All Loans

Amigo Guarantor Loan

Loan amount
£3000
Representative APR
49.9% APR
Loan term
3 Years
Monthly repayments
£146.37

Amigo's flexible guarantor loans are around a 30th of the APR of a payday loan and are regularly featured by price comparison sites as one of the cheapest options for anyone borrowing £500-£10,000 with a low credit score, even if you are not a homeowner. Your loan can be for any responsible purpose, ranging from a car to home improvements, and anything in between.

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Buddy Loans Guarantor Loan

Loan amount
£3,000
Representative APR
49.9% APR
Loan Duration
3 Years
Monthly repayments
£146.37

Buddy Loan is where you can get a personal loan between £1,000 to £7,500, and pay it back over a time period you can afford. You can pay your loan back in 12 months or up to 60 months! It's lending the old fashioned way of trust and knowing someone can and will repay a loan, not based on your credit history or if you own property.

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UK Credit Tenant Guarantor Loan

Loan amount
£3,000
Representative APR
39.9% APR
Loan Duration
3 Years
Monthly repayments
£134.10

With a tenant guarantor or non homeowner guarantor product, you will be able to apply for a guarantor loan of up to £6,000. Tenant guarantor loans can be both affordable and flexible – not only can you take advantage of rates from 59.9% (depending on the amount you borrow), but you can also choose to repay your loan over a 12 – 60 month period. Of course, as a responsible lender they will always make sure that you can afford the loan you need.

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Guarantor My Loan Homeowner Loan

Loan amount
£3,000
Representative APR
48.9% APR
Loan Duration
3 Years
Monthly repayments
£145.17

Apply online with Guarantor My Loan and you can borrow from £1,000 to £10,000 over 1-5 years, repayable in fixed installments. You should ensure you can afford your payments, so that your guarantor doesn’t need to step in.

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What is a guarantor loan? 

Even if you have a poor credit history, getting a loan isn't completely out of the question. One of the possible options is a guarantor loan. 

The concept is similar to an unsecured loan where you will be responsible for making the repayments, however, a second person will act as a guarantor to reassure the lender that they will make the payments on your behalf if you fall behind. As a result, this type of loan is a three-way agreement between yourself, the lender and the guarantor. 

This type of arrangement provides added security to the lender, making them more likely to give you a loan, despite your bad credit history. 

Your guarantor can be anybody over 18 (in some cases over 21) with a good credit rating, in full-time employment, and who is not financially linked to you. They must be prepared to take on full responsibility to pay back the loan if you are unable to. As it’s such a big financial responsibility, it will often be a family member who will be prepared to act as guarantor. Unfortunately, your spouse is not able to take on this role because their financial circumstances are directly tied to yours. 

Having a guarantor reduces the risk to lenders, and for that reason, guarantor loans tend to be aimed at borrowers with a bad credit rating, or who are borrowing money for the first time.

FAQs about guarantor loans

Why might I need a guarantor loan?

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How much could I borrow with a guarantor loan?

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Who can be my guarantor?

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Can I get a guarantor loan if I have a bad credit history?

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What do I need to apply for a guarantor loan?

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Do I have to be a homeowner to get a guarantor loan?

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Whose bank account will the money be transferred into?

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What will happen if I can’t pay back the loan?

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Can I cancel my loan?

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