At LoansWithGuarantor, we specialise in Guarantor Loans; an unsecured personal loan for those who have a bad credit rating.
What is a Guarantor Loan?
A Guarantor Loan is an unsecured loan where a friend, relative or colleague guarantees you will repay your loan. The person who guarantees this will be the guarantor, and they will co-sign the loan agreement. Should you default on your payments then the guarantor will be required to make the repayments on your behalf.
Who is a Guarantor Loan for?
Guarantor Loans are an ideal personal loan solution for anyone wanting to borrow between Â£250 – Â£12,000 over a repayment period between 12 – 60 months.
Although Guarantor Loans are popular for people with a bad credit rating, they are also great for those who simply want support for their loan repayment. Guarantor Loans are also preferable over payday loans as the interest rate we offer is lower and much more affordable in comparison.
To be eligible for a Guarantor Loan you must be aged 18 or above, be currently employed earning a minimum of Â£500 per month and live within the UK. You must not be currently in an IVA or have been declared bankrupt in the past.
Also, you must have a phone and email address so we can contact you, and a debit card so you can make the repayments.
There are no credit rating requirements for the applicant, however the guarantor must have a good credit rating.
What are the Guarantorâs obligations?
The guarantor will co-sign the loan agreement, which means their obligations are simply to make the repayments should you be unable to. We will contact both you and the guarantor to go over all the terms and conditions of the loan.
Just like you, to be an eligible guarantor, they must be UK residents, earning a minimum of Â£500 per month and not be in an IVA or be declared bankrupt. However, the minimum age of a guarantor is 25-years-old.
The guarantor must have a good credit rating.
What are the advantages of Guarantor Loans?
Guarantor Loans are a great way to rebuild your credit rating as the loan will be in the applicants name, and not that of the guarantor. Therefore, once you gave completed the repayments, your credit rating will be improved as LoansWithGuarantor will provide feedback to credit rating agencies, stating that you have successfully repaid an unsecured loan. This will be advantageous to obtaining an unsecured loan in the future. It isnât uncommon for people to take a Guarantor Loan with the purpose of improving their credit rating.
How can LoansWithGuarantor help?
At LoansWithGuarantor, we pride ourselves on providing hassle-free Guarantor Loans at a competitive APR. Simply fill out the application form or call one of our friendly advisors to see how much you can borrow today.