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Talk Loans acts as a broker rather than a direct lender (it doesn’t lend you money itself, but it could help you find a suitable lender). It specialises in guarantor loans – where applicants with limited or poor credit apply with a friend or relative who contractually agrees to pay back the loan in the event that the borrower doesn’t.
If you need a loan quickly, you’ll only need to fill out your details once, and could theoretically have the money deposited in your guarantor’s bank account on the same day. In reality, guarantor loans usually take longer, as there’s more admin involved for the lender.
With a friend or family member acting as your guarantor, you could apply to borrow up to £16,000 over 12 to 60 months. If you’ve had previous CCJs or bankruptcy, your application will still be considered.
Comparison of guarantor loans
What is a guarantor loan?
A guarantor loan is a type of unsecured loan that requires a co-signatory. This person might be a friend or relative. The guarantor agrees that they will pay back the loan should you struggle to meet the repayments.
Guarantor loans come with higher interest rates than your average loan from a high-street bank because they’re riskier for lenders, but they are a popular option for borrowers who might struggle to get approved for a loan on their own.
Key features of a Talk Loans guarantor loan at a glance.
Am I eligible for a Talk Loans guarantor loan?
To apply for a Talk Loans guarantor loan, you must:
- Be aged over 18.
- Live in the UK.
- Have a valid bank account.
- Have an income (most income types are accepted).
- Be able to comfortably afford to meet the repayments.
- Have a friend or relative willing to be your guarantor.
To be a guarantor on your loan, your friend or relative must:
- Be a homeowner, tenant, or live with parents or family members (interest rates are best with homeowner guarantors).
- Be employed, self-employed, retired on a pension or even on benefits.
- Have the ability to repay your loan if you are unable to.
- Be 21 to 75 years old.
- Have financial stability.
- Have a fair or better credit history.
- Know you well and trust you.
How can I apply?
If you think that a guarantor loan through Talk Loans is the best option for you, simply use the loans calculator on the website to work out your desired loan amount and term. Always ensure that you can comfortably afford to meet the monthly repayments.
You’ll then need to provide your personal details and some financial information.
Talk Loans will search its panel of approved lenders to find those who would be willing to lend to you. If you need a loan on the same day, you can filter out lenders who would take longer than this to deposit the money.
Most lenders will call both you and your guarantor to check your details and ensure that your guarantor understands the terms and conditions of the loan.
How do I pay back my loan?
As Talk Loans is a broker not a direct lender, the way you pay back your loan will depend on the lender who provides your loan. Most guarantor loan providers will take monthly repayments via direct debit. Usually, your guarantor is contacted only as a last resort.
Frequently asked questions
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