GuarantorMyLoan scores 4.5 out of 5 based on 230 reviews on TrustPilot. This score puts GuarantorMyLoan slightly lower down the rating spectrum than the typical guarantor loan lender.
We've chosen to show the key differences against the "typical" or "average" guarantor lender:
GuarantorMyLoan's representative APR is 48.9%, but we have lenders who offer guarantor loans starting at 29.9%. As a broker with access to multiple lenders we may be able to find you loans like GuarantorMyLoan's at a lower rate. This calculator uses our representative APR is 39.9% to help you estimate monthly repayments.
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.
GuarantorMyLoan started in 2014. They are actually a peer-to-peer lender meaning that the money they lend to you is from individuals who lend it to them. But this different funding arrangement isn't something you need to be concerned about. They are now well established and garnering reasonably good reviews from existing borrowers.
Borrow £3,000 for 36 months. Representative 48.9% APR fixed. Monthly payment £145.17. Annual interest rate 40.48% fixed. Interest payable £2,226.12. Total repayable £5,226.12.
No, GuarantorMyLoan's interest rate is fixed for the duration of the loan, which can be up to five years. This is good to know because it means you can budget with confidence. Even if general interest rates rise you won't suffer from any increase in you monthly repayments.
The APR is fixed at 48.9% regardless of the amount you borrow or the length of time you borrow it for. GuarantorMyLoan's rate is a little higher than some other lenders. We work with some lenders who vary the APR so that it is higher for smaller amounts and lower for large amount. So, it could be that for smaller loan amounts (say £1,000 or £2,000) GuarantorMyLoans is a reasonable option. Conversely on larger loans (over £7,500) we could have lenders that offer a lower APR. The lowest APR from any of our lenders in 29.9% for loans over £10,000. If this is of interest then apply here.
Repayments are set up using a direct debit and paid on a monthly basis. As a backup a continuous payment authority (CPA) is set up that would be used if your direct debit failed. The amount you repay will be specified by GuarantorMyLoan before you sign any agreement. While you can estimate your repayments using our calculator the GuarantorMyLoan APR is 48.9% rather than our representative 39.9% so be careful when looking at affordability. If your monthly payment fails then Buddy will always get in touch to help resolve the problem.
As with debt of any kind the first thing to do, if you are beginning to struggle with payments, is to contact GuarantorMyLoan. They will work with you to work out a new payment solution that is affordable. You do need to keep in mind though that you have signed an agreement with GuarantorMyLoan. There is an £11.50 fee for each missed payment. If an alternative payment solution cannot be found or if they cannot contact you then they will contact your guarantor to help settle your account.
You will be credit checked before any documents are signed as GuarantorMyLoan need to know you are creditworthy. But once the agreement is signed and the borrower starts to make their monthly repayments you should hear nothing from them. However, if the borrower is struggling to make payments and then fails to keep in touch with GuarantorMyLoan or defaults then you will be needed to step in. If you fail to help bring the loan up to date then this will be recorded on your credit file too.
Yes, GuarantorMyLoan will allow you to pay off your outstanding balance without you incurring any fees. We presume that you may make overpayments on a similar basis even if this does not clear your entire balance. However, there is no explicit information about this on their website. So, if you should suddenly be able to pay off a chunk of your loan then that will save you further interest costs and reduce the overall cost of your loan. We'd always recommend doing this if you can afford it.
GuarantorMyLoan aim to payout your loan the same day your loan application is accepted. The time it takes for your loan acceptance will depend on what if any documentation is required and if your guarantor is accepted. Once your loan is approved the money is transferred to your guarantor's account who then passes it to you. Money is paid via your guarantor as part of anti-fraud processes.
Well, GuarantorMyLoan are not the only lender in town. In fact there are numerous UK guarantor lenders. While they are not yet part of our panel our free enquiry service can tell which of the many lenders we work with could lend to you in principle - and many of these other lenders can offer lower APRs and larger amounts than GuarantorMyLoan. If you want to apply specifically to them please apply direct, but if you'd rather maximise your chances of a guarantor loan then use our enquiry service - no fees, and exactly the same deals as going direct!
Typically you need to find someone who knows you well enough for them to trust you - this is form of "trust-based" lending. So with this in mind your ideal guarantor is likely to be: Parents, Brothers & Sisters - Aunts & Uncles - Sons & Daughters - Grandparents - Boyfriend or Girlfriend - Work Colleagues & Friends. Typically lenders like GuarantorMyLoan are not prepared to accept guarantors who are already financially linked to the borrower. For example if you have a spouse and own assets together (e.g. a house) or indeed have joint debts. Lenders may also reject guarantors if they have joint costs with you (e.g. you live together and share the payment of joint bills)..
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GuarantorMyLoan.co.uk is a trading style of Match the Cash Ltd, Acre House, 11-15 William Road, London, NW1 3ER. Company registration number 08667447.
Match the Cash Ltd is authorised and regulated by the Financial Conduct Authority with firm reference number 718844.
Match the Cash is registered with Information Commissioner, registration number ZA055459.
Written/Reviewed by: Marcel Le Gouais