With Trusttwo you may be able to get a personal loan even with a poor credit score, provided that you have a close friend or family member that can guarantee for you.
A “poor” credit rating can become a financial nightmare if you’re in need of credit, with many traditional banks and lenders being unable to help. However, if you secure the support of a guarantor who’s willing to step in if you default or miss a payment, things may become easier.
Direct lender Trusttwo offers guarantor loans between £500 and £10,000 at a fixed interest rate, has an online and straightforward application process and allows some flexibility by not charging a penalty if you want to make overpayments.
The interest rate of a guarantor loan will usually be higher than that of a regular personal loan, but at least with Trusttwo you won’t have to pay any extra fee and, if your guarantor owns a house, you’ll even get a (slightly) discounted rate.
Warning: late repayments can cause you serious money problems. See our debt help guides.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£500.00 to £10,000.00|
|Loan terms||1 Year to 5 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
Am I eligible?
|Available to||New or Existing Customers|
|Age||18 or over|
|Credit profiles||Fair, Poor|
|Acceptance note||Applicants with a tenant guarantor or a living with parents guarantor|
Is the guarantor I have in mind eligible?
|Residency||UK resident for at least 3 years|
|Income||Must have an income|
|Credit||Good credit score and history|
|Additional requirements||The guarantor must not be your spouse, but may be a close family member or friend. They must have separate finances to your own and be able to afford the repayments.|
How does this loan compare against the competition?