We can now offer smaller cash loans for anyone who needs a loan until payday. We have 6 direct lenders to choose from who offer short term loans for people with a bad credit past. Loans can be issused quickly or on the same day. The application process takes as little as 5 minutes and we can send you a decision on your loan within 2 hours.
Loans can be repaid within 30 days, or instalments of 3 and 6 months. There are flexible repayment options and no roll over interest fees or charges.
Loan rates start at 876% APR which is far lower than most of the other well known payday lenders such as Wonga and QuickQuid. There are no late payments fees and no set up fees. We do not charge an upfront fee and only take a commission from the lender when you successfully take out a loan.
There is a lot of confusion about what a tenant guarantor loan is. The term tenant or non homeowner refers to the loan guarantor status and not the main applicant. This is because most guarantor loan lenders and providers state that the guarantor must own their own home as part of the security requirements.
This means that the guarantor you wish to use must own their own home. They dont need to own it out right, having a mortgage on the property perfectly fine also. Lenders request this as it provides them with further security on their guarantor. However, there are 2 or 3 lenders who now accept tenants and non homeowners as guarantors also which means they rely more on the main applicant, and less of the guarantor. If your guarantor is a tenant then they must have a good to excellent credit rating, be in a full time job and earn above the lenders threshold requirements also. All the lenders require that both the applicant and the loan guarantor are over the age of 18.
Which lenders offer loans with tenant guarantors?
The main two lenders offering these types of loans are UKcredit and Trust Two loans. UKcredit loans have been around for quite some time, while Trust Two loans are new to the market place and also offer a tenant and non homeowner guarantor loan.
This is a question we get asked quite often following our Q&A sessions.
“I am looking to get a guarantor loan, however the person I wish to use is self employed, does this matter?”
The short answer is YES, your guarantor can be a self employed person or contractor. However, they must meet the mimimum income requirements, be able to show proof of their income via bank statements and company accounts (where applicable) and have a steady income that can be proven. It is important to note that each lender will have their own rules and requirements with who they accept as guarantors and come may be more picky than others. Most lenders require that your loan guarantor be a homeowner or someone with a very strong credit rating, however there are a few lenders who accept tenants and non homeowners as guarantors.
What other requirements do I need to get a guarantor loan?
Again this question very much depends on the lender you wish to choose. Some lenders put more ownership on the guarantor, and less on the main applicant. This means they will accept a main applicant who has a low credit score, but in this case will need a suitable guarantor with an excellent credit rating to back them up. This is also the case where the guarantor lender will accept a tenant as a guarantor, but they will look more closely at the main applicant and will accept less of a poor credit score. Therefore if you happen to be turned down for a loan or refused credit one a particular provider or lender then this isn’t to say that another lender will also.
Getting a loan decision
The guarantor loan provider should be able to give you a decision in principle following a detailed application, they will check your credit rating, score and profile and will also check the details and information of your guarantor also. If your loan application is successful they will then provide you with a loan offer which will highlight all the details, loan amount offered, rates of interest and terms and conditions. It is then very important at this stage to check and read all of this information to check it is accurate and meets your needs. Your loan guarantor will also need to check this and to ensure they are happy with it also.
Who can be a guarantor? If you have decided you wish to go ahead and apply for a guarantor loan then you need to ensure that you have a suitable guarantor in place. This person must fully understand the role of the guarantor and the responsibilities the role involves. In the event you were unable to pay back the loan or meet the repayments then your guarantor would be held responsible for meeting the repayments and paying back the whole loan amount plus the interest. It is very important that the person who agrees to this fully understands what they are agreeing to and this will be fully explained by the lender prior to issuing the loan.
Your loan guarantor will also sign and agree to all the terms and conditions of the loan. Most loan guarantors are family members and the most popular type are parents who guarantor a loan for their child, usually in the event that they have little credit history to show the lender or they have struggled with loan repayments in the past. Parents are also the most willing and responsible guarantors a lender can hope for.
Our aim is to provide our customers with the best loan rates on the market. If you have bad credit or CCJ’s, defaults or a past bankruptcy, then you will find that getting a guarantor loan the best option. Guarantor loans provide you with the best chances of being accepted for the loan you require. These types of loans are longer term loan and for amounts between £500 – £8000. They are a poor credit alternaive to the normal personal loan. The only downside or difficult part of these loans is that you will need to find a suitable guarantor who is willing to guarantor the loan for you. This may be a friend, family member or someone you know very well. They must be over the age of 18, be in full time employment and meet the lenders criteria and credit score requirements.