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Your actual APR will depend on: your loan amount, the lender you choose, if your guarantor owns their home, etc.
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Borrow £3,000 for 36 months. Representative 39.9% APR fixed. Monthly payment £144.16. Annual interest rate 34.05% fixed. Interest payable £2189.76. Total repayable £5,189.76.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
A guarantor loan is a personal loan where someone guarantees to make a borrower's repayments if the borrower cannot. For example parents, siblings or a close friend could act as a guarantor. Most often a person would use one if they have credit problems and have been turned down for finance by other lenders.
These are the main benefits you can expect:
There are many options to get an unsecured loan - from banks, building societies and other lenders. But if you’ve missed many repayments when you borrowed before, or if you’ve never taken out a financial product (i.e. you haven't developed a credit history), you might struggle to get one.
You may be rejected, no matter how many lenders you apply to, and even if you’re successful, you might only be able to get a loan that’s painfully expensive.
However a guarantor loan may allow you to get an unsecured loan at a more reasonable interest rate (what lenders call the APR – the annual percentage rate). The lender will be able to offer you a lower APR because you provide a guarantor.
This guarantee reduces risk for a lender, and enables you to borrow at more affordable rates – and avoid potentially larger repayments down the line.
Still unsure? Check and explore other loan options on our main website.
First, think about how much you can repay each month that’s affordable for you. Then you need to look for a loan with the lowest total repayments. The interest cost of your loan is affected by four things:
Use our loan calculator to estimate your monthly repayments. Then you can better judge if your loan is affordable.
Your guarantor can be anyone who feels they know you well enough. For example your guarantor could be a family member or a close friend. Whoever you choose needs to:
Remember your guarantor may have to make repayments on your behalf so make sure they understand their responsibilities. Here's plenty of information about being a guarantor, and answers to questions your guarantor will probably ask you.
Why trudge from one lender website to the next when Solution Loans can find you the cheapest deals instantly? It’s simple to see why using our comparison service makes sense:
This video explains how a guarantor loan works. Here's more information about how to get a guarantor loan.
Written/Reviewed by: Marcel Le Gouais