Which guarantor loan
is best for you?

How much do you want to borrow?

£

For how long?

months

You would like to borrow £1,500 over 36 months

The table below has been updated, with the cheapest lending option at the top.  Please use the Visit Site buttons to apply, or re-enter loan information for another comparison.

Getting a personal loan has become significantly harder since the credit crunch. Banks have been told to become more cautious about those that they lend to. Even people who once had a good credit rating have found that they are being rejected by banks and building societies that would have once welcomed them with open arms. You shouldn’t give up hope if you’ve been denied a personal loan. There’s another financial product that is almost identical, but is available to those with bad credit ratings.

A guarantor loan works by having a friend or family member with a good credit history vouch for you. They agree to repay the loan if you’re unable to. This reduces the risk for the lender, allowing them to lend you up to £5000 for up to five years.

What are guarantor loans?

A guarantor loan is very similar to a personal loan, but requires you to find someone to agree to repay if you’re unable to. Interest rates are somewhat higher than mainstream personal loans, but they are often the cheapest option for those with bad credit. Guarantor loans are unsecured, but some lenders want to know that your guarantor is a home owner. Others will be happy to accept non-homeowner guarantors with excellent credit ratings.

Why would I choose a guarantor loan?

Guarantor loans are good for big purchases. Many people use them to purchase or repair a car or motorbike, allowing them to get to work or start a new job. If you’ve been offered a new job that requires a vehicle, it would be silly to turn it down because you currently don’t have a set of wheels. A guarantor loan enables you to purchase a car on credit in the knowledge that the income from your new job can cover the repayments.

Guarantor loans are often used for rental deposits. It’s a sad fact of life that when moving home you have to pay a new deposit before your old deposit is repaid. If you don’t have savings this can be difficult, and with rents on the rise, often a payday loan won’t be able to cover the required deposit. A guarantor loan can help, and is spread over a longer period ensuring that you don’t have to worry about getting your old deposit back in time.

There’s many other reasons why a guarantor loan would be appropriate. Perhaps your oven has broken down, and you need to purchase a replacement so you can keep cooking low cost meals. Or perhaps you might need to pay off a payday loan and want a more sensible option than rolling over.

Guarantor loan vs payday loan

Guarantor loans and Payday loans are very different financial products, but they both appeal to those with bad credit history. Guarantor loans are the best option if you think that a payday loan is too short, and you might miss the repayment. They’re also better for bigger purchases – why take out several payday loans to purchase a bigger item when you could take out a single guarantor loan with a significantly lower interest rate. The interest rates on guarantor loans are so low in comparison with payday loans that it can often be cheaper to take out a guarantor loan for a year than a payday loan for a month.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

ProviderLoanRepayment: £1,500
over 36 months
Representative APRTermUser Reviews
MinMaxMinMax
Consollo
£1,000
£7,500
£71.73
39.5%
12
Months
60
Months

Rated 4.6 / 5 by
by 57 users

Read Reviews

Representative Example:
Borrowing £2,000 over 24months, repaying £121.84 per month, total repayable £2,924.16. Interest rate 39.5%.

UK Credit
£1,000
£7,500
£72.08
39.9%
12
Months
36
Months

Rated 4.5 / 5 by
by 40 users

Read Reviews

Representative Example:
£4000 over 4 years, representative 39.9% APR fixed. Monthly payment £153.60. Annual interest rate 34.05% fixed. Interest payable £3372.80. Total repayable £7372.80.

TrustTwo Loans
£1,000
£7,500
£72.08
39.9%
12
Months
60
Months

Rated 4.5 / 5 by
by 38 users

Read Reviews

Representative Example:
Borrowing £5000 over 24 months. Repaying £289.96 per month. Total repayable £6959.04. Representative 39.9 % APR (Fixed). Interest rate per annum 34.0 % (Fixed)

UK Trust Loans
£500
£7,500
£73.18
41.16%
12
Months
60
Months

Rated 4.3 / 5 by
by 82 users

Read Reviews

Representative Example:
Borrow £500.00 over 12 months, Repaying £51.54 per month = Total Repayable £618.48, Interest Rate: 41.16% Fixed

Hero Loans
£1,000
£5,000
£76.52
44.9%
12
Months
60
Months

Rated 4.5 / 5 by
by 39 users

Read Reviews

Representative Example:
£4,000 over 3 years, representative APR 44.9% (variable). Monthly payment £187.04 Annual interest rate 37.67% variable. Interest payable £2,733.44. Total repayable £6,733.44.

Lendfair
£500
£5,000
£79.33
48%
6
Months
60
Months

Rated 4.5 / 5 by
by 44 users

Read Reviews

Representative Example:
Borrowing £500 over 60 months, repaying £19.32 per month, total repayable £1159.20. Interest rate 39.8%. APR 48% Fixed.

Guarantor My Loan
£1,000
£5,000
£80.16
48.9%
12
Months
60
Months

Rated 0.5 / 5 by
by 41 users

Read Reviews

Representative Example:
£3,000 over 3 years, representative 48.9% APR variable. Monthly payment £145.17. Annual interest rate 40.48% variable. Interest payable £2,226.12. Total repayable £5,226.12

TFS Loans
£1,000
£12,000
£80.16
48.9%
12
Months
72
Months

Rated 4.5 / 5 by
by 43 users

Read Reviews

Representative Example:
Borrow £5000 over 24 months, 24 monthly payments of £307.29, Total Repayable £7,374.96, 48.9% APR

SUCO
£1,000
£12,000
£80.16
48.9%
24
Months
84
Months

Rated 4.6 / 5 by
by 41 users

Read Reviews

Representative Example:
Borrow £5000 over 24 months, 24 monthly payments of £307.29, Total Repayable £7,374.96, 48.9% APR

First Choice Finance
£500
£12,000
£80.71
49.5%
12
Months
72
Months

Rated 4.5 / 5 by
by 41 users

Read Reviews

Representative Example:
£3,500 loan repayable over 36 months. 36 monthly payments of £170.41. Representative 49.5% APR. Total amount payable is £6,134.76.

Buddy Loans
£1,000
£7,500
£81.08
49.9%
12
Months
60
Months

Rated 4.5 / 5 by
by 46 users

Read Reviews

Representative Example:
Amount of credit: £2500 for 24 months. Interest (fixed at 41.16%). Interest: £1250.17 24 repayments of: £154.54. Representative 49.9% APR.

Amigo Loans
£500
£5,000
£81.08
49.9%
12
Months
60
Months

Rated 4.5 / 5 by
by 43 users

Read Reviews

Representative Example:
Borrowing £4000 over 36 months, repaying £195.16 per month, total repayable £7025.76. Interest rate 49.9 % (variable).

Whilst we make every effort to ensure that the information is up to date, you should always confirm the terms of the offer with the product provider.



5 most recent guarantor loan reviews

Review of Guarantor My Loan

My advice for what's it's worth,don't touch this Company with a barge pole.
I had an interview ( if you can call it that) with them.
I then sat in for 2 hrs to see what they do (or don't do)..
The criteria for a loan seemed to change,every 5 minutes..Not very professional and for a potential employee confusing and 'wide'.
The reason that I am posting this is because since I turned down the job- I have been bombarded with spam on my mobile phone.
Loans,credit card offers,car finance- YOU NAME IT!
No coincidence- as I use my phone for texting only somewhat surprising and can only be Guarantormyloan,that has passed my details over.
Mind you,Mr Udey also posts fake reviews,so I should have known better.
A really weird Company- Stay away.!!

Review posted by Redacted

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Consollo

thanks to Consollo and my good friend acting as the guarantor I can afford the airfare to New York to see my brother who is very ill. there is no other way I could get the money to make this very important journey and I wish I could say it was for happier reasons but it is not. But I will get to see my dear brother before he passes away and that is the most important thing for me. I am so grateful to Consollo and my guarantor for giving me this chance. thank you both for all the help and support for me at such a sad time.

Review posted by L.J. D'Costa, London

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Consollo

Thank you very much Consollo for approving this loan. My guarantor is happy with the terms of this loan as much as I am and I think that's important even if you are 100% certain they aren't going to have to step in and make the repayments for you. They need to know you are getting your loan from a responsible lender and aren't likely to get into any difficulties with the loan repayments. Consollo did a good job of reassuring me and my guarantor and I'd definitely use them again if I needed another loan. It may be a while before my credit score is good enough to get a regular loan so Consollo might be coming in handy again for me.

Review posted by Jeff Leith, Basildon

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Consollo

Out of all the guarantor loan companies my dad looked at he chose Consollo and I didn't question his choice because i just know he has a good brain for this sort of thing and thought this would be the best lender all round for this guarantor loan I needed. If I had taken my dad's advice sooner I might not be needing a guarantor loan at all but when you are young you think you know it all and I clearly didn't know enough to stop me getting my finances in a terrible state. I am in a good place now and earning a good salary so my dad was more than happy that I could afford this loan. Fortunately for me Consollo were happy as well so I've got my loan now and just wanted to say a big thank you to Consollo. My dad is the best and I think he already knows that but I'll be telling him again when I see him.

Review posted by Mandy P., Cricklewood

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Amigo Loans

My Amigo loans was made possible by a very good friend offering to act as guarantor for me. If I hadn't been lucky enough to find someone willing to do this for me it would have meant a bad credit loan for me which would have worked out so much more expensive for me. If you are taking out a guarantor loan you shouldn't lose sight of the fact that your guarantor is doing you a massive favour and probably saving you hundreds of pounds overall. So maybe a nice thank you gift would be in order. That's what I am planning for mine.

Review posted by Tina Eastman, Richmond

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money


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