UK Credit guarantor loans calculator and 2020 review

Access better rates that you might on your own, by applying for a UK Credit loan with a friend or relative acting as your guarantor.

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UK Credit

UK Credit is a direct lender (not a broker) serving people who may have struggled with finances before and find it hard to get a loan on the high street. To apply, both you and your guarantor must be homeowners, and your guarantor will need to have a good credit history.

Guarantor loans from UK Credit

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
UK Credit Limited Homeowner Guarantor Loan
View details
Representative example: Borrow £20,000.00 over 3 years at a rate of 19.9% p.a. (fixed). Representative APR 19.9% and total payable £26,133.12 in monthly repayments of £725.92.
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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.

What is a guarantor loan?

A guarantor loan has the extra security of a second person agreeing to pay any unpaid balance on the monthly repayments. This means that even people with a very low credit score could get access to a loan, and you could even improve your credit rating if they make all repayments on time.

Key features of a UK Credit loan

Loan type Unsecured Personal Loan
Loan amounts £5,000.00 to £20,000.00
Loan terms 3 Years to 7 Years
Loan rate type Fixed
Product fee 0%
Same day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methods Cheque, Direct Debit, Standing Order

UK Credit’s rates are tailored to the applicants, and may vary from the advertised representative APR (which we use in the calculator above), however you can get a personalised quick quote with no impact on your credit rating at UK Credit’s site.

The loans don’t come with “application” or “product” fees, and because the interest rates are fixed, you’ll always pay the same each month, from the first to the last.

UK Credit doesn’t charge anything for overpayments of up to three times the regular payment. Overpaying will will shorten your loan term, rather than reducing the size of the monthly payments.

Am I eligible for a UK Credit loan?

UK Credit will consider people with very bad credit ratings, CCJs and past bankruptcies, however all applicants must:

Available to New or Existing Customers
Age 21 to 70
Residency UK resident
Credit profiles Fair, Poor
Additional requirements Must not have not been bankrupt or in an Individual Voluntary Arrangement in the past 12 months, and must have no Debt Management Plan.
Must be a homeowner.
As well as this, it’s important that your guarantor is:
Age 21-70
Residency UK resident
Additional requirements Must not have been bankrupt in the past 6 years, must have no Debt Management Plan or Individual Voluntary Arrangement over the past 6 years. Must be a homeowner.

How do I apply for a UK Credit loan?

  1. Enter the amount you want to borrow and for how long on the UK Credit website.
  2. You and your guarantor will then receive an application to fill in together.
  3. After running a few checks, UK Credit will call you to run through some of the final details.
  4. The loan will be paid into your guarantor’s account, and they can then transfer the funds to you.

Frequently asked questions

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.

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