We have worked hard to research the market to find a range of the best guarantor loan lenders we can who offer fair and affordable loans to those unsuitable for conventional lending.
While on paper these companies might look broadly similar there are some distinct differences. TFS Loans, for example, offer up to £12,000 which is nearly double the maximum available from other lenders. For this reason their loan term ranges to the slightly longer six years in order to keep the repayments manageable. If you are looking for a larger than average loan, therefore, they might be the best choice for you.
If, by contrast, you simply need an affordable short term loan to get you through temporary financial difficulties you would probably be better choosing a company like Bamboo Loans who, as long as your guarantor has a good credit rating, offer an APR of as little as 26.9%.
Whether you are a UK homeowner will also have an impact on who is the best lender for you. Glo Loans, for example, will lend money to tenants as long as they fit the other application criteria. They are also happy for your guarantor to be a tenant which gives you a lot more freedom in who you can ask to guarantee your loan. In most cases this will be a friend or family member, over the age of 18, who is financially independent from the applicant. Trust Two Loans, however, require a minimum age of 25 years so it is important you read the application forms carefully as the required criteria does vary between lenders.
If you want your payments to reduce over the course of the loan you could try George Banco’s unique ‘rate dropper’ loan. The APR reduces over the borrowing term as you make repayments thereby increasing your credit rating. Currently the rates start at around 60% and fall to 29.9%.
Whatever your circumstances we are sure that we can find the best lender for you. Our simple online form enables us to have a range of offers back to you within minutes and all you need to do is find the one that best suits you.
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