If you’re held back by a poor or limited credit record, applying for a loan with a guarantor could secure you a better rate than you might get 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.
If your guarantor owns their home, UK Credit might be able to offer you a lower rate, but if your guarantor is a tenant, then all’s not lost. This product is designed for would-be borrowers whose guarantor doesn’t own their own home. However, your guarantor will need to have a good credit score.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£2,000.00 to £6,000.00|
|Loan terms||18 Months 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||Cheque, Direct Debit, Standing Order|
Am I eligible?
|Available to||New or Existing Customers|
|Age||18 to 70|
|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.|
Is the guarantor I have in mind eligible?
|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 employed.|
How does it compare against other tenant guarantor loans?