Use our Guarantor My Loan loan calculator to evaluate how much you'd pay back on a fixed-rate, unsecured Guarantor My Loan personal loan as a new or existing customer. Loan amounts between £2,000 and £12,500 with rates starting from 49.9%.
Launched in Norwich in 2014, Guarantor My Loan aims to help borrowers who feel let down by banks and other traditional lenders which won’t lend to them because of a blemished or non-existent credit record.
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Our calculator lets you pick how much you want to borrow over a time frame that suits you, so you can estimate how much you would pay back each month and pay back overall. We base our calculations on Guarantor My Loan’s representative APR, but it’s important to note that your circumstances can affect the rate you’re offered. As you’ll see, the rates are relatively high, which is sadly the norm for guarantor products.
Table: sorted by representative APR, promoted deals first
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do loans from Guarantor My Loan compare against the competition?
See today's rates from across the personal loan market.
The Guarantormyloan Guarantor Loan charges 49.9%APR representative on loans between £2,000 and £12,500. Guarantor My Loan offers the unsecured personal loan with repayment terms between 1year and 5years, and applicants can apply to borrow from £2,000 to £12,500.
Loan type
Fixed
Loan amounts
£2,000 to £12,500
Loan terms
1 year to 5 years
Loan rate type
fixed
Fee
0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Repayment methods
Direct debit,Continuous payment authorisation
APR and Representative APR explained
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what Guarantor My Loan gives to at least 51% of those who take out the loan. The other 49% could pay more. Guarantor My Loan must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
Guarantor My Loan advertises a representative APR of 49.9% on loans between £2,000 and £12,500 on the Guarantormyloan Guarantor Loan.
What is a guarantor loan?
A guarantor loan requires a friend or relative of the borrower to agree that they will pay back the loan should the borrower struggle to meet the repayments.
Although guarantor loans generally come with higher interest rates than traditional personal loans from mainstream banks, if you have bad credit, then applying with a guarantor could help you to access better rates than you might alone. This is all down to the level of risk that a lender believes it is taking on.
What is peer-to-peer lending?
Peer-to-peer (P2P) platforms match investors looking for competitive rates of return with borrowers looking for cheaper loans. Peer-to-peer loans cut out the institutional middle man and the overheads of physical branches, allowing borrowers and lenders to interact and perform transactions directly.
While traditional lenders may rely more heavily on your credit score and other credentials to decide whether you are eligible for a loan, some P2P loan companies give lenders a chance to decide case by case whether they will lend their money.
Guarantor My Loan key loan features
Low rate… high fee. Guarantor My Loan charges a hefty service fee which is bundled in with your loan. It’s a percentage of your loan, so the more you borrow the greater your fee. Always check the total amount repayable before agreeing to your loan and bear in mind that while paying back your loan early may save you money in interest, the full fee may still be payable, so you might not save as much as you’d thought.
An “unsecured” loan. Your loan is not secured against an asset such as your car or home (or that of your guarantor), though you may find it easier to get approved if your guarantor is a homeowner.
Backed by your guarantor. Your loan will need to be guaranteed by a friend or relative who will commit to stepping in should you fail to repay your loan.
Cashback incentive. Unusually, if you make your first 12 repayments in full and on time, your guarantor can claim cashback equivalent to one month’s repayment.
Low credit scores considered. Guarantor My Loan says it will consider your application even if you have a low credit score, but your guarantor needs a good credit score.
Late payment fee. If you fail to make a payment on time, you’ll be charged a one-off fee. You’ll also incur additional interest and damage your credit record.
Am I eligible for a Guarantor My Loan guarantor loan?
Borrower eligibility
To apply for a Guarantor My Loan guarantor loan, you must:
Be aged over 18
Live in the UK
Have a valid bank account
Be able to comfortably afford to meet the repayments
Have a friend or relative willing to be your guarantor
Guarantor eligibility
Your guarantor must:
Be aged between 21 and 75
Have a valid bank account
Be able to take over your repayments if needed
Know you well and trust you
Have a good credit history
Be a UK homeowner or tenant (homeowners are more likely to be accepted)
How can I apply?
If you think that a Guarantor My Loan guarantor loan is the best option for you, both you and your guarantor will need to fill out an online application form. Guarantor My Loan states that you should receive a reply within 60 minutes (in office hours) of your completed application forms being received.
While applications for traditional personal loans might simply be put through an algorithm to get a “Yay” or “Nay”, with a guarantor loan, the lender (or in this case, the platform) will want to speak with both you and your guarantor over the phone to make sure it has all the correct details and to ask supporting questions. Guarantor My Loan will want to make sure that your guarantor understands the terms of the loan and can afford to repay the loan if required.
Once approved, the money will be sent to your guarantor’s bank account on the same day.
Guarantor My Loan also asks for your Internet banking login details. While this is not unheard of, it is becoming rarer. It will use visibility of your transactions to assess affordability but won’t have the ability to change any of your banking details or set up standing orders/direct debits.
You will usually make your repayments via direct debit. If a payment is not received, Guarantor My Loan will contact you to understand the reason behind the failed payment. If it cannot contact you, it may exercise its right to use a continuous payment authority (CPA) to collect the money from your bank account. It will only use your guarantor as a last resort.
What is a continuous payment authority (CPA)?
A CPA is a type of regular automatic payment from your bank account, allowing a lender to take payments of differing amounts on a date (or dates) of its choosing.
GuarantorMyLoan customer reviews
GuarantorMyLoan has received positive reviews from customers, according to review site Trustpilot. It currently has a rating of 4.9 out of 5, based on more than 700 reviews (updated March 2023). Customers highlighted the simple and straightforward loan process and helpful service.
Frequently asked questions
Yes, you can pay your loan off in part or in full at any time. Although there are no additional charges and you may save money in interest, don’t forget that there is a hefty fee that may still need to be paid in full.
This enables Guarantor My Loan to view up to 90 days of your bank account history, which helps to inform its decision on whether or not to lend to you. It will only lend an amount that you can comfortably afford to pay back, so it will use your bank statements to assess your income and outgoings each month. It is only permitted read-only access to your current account and cannot make any changes.
Yes, Guarantor My Loan works with credit reference agencies to review your creditworthiness.
If this happens, Guarantor My Loan will contact you to find out what has happened and try to reach a solution with you. As a last resort, it will contact your guarantor to request that they make the repayment on your behalf.
Guarantor My Loan is only ever granted read-only access to your bank details, so it’s only able to view your account and cannot change any details or set up standing orders.
Once you have completed your application, which takes a few minutes, Guarantor My Loan should get back to you within one hour during office hours to conduct background checks. On the same day, a decision on your application will be reached and, if successful, your money paid out.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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