A guarantor could help you get a personal loan even if your credit score isn’t ideal.
Getting credit with a poor credit score is complicated, but not necessarily impossible.
Trusttwo is a direct lender that specialises in guarantor loans, allowing people whose credit rating is poor or fair to borrow money anyway, provided that they secure the help of a friend or family member that guarantees for them. Guarantors agree to repay the loan themselves if the borrower defaults.
Lenders usually offer a lower interest rate when the guarantor owns a house, but with Trusttwo, the difference between the two is not massive – so you can still get a decent deal even if your guarantor isn’t a homeowner.
In general, guarantor personal loans are more expensive than regular ones. However, the good news is that Trusttwo doesn’t charge any extra fees aside from the interest rate, even if your financial situation improves and you want to make overpayments. You can apply online in a few minutes and manage your loan from your online account.
Warning: late repayments can cause you serious money problems. See our debt help guides.
Key details
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £500.00 to £10,000.00 |
| Loan terms | 1 Year to 5 Years |
| Loan rate type | Fixed |
| 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 | Direct Debit |
Am I eligible?
| Available to | New or Existing Customers |
|---|---|
| Age | 18 or over |
| Residency | UK resident |
| 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?
| Age | 21-75 |
|---|---|
| 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 it compare against other tenant guarantor loans?
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