UK Credit homeowner guarantor loan review August 2019

UK Credit Limited Homeowner Guarantor Loan
UK Credit Limited Homeowner Guarantor Loan Find out more Go to site

Held back by a poor or limited credit record? By applying for a loan with a guarantor who owns their home, you could get a better rate than you might alone.

UK Credit is a direct lender (not a broker) offering guarantor loans to help borrowers who don’t have fantastic credit records to access affordable credit.

Guarantor loans require a friend or relative of the borrower to promise to step in if the borrower is unable to repay. With a “homeowner guarantor loan”, the borrower’s guarantor must own their home (although the loan is not usually secured on the property), and will also need to have a good credit score.

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Overview

Loan typeUnsecured Personal Loan
Loan amounts£1,500.00 to £12,500.00
Loan terms18 Months to 5 Years
Loan rate typeFixed
Fee0%
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 methodsCheque, Direct Debit, Standing Order
Representative example: Borrow £11,000.00 over 3 years at a rate of 31.9% p.a. (fixed). Representative APR 31.9% and total payable £16,381.80 in monthly repayments of £455.05.

Am I eligible?

Available toNew or Existing Customers
Age18 to 70
ResidencyUK resident
Credit profilesFair, Poor
Additional requirementsMust not have not been bankrupt or in an Individual Voluntary Arrangement in the past 12 months, and must have no Debt Management Plan.

Is the guarantor I have in mind eligible?

Age21-70
ResidencyUK resident
Additional requirementsMust 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 does this loan compare against the competition?

Comparison ordered by total payable. Rates updated 19 Aug 2019.
Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £11,000.00 over 3 years at a rate of 31.9% p.a. (fixed). Representative APR 31.9% and total payable £16,381.80 in monthly repayments of £455.05.
Representative example: Borrow £10,000.00 over 3 years at a rate of 40.9% p.a. (fixed). Representative APR 49.5% and total payable £17,507.88 in monthly repayments of £486.33.

Compare up to 4 providers

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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