Non Homeowner Guarantor Loans

They are typically the best value loans for tenants with a poor credit rating 👍

• Lenders don’t look so much at the status of the applicant but the person backing their application (see criteria for more details)
• It’s typically not a problem if the applicant doesn’t own their own home and has poor credit, so long as the loan is affordable for them.
• These are the people this type of loan was designed for.
• The applicant needs to find a loan backer, someone with a good credit history to support their application, usually a family member or friend.
• The main criteria for the loan backer is to have a clean credit file and a regular income; they don’t have to be a homeowner – see more info here.

They could be suitable 👍

• If they have a clean credit file
• Have a suitable regular income so the repayments are affordable to them if you ever defaulted.
• Meet the guarantor criteria

YES 👍

You can use the funds for whatever purpose you wish
(so long as it’s moral & legal)

• If you’re a tenant, remember to get your landlords permission before making any alterations, if you don’t:
  • Changes may be against the terms of your tenancy agreement, plus
  • You may be required to return the property to its original condition at the end of the tenancy!
• Many people also use the funds for
  • Consolidating more expensive debt
  • Emergencies
  • Car purchase or repairs
  • Travel
  • and more…

UK data says that defaults are higher for tenants compared to homeowners 🤔

• Not a reflection on you or your backer, but unfortunately lender underwriting criteria.
• However good rates still available from 47.8% APR.

YES 👍

However, the best deals are for people who can find a guarantor

• You’ll need to show the loan is affordable
• You cannot be insolvent (in an IVA, bankrupt, Trust Deed etc.)
• See What’s the criteria

Estimate your loan repayments with our loan calculator, but to get an accurate quote and to find out exact loan repayments

• Submit your details to the lenders via our loan apply form
• No cost, obligation, or impact on your credit file at this stage.

Your credit score will not be impacted by only getting quotes 😀

• We do a soft search on your credit file which crucially does not leave a mark for other companies to see, which does not impact your credit score or impact any future credit applications.
• If you decide to take out a loan, then both you and your guarantor will be subject to a hard credit check, but only after you have made a formal loan application with the lender. Too many hard credit checks over a short period of time can affect your credit score for six months, reducing your ability to get approved for credit in the future.

YES 😀

• By successfully making all your loan repayments without default, and
• Repaying the credit in full

See our Credit Repair Guide

We’re a free service, zero charge 👍

• We get paid by the lenders if you take out a loan.
• Loans via us will cost you the same as if you went to the lenders directly.
• For more information see how we get paid.

NO 👎

Home credit loans (also known as doorstep loans)

• Are small Loans from £100 to £1,000
• Where an agent for the loan company visits your home on a weekly basis to collect the loan repayments in cash.
• Have typical Representative rates around 535% – 757%
• Compared to our Representative APR of 49.5%.

We save you the time and effort of applying to multiple lenders ⏱️

• When you Get Quotes, we automatically check with up to 35 lenders and return your quotes in seconds
• With no impact on your credit score
• For free
• All quotes are the same as if you went the lender direct
• We get paid directly by the lenders

• See our very detailed FAQ section