What is a guarantor loan?
*Representative Example £3,000 over 3 years, representative 48.9% APR fixed. Monthly payment £145.17. The interest is 10% per annum fixed and service fee is 30.48% per annum fixed. Interest payable £549.95 and service fee payable £1,676.17. Total repayable £5,226.12
What is a Guarantor LoaN
These days, many ordinary people find it difficult to obtain a loan for the things they need in life – those unexpected costs that hit all of us from time to time.
Many are turned away by banks and other traditional lenders because their credit record is blemished, or non-existent. The alternatives – payday loans and the like - come with high interest rates and charges.
Happily, there is simple solution.
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A Guarantor Loan is a loan where you are someone who trusts you, normally a friend or family member, to act as a Guarantor for your Loan.
These loans have become more popular and more mainstream over the passed years as more people have moved away from expensive short term loans. The loans rely on a guarantor who normally has a good income and sometimes owns a property to support the loan application
When you apply you will be asked to add your guarantors details. Both you and your guarantor will go through affordability and credit checks to make sure that the loan is suitable for you. Once these are passed we will run through some checks over the phone with you and if successful the loan will be completed and the money transfered into the guarantors bank account.
The loans can be for anyone but typically they are for those looking from £1000 to £7500 and who may have had little or no credit previously or had some credit issues historically which are now resolved, but will mean they will not be eligible with their own bank.
If you have any additional questions about what it means to be a guarantor or about any aspect of a guarantor loan, please contact us on 01603 561110.
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GuarantorMy Loan is a Peer to Peer lending platform that matches those wanting to lend with those wanting to borrow. We specialise in arranging Guarantor Loans for customers and have been lending since August 2014.
You can visit our Lender FAQs to find out more about lending on our platform and how to become a lender. If you have any further questions please call us 01603 561110.
You can visit our Borrow FAQs (/borrower-faq) to find out more about borrowing on our platform and to start the application process visit our apply page. If you have any further questions please call us 01603 561110.
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