If you have a poor credit rating and need a larger loan from £500 – £12,000 on an unsecured personal loan basis then you may find that getting a guarantor loan is your best bet.
We have team up with Guarantormyloan to offer our customers a poor credit loan solution with much lower rates when compared with convential bad credit loan providers. As the name suggests, to get a guarantor loan you’ll need to have someone who is willing to be a guarantor on your behalf.
How much can you borrow?
We can lend amounts from £500 up to a maximum loan value of £12,000 over 12 months to 60 month terms (1-5 years). Rates start at as low as 45% APR and vary from applicant to applicant. Those who have a fair to good credit rating will get the lowest rates and those with more adverse credit will be charged a higher rate as you pose a higher risk to the lender.
Who can be your loan guarantor?
Anyone who is willing to co-sign your loan and act as a guarantor. They must be willing and able to repay the loan if you (the main borrower) failed to meet the repayments or pay back the full amount of the loan plus any outstanding interest, charges and fees that are due.
What are the advantages?
A guarantor loan increases your chance of successfully getting the loan you need and allows you to built up your credit rating in the process. Loans can be arranged quickly and funds issues by the lender within 24 – 78 hours once your loan application has been completed and fully accepted by the lender.
Borrow up to £5,000 over up to 5 years with a homeowner guarantor*
Representative 48.9% APR (variable)
*Representative Example £3,000 over 3 years, representative 48.9% APR variable. Monthly payment £145.17. Annual interest rate 40.48% variable. Interest payable £2,226.12. Total repayable £5,226.12