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.
Borrow up to £10,000 within 24 hours with a guarantor
If a limited credit record is holding you back from the money you need, a guarantor loan can be a great option – allowing you to borrow money while building your credit score.
Amigo loans will not judge you based on your credit score
Loans of £500-£10,000 over 1-5 years
Loans normally paid out within 24hrs of the guarantor being accepted
Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.
Warning: late repayments can cause you serious money problems. See our debt help guides.
Compare guarantor loans
Table: sorted alphabetically, promoted deals first
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.
Borrow £500 to £16,000 over 12 to 60 months. Choose a loan and term amount to suit you.
Unsecured loans. Your loan is not secured against an asset (such as your car or home).
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.
Tenant guarantors accepted. Talk Loans will accept guarantors who do not own their own home as long as they have a good credit history. However, the interest rate on these loans will be considerably higher. With a tenant guarantor, the maximum loan amount is £10,000.
Early repayment option. You can make ad-hoc payments or clear your balance at any time, which could save you money in interest.
Low credit scores considered. You could be approved for a Talk Loans guarantor loan even if you have a low credit score, previous CCJs or have a previously declared bankruptcy.
No fee. Talk Loans will not charge you a fee. However, you should always check the terms and conditions of the lender you are borrowing the money from.
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
This will vary between lenders and depend on whether the information on your application form matches their electronic searches. It’s therefore very important to be completely honest on your application.
Talk Loans checks both you and your guarantor’s applications against the lenders’ criteria and will only show you those that are willing to lend to you. To help you decide, your results page will show you some key features of each provider such as interest rate (APR), maximum loan amount and the likelihood of the lender paying out your loan. Talk Loans only recommends lenders from its panel, rather than checking with every lender out there.
This will depend on the lender’s requirements, but it’s possible to prove who you are, where you live, your income and outgoings etc electronically through credit reference agencies.
All lenders will make sure the loan repayments are affordable for both you and your guarantor. How they do that will vary between lenders but you should be prepared to explain your income and outgoings to an underwriter.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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