Looking for guarantor loans like Amigo loans? Then look no further. We can help people search for the loan that they need regardless of whether you have bad credit history or not.
Guarantor loans help people find the money that they need, when they need it, by using a reliable friend of family member to guarantee the payments (if you fail to pay).
We work as an introducer which means that we can search over 50+ lenders within milliseconds, by completing just ONE application form. With access to the UK’s largest panel of lenders, we can search lenders to help you find the funds that you need whether you have a guarantor or not.
To help you with your search for a guarantor loan, we have answered some of our commonly asked questions below.
Our customers frequently ask us;
Guarantor loans are designed to help people who have either a poor credit score or little to no credit history. They work by allowing you to borrow the money that you need, providing that someone is willing to be a guarantor for you if you don’t pay back the loan.
You are still the borrower which means that meeting the repayments on time and in full, can help rebuild your credit score increasing your chances of being approved for a loan without a guarantor in the future.
Who can be a guarantor for my loan?
Anyone can be your guarantor as long as they are happy to do so for you and providing that they have a good credit history.
Some lenders may also require the guarantor to be a homeowner as this provides an extra layer of security for the lender.
What happens if I don’t pay back my loan?
If you fail to repay the loan then this will be marked on your credit file, damaging your credit score further. The lender will also contact your guarantor for the payments.
If the repayments still aren’t met, then this will be marked against your guarantor’s credit history affecting their credit score. This can also lead to legal action being taken against you and your guarantor for the full payment.
If you are struggling with your repayments, you should always contact your lender before they are due to discuss your circumstances. The lenders will try their best to help you during difficult times.
What credit checks do guarantor loans do?
Guarantor lenders will conduct a credit check on you, this is more to ensure that you are financially stable enough to repay the loan. Either a full credit check or ‘quotation quote’ will also be carried out on your guarantor, to ensure that they are able to repay the loan for you if you fail to repay.
The loan won’t, however, show on your guarantor’s credit file, so their credit file won’t adversely be impacted providing that the repayments are met in full and on time.
If you have previously been rejected for a loan, then a guarantor loan may be the best option available to you. However, if you are struggling to find a guarantor, or simply don’t want to ask someone to do this for you, then there are other alternatives that you could consider;
Credit Builder credit cards – Credit builder cards are great for people who are struggling to be accepted for a loan. They are built for people with bad credit with the aim to help rebuild your credit score. The downside is, they usually start with a small credit limit, typically around £250. So, if you’re in need of access to larger sum, this may not help you in short term.
Doorstep loans – Doorstep loans are also designed for people with poorer credit histories. This is where a representative of the firm will come to your home to give you the loan and attend your address on a weekly basis at an agreed time to collect the payments. Again, these types of loans are usually lower amounts but can go up to £1,000.00.
Fast Loans no guarantor – Fast loans no guarantor are loans for people with good or bad credit histories. These are also known as instant loans, payday loans and short-term loans. The loans range from £100 to £5,000 but can be an expensive option for people with bad credit, as you may be charged a higher interest rate.
Guarantor loans can help you borrow a higher loan amount and at a cheaper interest rate to some of the alternatives listed above.
We’ve highlighted some key information about some of the UK’s leading guarantor lenders for illustrative purposes, showing the type of loans that we could help you find along with providing the different loan amounts offered and the representative APR’s.
With Amigo loan, you can borrow up to £25,000 repaying the loan between 1-5 years with a representative APR of 49.9%. Amigo loans were founded in 2005 with the aim to help people find a loan when they are rejected. They’ve helped over 300,000 people rebuild their credit reports which translate in their Trust Pilot score of EXCELLENT with a rating of 9.3 out of 10.
With George Banco loans you can borrow up to £15,000 repaying the loan between 1-5 years with a representative APR of 49.7%. George Banco was founded at a later date in the UK and began trading in 2013 as a guarantor lender but have since become one of the leading guarantor lenders in the UK. They are fully FCA registered and have a trustworthy Trust Pilot score of 9.5 out of 10.
George Banco positions themselves as a guarantor lender you can trust, and openly share their companies 10 Customer Commitments which is their business values and how they expect each customer to be treated.
With Bamboo loans, you can borrow up to £8,000 repaying the loan between 1-5 years with a representative APR of 49.7%. Bamboo loans is one of the latest guarantor lenders to dominate the guarantor lending space, as they started trading in 2015. Bamboo loans have a very impressive Trust Pilot score of 9.7 out of 10 and have won numerous business awards.
Bamboo loans also offer a non-guarantor loan option borrowing from £1,000 to £5,000 with a competitive representative APR rates from 26.9% to 89.9% and are also fully regulated by the FCA.
With buddy loans, you can borrow up to £10,000 repaying the loan between 1-5 years with a representative APR of 49.9%. Buddy loans were also founded in 2013 becoming one of the top guarantor lenders in the UK. They also have an impressive Trust Pilot score rating of 9.5 out of 10 and are fully regulated by the FCA.
Ready to apply? Simply head over to our application form page and we will search the panel of lenders to find you the best option available to your circumstances FREE OF CHARGE.