Low APR Guarantor Loans
- Rates start at 19.9%APR
- Representative 39.9% APR
- Apply for £1000 – £20000
- Non-Homeowner Guarantors
- Get 3-4 offers in 60 seconds
- No Fees§ or Obligation
Cheap Guarantor Loans
A guarantor loan is likely to be a cheaper way to borrow than other forms of unsecured loan if you have a poor credit rating. Being able to offer a guarantor tells the lender that people trust you. And with this support from friends or family comes lower borrowing rates.
Rates Lower than other Bad Credit Loans
Most standard bad credit personal loans over £1,000 have representative APRs in the region of 70%. Providing a guarantor for your loan can reduce the representative APR to between 40% and 50% (varies by lender).
The precise APR you will get depends on a number of things:
- The loan amount
- Whether your guarantor is a homeowner or a non-homeowner
- The duration of your loan
- The lender
Rates can be as low as 19.9%. This would be for a large loan where both you and your guarantor are homeowners.
What Could Your Loan Cost?
This table shows an approximation of the monthly repayments that would be due based on the representative APR%, the loan value and the loan repayment period.
|Approx Monthly Repayments at |
Representative 39.9% APR*
|Example Loan Value:|
As with all loans you can reduce the total cost of borrowing by repaying your loan as quickly as you can – though this may make your repayments larger in the short term. You need to balance the total cost of borrowing against your monthly household budget and what you can afford to repay.
£1,000 to £15,000 Loans – over 12 to 84 months
The Representative APR for this type of loan provided by our panel of lenders is 39.9%. In simple terms, this means that in at least 51% of the cases the borrower gets this interest rate or lower.
This APR is lower than most other lenders who specialise in providing unsecured credit to those with imperfect credit because of the presence of the loan guarantor.
Keep in mind that each of our lenders offers different rates, and some offer lower rates for larger loan amounts. Rates may also be lower if your guarantor is a homeowner rather than a non-homeowner. Our cheapest guarantor loan rate is 19.9% APR.
So, it always makes sense to get personalised quotations from the lenders – in which case complete our online enquiry form. We can tell you instantly which lenders will lend in principle and their representative APR%. On average you should expect to receive 3-4 loan offers that you can compare.
Guarantor Loans Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of guides may help you. We summarise each type of loan and their pros and cons, and address issues regarding debt and credit ratings.
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