GuarantorMyLoan

No, GuarantorMyLoan’s interest rate is fixed for the duration of the loan, which can be up to five years. This is good to know because it means you can budget with confidence. Even if general interest rates rise you won’t suffer from any increase in your monthly repayments.

The APR is fixed at 48.9% regardless of the amount you borrow or the length of time you borrow it for. GuarantorMyLoan’s rate is higher than many other lenders. We work with some lenders who vary the APR so that it is higher for smaller amounts and lower for larger amounts. So, it could be that for smaller loan amounts (say £1,000 or £2,000) GuarantorMyLoans is a reasonable option. Conversely, on larger loans (over £7,500) we could have lenders that offer a lower APR. The lowest APR from any of our lenders in 19.9% for loans of £20,000. If this is of interest then apply here.

Repayments are set up using a direct debit and paid on a monthly basis. As a backup a continuous payment authority (CPA) is set up that would be used if your direct debit failed. The amount you repay will be specified by GuarantorMyLoan before you sign any agreement. While you can estimate your repayments using our calculator the GuarantorMyLoan APR is 48.9% rather than our representative 39.9% so be careful when looking at affordability. If your monthly payment fails then Buddy will always get in touch to help resolve the problem.

As with debt of any kind the first thing to do, if you are beginning to struggle with payments, is to contact GuarantorMyLoan. They will work with you to work out a new payment solution that is affordable. You do need to keep in mind though that you have signed an agreement with GuarantorMyLoan. There is an £11.50 fee for each missed payment. If an alternative payment solution cannot be found or if they cannot contact you then they will contact your guarantor to help settle your account.

You will be credit checked before any documents are signed as GuarantorMyLoan need to know you are creditworthy. But once the agreement is signed and the borrower starts to make their monthly repayments you should hear nothing from them. However, if the borrower is struggling to make payments and then fails to keep in touch with GuarantorMyLoan or defaults then you will be needed to step in. If you fail to help bring the loan up to date then this will be recorded on your credit file too.

Yes, GuarantorMyLoan will allow you to pay off your outstanding balance without you incurring any fees. We presume that you may make overpayments on a similar basis even if this does not clear your entire balance. However, there is no explicit information about this on their website. So, if you should suddenly be able to pay off a chunk of your loan then that will save you further interest costs and reduce the overall cost of your loan. We’d always recommend doing this if you can afford it.

GuarantorMyLoan aims to payout your loan the same day your loan application is accepted. The time it takes for your loan acceptance will depend on what if any documentation is required and if your guarantor is accepted. Once your loan is approved the money is transferred to your guarantor’s account who then passes it to you. Money is paid via your guarantor as part of anti-fraud processes.

Well, GuarantorMyLoan are not the only lender in town. In fact there are numerous UK guarantor lenders. While they are not yet part of our panel our free enquiry service can tell which of the many lenders we work with could lend to you in principle – and many of these other lenders can offer lower APRs and larger amounts than GuarantorMyLoan. If you want to apply specifically to them please apply direct, but if you’d rather maximise your chances of a guarantor loan then use our enquiry service – no fees, and exactly the same deals as going direct!

Typically you need to find someone who knows you well enough for them to trust you – this is a form of “trust-based” lending. So with this in mind your ideal guarantor is likely to be: Parents, Brothers & Sisters – Aunts & Uncles – Sons & Daughters – Grandparents – Boyfriend or Girlfriend – Work Colleagues & Friends. Typically lenders like GuarantorMyLoan are not prepared to accept guarantors who are already financially linked to the borrower. For example, if you have a spouse and own assets together (e.g. a house) or indeed have joint debts. Lenders may also reject guarantors if they have joint costs with you (e.g. you live together and share the payment of joint bills).

GuarantorMyLoan also requires your guarantor be a homeowner. If your proposed guarantor doesn’t own their home then simply apply through us and specify this on the enquiry form. We’ll find you lenders who can accept non-homeowner guarantors.