
  • Your guarantor can be employed, self-employed or retired, so long as they have a suitable income
  • The loan is unsecured so neither your, nor your guarantor’s, home is at risk.
  • There are no fees to set up the loan

Con's 👎

  • Limit overpayments to up to three times your monthly payment
  • There is an settlement charge for paying off loans early
  • You will need a guarantor who would be able to make your monthly re-payments if you were no longer able
  • Best rate APR's only available to those whose guarantor is a homeowner

The basics ✍️

  • You can apply for a loan as long as you are between 16 and 65 years old
  • Your guarantor needs to be between 25 and 65 at the start of the loan
  • There is a cooling-off period, as with all loans, so if you or your guarantor change your mind within 14 days of taking out the loan, you can pay back the money and end the agreement.
  • When you apply there will be a ‘soft search’ done on your credit file which will not show up on your credit file.
  • Loan advance is paid to the guarantor, so the guarantor knows the loan has been paid out.
  • You and your guarantor need to be UK residents
  • Due to law differences, you and your guarantor must both either live in Scotland or not.
  • You must be solvent, and not in a debt management plan, IVA, Trust Deed (Scotland), or bankrupt

UK Credit provides a solid loan offering and we have found them to be responsive and professional; though we would always suggest looking at the other options on the market before making a final decision.

My Verdict

By Jon Edward

Rating - 68.7 / 100

UK Credit currently offers the most attractive Representative APR of all our lenders at 39.9%.

  • To get this rate your guarantor will need to be a homeowner.
  • As a comparison (based on Representative APR), if you get a £3,000 loan with UK Credit for 36 months the total sum re-payable is £4,827.60, this is £442.44 less than the same loan from Amigo**.
  • UK Credit also enjoys over 1,000 positive online reviews on Trustpilot, so are a lender to consider.

** Please note that these figures are based on Representative APR, the rates you are offered may differ depending upon your personal circumstances.

Apply to UK Credit Loans

Company Info

Companies House Info

  • Co Reg No 06929807
  • Website ukcredit.co.uk
  • Address Norfolk Tower, 25-27 Surrey Street, Norwich, Norfolk, England, NR1 3NX

FCA Registration

  • FCA Ref No 721556
  • Firm Name UK Credit Limited
  • Principal Place of Business Norfolk Tower, 25-27 Surrey Street, Norwich, Norfolk, England, NR1 3NX

Data Protection Info

  • ico Reg No Z2022318
  • Data Controller UK Credit Limited
  • Address St Crispins House, Duke Street, Norwich, NR3 1PD
  • Other Names None

UK Credit Representative Example

Borrowing £4,000 over 3 years. Representative 39.9% APR fixed. Monthly payment £178.80. Annual interest rate 34.05% fixed. Interest payable £2,436.80. Total repayable £6,436.80.