Guarantor Loans

Guarantor Loans are a way of getting larger loans if you have very poor credit, CCJs or arrears. A Guarantor, agrees to take responsibility for your loan if you cannot make the repayments, so essentially underwrites the loan for you. A guarantor can be a friend, relative or acquaintance so long as they meet the requirements to be a guarantor. Usually a guarantor will need to be over 23, a homeowner, who has reasonably good credit.

Solutions Loans are the leading provider of guarantor loans in the UK and can offer you up to £3000 in unsecured funds with no credit scoring. There are no application fees, no upfront charges and absolutely no credit scoring. All you need is a regular income - either from employment or benefits and not to be currently bankrupt or have an IVA. If you meet this criteria you can borrow between £500 and £3000.

How Guarantor Loans Work

A Guarantor Loan is a modern type of unsecured loan. With a traditional unsecured loan a potential borrower is credit scored based on their credit history recorded by the major credit reference agencies. And this credit score determines whether or not the lender will lend or not.

With a Guarantor Loan the lending process replaces the credit scoring procedure with a person who will guarantee that the loan is repaid if the borrower fails to keep up repayments. So, the difference between these old and new types of unsecured loans is simply about the mechanism the lender uses to reduce their risk – credit scoring or guarantor.

Your Guarantor

Your guarantor can be anyone who meets the following criteria:

Over the age of 23
A UK homeowner
An income of £800 per month
Reasonable to good credit history - minor imperfections are not an issue

Your guarantor will only be asked to make repayments if you do not pay. If you pay all the installments of your
loan on time your guarantor does not have to do anything

APR
The typical APR of a loan is around 42.6%

Apply Now and your Guarantor Loan could be completed in just 48 hours