Founded in 2010, UK Credit (UKcredit.co.uk) is one of the UK’s top lenders of guarantor loans. The lender provides loans to a wide range of customers, including people with a bad credit rating who might not be able to find personal loans from other banks or lenders. UK Credit specializes in guarantor loans, which allow the borrower to have a family member or friend sign the loan agreement confirming that, should the borrower be unable to meet repayments, the guarantor will take legal responsibility for the loan. This allows Credit UK to take a chance on lending money to otherwise risky clients.
Credit UK’s guarantor loans are flexible, so you can choose that amount you want to borrow and the length of the repayment term. Loans are available from £1,000 to £7,500, and can be repaid over one to five years.
Credit UK offers two different types of loans- the Homeowner Guarantor Loan and Tenant Guarantor Loan. Those who have a guarantor who currently owns property can access a range of perks from Credit UK, including access to a higher borrowing amount and a more competitive interest rate. The Tenant Guarantor Loan gives customers who’s guarantor doesn’t currently own property the chance to take out a loan, but the amount available is capped at £3,000 and the interest rate is higher.
Customers can also make overpayments and early repayments on their guarantor loan from UK Credit at no extra cost, which can help shorten the overall term of the loan and the amount of interest accrued. The interest rate on the loan will vary depending on a range of factors, including your financial circumstances and the amount you need to borrow, and the rate is fixed for the entire term of the loan.
Customers looking to apply for a guarantor loan from UK Credit can do so online, selecting the amount of money they need to borrow and the amount of time they want to repay over. They can then fill in the online application form and UK Credit will get in touch within an hour to confirm or deny the application. Once all of the necessary paperwork is in and the guarantor has been contacted, the loan can be sent out on the same day.
