Non Homeowner Guarantor Loans
- Non-Homeowners & Tenants
- Borrowers & Guarantors
- Borrow up to £15,000
- Multiple Lender Options
- No Homeownership
- Same day payout OK
Guarantor Loans for Tenants
With guarantor loans, you and/or your guarantor can be non-homeowners. So tenants and those still living with family or friends are welcome to apply for a loan.
Guarantor Loans were designed for non-homeowners and people with bad credit. So if you do not own your own home, and maybe even have a guarantor who does not own theirs, then there still could be loan options for you.
Non-Homeowner Guarantor Loans – £1,000 to £15,000
Unlike homeowner loans, a guarantor loan is not secured against a property and therefore you may be able to borrow money without being a homeowner and even if you have a poor credit file.
And your guarantor doesn’t need to own their home either, although if they do you may be able to borrow up to £20,000.
Living with Parents, with Family or with Friends?
Being a non-homeowner might make you think you have to be a tenant of a rented property, but this isn’t the case. The term can cover a multitude of options.
Rather than renting a place on your own, you could be living with people you know such as your family, your parents or with good friends. And your guarantor could be in a similar position.
Does my Guarantor need to be a Homeowner?
If the loan is less than £15,000, then NO your guarantor does not need to be a homeowner
If the guarantor loan you are taking out is £15,000 or less then your guarantor does not need to be a homeowner – being a tenant or living with friends or family is fine. As long as they have proof of income and have a clean credit file then they are potentially eligible to be your guarantor.
If the loan is greater than £15,000, then YES your guarantor does need to be a homeowner
We now have lenders who will offer up to £20,000 unsecured if you have a guarantor. But for loans in the range of £15,000 to £20,000 your guarantor will need to be a homeowner.
How Does A Guarantor Loan Work?
A Guarantor Loan needs you to have a friend, family member or work colleague who will guarantee your loan repayments. So it doesn’t matter if you have a poor credit history or do not own a property. As long as your Guarantor has a reasonably good credit history then you should be able to borrow the money you need.
These days you can borrow large amounts even if your guarantor doesn’t own their home – but they will need to have a good credit history. Find out more about who can be a guarantor.
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.
“A very good site. I am really happy with this site, especially the educational part. Thanks again.”Mr. F.B. from Liverpool WRITE A REVIEW
“Great service!”Ms. M.E. from Burnley WRITE A REVIEW
“A very useful and easy to read website.”Mr. J.J. from Macclesfield WRITE A REVIEW
“I would like to thank you for your swift response…I was delighted with the service that I received from yourselves.”Mrs. A.C. from Chichester WRITE A REVIEW