Guarantor Loans.

Apply now and get an instant decision for loans up to £15,000. Compare lenders that have accepted your application.

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Representative 49.9% APR. Representative Example: Borrowing £1,000 over 12 months, repaying £103.06 per month, total repayable £1,236.72. Interest rate 49.9% (variable).

Guarantor loan FAQs

If you have bad credit and are considering borrowing money using an unsecured loan, then a guarantor loan is likely to be your cheapest option. Here’s answers to the most common questions we’ve received.

Why should I use Choose Wisely to get a guarantor loan?

Choose Wisely has 1000’s of customer reviews and in-depth information on all UK guarantor loans. If you’re looking for a guarantor loan this page is for you.

Can I apply for a guarantor loan?

Each lender’s acceptance criteria will be different but you’ll need a suitable guarantor and..

  • Be Over 18
  • Not currently on an Individual Voluntary Arrangement
  • Have a bank account
  • Not be bankrupt

Am I guaranteed to be accepted?

There will be affordability checks to keep you safe and make sure you can afford your monthly payments. However, the main factor in whether or not you’ll be accepted will be the quality of your guarantor. If you have a suitable guarantor that trusts that you can pay back your loan on time then it’s likely the lender will to.

Who can be my guarantor?

This will vary from lender to lender but general rule of thumb is that they will need to have an excellent credit history, be over 18 (in some cases 21) and be to cover your monthly repayments if you can’t.

Will a guarantor loan impact my credit rating?

Yes, applying for a guarantor loan will impact your credit rating. That’s why it’s so important to compare your options and choose wisely so you make the right choice first time.

How much can I borrow with a guarantor loan?

Again this depends on the lender and what they can offer you. Typically, guarantor loan amounts stretch from £500 to £10,000.

How much will my loan cost me?

Interest rates charged will vary between lenders. The majority of guarantor lenders offer between £500 and £15,000. If approved representative APRs range from around 39.9% to 49.9% APR.

At first glance, those numbers may seem high, but when you consider that the guarantor lenders won't discriminate against you based on:

  • CCJs
  • Defaults
  • Late payments
  • Missed payments
  • Credit score

...Guarantor loans are actually some of the lowest rates that you’ll find on the bad credit loans market.

How long will I have to repay my guarantor loan?

Your loan term will depend on your individual agreement. Typically guarantor loans are repaid over terms of 12 to 36 months. Some lenders will lend over 5 years.

The golden rules of guarantor loans

  • Do not apply if you’re not 100% sure you can afford to repay it
  • Compare your options before you apply to get the best deal
  • Make sure your guarantor fully understands what they’re committing to before you apply for your guarantor loan