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LendFair

LendFair guarantor loans review

LendFair offers fast, competitive and flexible guarantor loans so that more people can borrow the money they need for a range of purposes – home improvements, a new car or perhaps a wedding.

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By

Chris Lilly

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Based in the UK, LendFair is a direct lender offering loans that require a guarantor – that’s a friend or family member, who trusts you and who agrees to step in if you ever miss repayments.

LendFair prides itself on offering a fair deal on guarantor loans – with no hidden fees, and interest rebates for early repayment. For those who have been finding it difficult to borrow from other providers, LendFair specialises in loans for borrowers with a poor credit rating.

Late repayments can cause you serious money problems. See our debt help guides.

Key features of LendFair loans

LendFair offers two different loans: a flexible “Standard” loan or an “Advantage” loan, available at a lower rate to borrowers who meet a stricter set of eligibility criteria. Both these loans can be used for any responsible purpose – for instance making home improvements, consolidating existing debts, buying a car or just about any other large purchase.

  • Unsecured. Your loan is not secured on an asset (such as your car or home).
  • Fixed rate. With a fixed interest rate, you’ll know in advance exactly how much you’ll need to pay each month plus the total cost of the loan.
  • Guarantor. Your loan will need to be backed by a guarantor – a friend or relative who promises to step in if you miss repayments on your loan.
  • No fees. There are no set-up/arrangement fees for a LendFair loan.
  • Early repayment option. You can repay all or part of a LendFair loan early at any point, and you’ll only pay interest for the time you’ve had the loan.

LendFair loans also have the following product-specific features:

Standard Loan:
  • Borrow from £500 to £5,000. Loans are available up to £5,000, in increments of £100.
  • Borrow over 6 months to 5 years. Loans are available over a range of terms in increments of three months.
  • Minimum monthly repayment of £30. By setting a minimum monthly repayment amount LendFair blocks borrowers from applying for the smallest available amounts over the longest possible terms – for example £500 over 5 years.
  • No minimum income. If your income is solely from benefits you will not be eligible to apply.
Advantage Loan:
  • Loan amounts from £1,000 to £10,00. You can apply to borrow as much as you like up to £10,000, in increments of £500.
  • Borrow over 1 to 5 years. Loans are available over a range of terms in increments of six months.
  • Minimum payment of £40. By setting a minimum monthly repayment amount LendFair blocks borrowers from applying for the smallest available amounts over the longest possible terms – for example £1000 over 5 years.
  • Lower rate. The Advantage loan is available at a lower rate than the Standard loan, but you will need to meet specific eligibility criteria.

Am I eligible for a LendFair guarantor loan?

The following eligibility criteria apply to Standard loans:
  • You must be at least 18 years of age and not older than 75
  • You must be a UK resident
  • You must have a UK bank account
  • You must have an income or pension (not solely benefits), but there is no minimum income amount
  • You can have CCJs but must not be in a debt management programme
  • Your credit score will not be checked as part of the loan application
The following eligibility criteria apply to Advantage loans:
  • You must be between 21 and 73 years of age
  • You must be a UK resident
  • You must have a UK bank account
  • You must have a minimum net monthly income of at least £1,000
  • You must not have CCJs or be in a debt management programme
  • Your credit score may be checked as part of your loan application

Who can be my guarantor?

A guarantor for a LendFair loan should be someone who is willing and able to make the payments for you if things go wrong.

The following eligibility criteria apply to guarantors for Standard loans:
  • The guarantor must be between 20 and 75 years of age
  • They must be a UK resident and have a UK bank account
  • They must have an average or good credit score
  • They can be a homeowner or a tenant, but must have lived at their current address for at least one year.
The following eligibility criteria apply to guarantors for Advantage loans:
  • The guarantor must be between 25 and 73 years of age
  • They must be a UK resident and have a UK bank account
  • They must be a homeowner and have lived at their current address for at least five years
  • The guarantor cannot be your spouse or partner
  • They must have an excellent credit score.

How do I apply?

If you think that a LendFair loan is what you need, there are five straightforward steps to securing a loan online:

  1. Use the online loan calculator to work out how much you would like to borrow and the term of your loan.
  2. Answer five easy questions to determine whether you can take out an Advantage 29 or a Standard 47 loan.
  3. Complete the online application form and provide contact details for your guarantor.
  4. LendFair will then get in touch with your guarantor so that they can complete their part of the application.
  5. LendFair will ask you and your guarantor for some documents to prove your identity. LendFair aims to pay out all loans within four hours of final approval.
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