Am i eligible for a guarantor loan?
Both of you must be UK residents and over 18 years old.
Free from bankruptcy.
Guarantor has good credit or are homeowners.
CCJ’s and Defaults can be accepted.
What can i spend my guarantor loan on?
However you want. A guarantor loan is essentially a personal loan, the difference is, if you are unable to make your repayments then the lender will take the money from your chosen guarantor. We have a number of guarantor loans where you can borrow up to £10,000 to spend on whatever you want. Most loans are paid out within 48 hours so you could have the money available to spend in no time.
Bad credit guarantor loans
Bad credit guarantor loans are where you choose somebody to make repayments on your loan if you are not able to. If you have bad credit, then a guarantor loan may be a good option for you. A guarantor provides a safety net for both you and the lender. So if you find yourself struggling to make a payment, your guarantor is able to help, ensuring the lender still receives their owed amount.
Our guarantor loan products
Two of our preferred lenders for guarantor loans are Amigo loans and George Banco. To apply for a loan is fast and easy, just click the apply button and fill out the form and you could receive your money the same day!
Get a guarantor loan through Amigo Loans
Get a guarantor loan through George Banco
Who can be your guarantor?
Friends, partners, family members and house mates can be used as your guarantor. If you already share financial commitments with your guarantor, you will want to ensure that taking out your guarantor loan won’t put you under financial strain. To be in with the best chance of getting accepted, your guarantor should be a homeowner. Should you not be able to get a guarantor who owns a house, they must have very good credit.
What happens if you (the borrower) misses your payments?
What happens if your guarantor can’t pay?
Before your guarantor loan is accepted an affordability check will be carried out on your guarantor. Should the borrower become bankrupt, stop paying, enter into an IVA, or pass away, then the guarantor will be solely responsible for the loan. That is why it’s so important for your chosen guarantor to have good credit.