Guarantor Loans Made Easy

Guarantor loans are a great way to get finance if you have a less than stellar credit history. Fill in a straight forward application form and borrow a cash sum between £500 and £15,000. You will make the repayments on your new loan once a month over 1 to 5 years, ensuring it is affordable and tailored to your personal circumstances.

Talk Loans work with 9 different lenders. So, by applying through Talk Loans you not only save time, but your chances of approval are much greater than if you apply to direct. We offer same day guarantor loans and tenant guarantor loans.

You may worry we will charge you a fee for our service and although this may be true of other brokers, WE WILL NEVER CHARGE YOU A FEE. Not even a single penny. Our service is fully paid for by our lending partners, not our customers.

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Loan Amount
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£4000
Loan Term
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36 months

Borrowing £4000 over 36 months
Monthly Repayment . Total Repayment . Representative APR 49.7%.
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What is a Guarantor Loan?

These types of loan are a personal, unsecured loan product that take advantage of a friend or family member –  guarantor – to act as security on the repayments. As a result of this they are not secured against any of your property such as a house or car. The main distinction between a traditional personal loan from, for example, a bank or building society, is this co-signer.

While having to find a backer to support your loan is not an ideal situation, it’s important to realise that having a this voucher opens many doors that would otherwise be closed off. For instance, if your credit history is tarnished with missed payments, defaults or a County Court Judgment (CCJ), a loan with the support of a guarantor is still a completely viable option for you whereas a bank would turn you away.

The Benefits

With this in mind, by taking advantage of this loan type, you get these 2 major benefits:

  • By taking out credit and paying it back on time every month you have a small positive effect on your overall credit score. This looks good to future prospective lenders. However, we would never recommend borrowing money at a high interest rate just to improve your credit score because credit cards are usually a better solution for this if a lump sum isn’t required.
  • You can buy that car, get that boiler repaired or go on that holiday. Even if 2 years ago you forgot to pay your electric bill.

While the second benefit may sound extreme, you would be surprised how strict the criteria is when taking out a traditional personal loan.

It is worth noting that guarantor loans are, in general, more expensive to take out than the before mentioned traditional personal loans but while this is generally true, they can be cheaper than more modern, unsecured loan products as they are designed for those with a fair to poor credit history.

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Compare Guarantor Loans

Take a look at our straight-forward loans with a guarantor comparison table below. It allows you to compare loans by different loan amounts, loan values, repayments and APRs. Not every lender is the same, and in some situations we may be able to find a slightly more suitable option for you, however we will always try and get you the best deal.

For more information about lender criteria you can make an application and speak to one of our UK based loan experts.

Compare Guarantor Loans

TFS Loans

TFS Loans

Type: Homeowner Only

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,317.36
£3,00036 months£4,829.76
£5,00060 months£10,470.00
£7,50060 months£15,705.00

Min APR: 29.9%
Max APR: 69.9%
Min Amount: £1,000
Max Amount: £15,000

Representative Example: 36 Monthly Repayments, borrowing £4,000. Total Amount Payable: £6,439.68. 39.9% APR Representative. Rate of Interest 20.33% Fixed Flat Rate. Monthly Repayment: £178.88.

UK Credit

UK Credit

Type: Homeowner Only

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,228.32
£3,00036 months£4,827.60
£5,00060 months£10,465.20
£7,50060 months£15,697.80

Min APR: 39.9%
Max APR: 47.9%
Min Amount: £1,000
Max Amount: £10,000

Representative Example: 39.9% APR Representative (Fixed) Representative Example: £4,500 over 3 years, representative 39.9% APR fixed. Monthly payment £201.15. Annual interest rate 34.05% fixed. Interest payable £2,741.40. Total repayable £7,241.40.

TrustTwo

TrustTwo

Type: Homeowner Only

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,210.92
£3,00036 months£5,002.20
£5,00060 months£11,014.80
£7,50060 months£16,522.20

Min APR: 43.8%
Max APR: 43.8%
Min Amount: £1,000
Max Amount: £10,000

Representative Example: Borrowing £4,000 over 3 years at an interest rate of 36.9%p.a. (fixed), you will repay 36 monthly payments of £185.27. Interest payable £2,669.72. Total repayable £6,669.72. Representative 43.8% APR.

1plus1 Loans

1plus1 Loans

Type: Homeowner or Tenant

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,233.00
£3,00036 months£5,178.24
£5,00060 months£11,437.80
£7,50060 months£17,156.40

Min APR: 47.8%
Max APR: 47.8%
Min Amount: £500
Max Amount: £10,000

Representative Example: £3,000 over 3 years, representative 47.8% APR Fixed. Monthly payment £143.84. Annual interest rate 39.7%. Interest payable £2,178.24 Total payable £5,178.24.

Bamboo Loans

Bamboo Loans

Type: Homeowner or Tenant

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,235.72
£3,00036 months£5,259.11
£5,00060 months£11,825.37
£7,50060 months£17,738.06

Min APR: 49.7%
Max APR: 49.7%
Min Amount: £1,000
Max Amount: £8,000

Representative Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89. 35 monthly repayments of £126.61 and a final payment of £126.54.

George Banco

George Banco

Type: Homeowner or Tenant

Loan AmountLoan TermTotal Repayment
£1,00012 monthsUnknown
£3,00036 monthsUnknown
£5,00060 monthsUnknown
£7,50060 monthsUnknown

Min APR: 49.7%
Max APR: 49.7%
Min Amount: £500
Max Amount: £10,000

Representative Example: Borrowing £3,500 over 3 years at an interest rate of 41.4%p.a. (fixed), you will repay 36 monthly payments of £170.56. Interest payable £2,640.16. Total repayable £6,140.16. Representative 49.7% APR.

TrustTwo

TrustTwo

Type: Tenant Only

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,236.96
£3,00036 months£5,271.84
£5,00060 months£11,865.60
£7,50060 months£17,798.40

Min APR: 49.9%
Max APR: 49.9%
Min Amount: £1,000
Max Amount: £7,500

Representative Example: Borrowing £4,000 over 3 years at an interest rate of 41.2%p.a. (fixed), you will repay 36 monthly payments of £195.25. Interest payable £3,029. Total repayable £7,029. Representative 49.9% APR.

Buddy Loans

Buddy Loans

Type: Homeowner or Tenant

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,240.74
£3,00036 months£5,281.50
£5,00060 months£11,872.11
£7,50060 months£17,818.93

Min APR: 49.9%
Max APR: 49.9%
Min Amount: £1,000
Max Amount: £7,500

Representative Example: Borrow £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR. 36 repayments of: £158.57.

Amigo Loans

Amigo Loans

Type: Homeowner or Tenant

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,236.72
£3,00036 months£5,269.32
£5,00060 months£11,857.20
£7,50060 months£17,786.40

Min APR: 49.9%
Max APR: 49.9%
Min Amount: £500
Max Amount: £10,000

Representative Example: Borrowing £4,000 over 36 months, repaying £195.16 per month, total repayable £7,025.76. Interest rate 49.9% (variable).

UK Credit

UK Credit

Type: Tenant Only

Loan AmountLoan TermTotal Repayment
£1,00012 months£1,317.24
£3,00036 months£5,702.04
£4,00048 months£9,039.84
£6,00060 months£15,874.80

Min APR: 59.9%
Max APR: 69.9%
Min Amount: £1,000
Max Amount: £6,000

Representative Example: 59.9% APR Representative (Fixed) Representative Example: £3,000 over 3 years, representative 59.9% APR fixed. Monthly payment £158.39. Annual interest rate 47.85% fixed. Interest payable £2,741.40. Total repayable £7,241.40.

How We Work

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Step 1

Make a simple application by selecting your loan amount above, or by selecting your lender of choice from our comparison table.

low apr

Step 2

Complete your application and speak to one of our loan specialists to confirm your details and make sure you are getting the best deal.

compare

Step 3

Complete your loan agreement and finalise your loan with the top guarantor lender available and get the money paid into your account within 24 hours.

Get Loans With A Guarantor

Once you have decided you want to get a loan with a guarantor, the next step is to make an application. Ideally through Talk Loans which allows you to take advantage of our quick turnaround time and a high acceptance rate. Our overall loan process is simple, allowing you to make one simple application online.

Step 1. Your Initial Application

Unlike a comparison website like Money.co.uk, we take you through the entire application process to get your finance. First things first, select the amount you want to borrow, then select your loan term. There is a loan calculator at this stage and the calculations are based on our representative APR. Because of this you get an good idea of what your monthly, and total repayments will be. We recommend you have a play with this to find an affordable option. Don’t worry if you are unsure, you can always change this later before your loan is finalised. Once you are happy with the loan details it’s time to enter your personal details including name, date of birth, address and employment details. If you have lived at your address for under 3 years we will ask for your previous address. Make sure you fill all of this in as accurately as possible to avoid any delays in loan processing.

initial application

Bank Details – Don’t Worry!

Before you click the next button, we need your bank sort code and account number. We understand it’s never ideal to put your bank details online, however when taking out a loan it is necessary. We will not ask for your long card number or any other information, and please know that Talk Loans and our partner lenders will only use this information to validate your application and combat fraud – it’s one of the simplest and most popular ways to carry out an identification (ID) check. Our website is secured by a Secured Sockets Layer (SSL) which means your data is encrypted between the website and our servers. So even if you are applying over WiFi in Starbucks, you are safe. Once you have filled everything in and checked the appropriate boxes, click next to get to Step 2.

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Step 2. Are The Repayments Affordable?

This is a straightforward stage, simply enter your monthly incomings (pay, benefits, pensions, etc) and outgoings. We collect this information to ensure the loan will be affordable. We may double check this with you before finalising the application so please make sure the information you enter is as accurate as possible.

Once this is done click next.

Step 3. Your Guarantor Details

At this stage you need to enter your guarantor details. If you don’t have your guarantor at this stage you can take a break, stop and continue later. We will send you an email with a link to continue your application, we may also call you to help speed up the process. If you know who your guarantor will be, this is where you enter their details. Please make sure the email address and contact number are accurate, and not the same as yours, or we will not be able to progress with your loan before amending them. Once you are happy that your guarantor details are accurate, click the next button.

guarantor details
get your guarantor loan

Step 4. Borrower Complete

That’s your part done. If your guarantor is with you you can click through from this step to complete their bit (which is almost an exact replica of what you have just filled in). If you guarantor is not with you, don’t fret, we will automatically send them a text message and email with a link for them to follow in order to complete their part of the application process. Once the guarantor has completed their part of the application one of our Account Managers will be in touch with both of you to get everything finalised, and talk you through your options. At this stage you may need to provide some supporting documents like a payslip or some ID, we will talk you both through this as needed, keeping things as simple as possible. Once this is all done your loan will be in with a lender. It is then up to the lender to complete their final checks and pay the loan out in full to your guarantor, who can then transfer the money directly to your account.

Frequently Asked Questions

What loan purposes are acceptable?

You can take out loans with a guarantor for many different purposes, almost anything in fact, including but not limited to the following:

  • Home Improvements
  • Wedding
  • Holiday
  • Debt Consolidation
  • Business Expansion
  • Car/Motorbike/Other Vehicle
  • Product Purchases like a a new iPhone
  • Medical Bill

Have a chat with us about why you are taking out your loan and we will let you know your options. Some lenders restrict certain loan purposes, such as specific business reasons, however we can let you know exactly what your options are before finalising your loan with the lenders.

What happens if I miss a payment on my loan?

If you miss a payment on your guarantor loan then your guarantor will be expected to step in and make the payment on your behalf. This is what makes the lenders so flexible, the guarantor acts as additional security. If you have missed a payment, the lender will usually let the you know and give you time to pay, as opposed to going straight to the guarantor. If you realise you have missed a payment and haven’t heard anything from your lender, CALL THEM. If you can get in touch with them quickly and explain your situation you may be able to avoid them going to your guarantor at all.

Why do I need a guarantor?

If you have good credit, in all honesty you don’t need a guarantor. You only need someone supporting your application if you have been turned down in the past due to a poor (or lack of a) credit history. By having a guarantee on your loan you gain access to loan amounts and loan rates that would be otherwise unobtainable. They actsas security. If for any reason you are unable to pay back your monthly repayment then they would be required to step in. This is why lenders are happy to be a lot more flexible when you have someone vouching for you.

Can I pay off my loan early?

Yes, you can pay off your guarantor loan early. This type of loan is not front-loaded which means that your interest will be charged on a daily basis. As soon as you want to pay it off in full, you need to request a settlement figure and interest will be frozen (obviously if you do not settle the debt within a certain period of time, interest will still be charged). Every lender is different with how they deal with settlements. Amigo Loans have no penalty, you just pay interest up to the day you pay off your loan. However other lenders such as UK Credit will charge you 2 months worth of interest from the day you request a settlement figure. Although even with this additional 2 months of interest you are still saving on interest in the long run by paying your loan with a guarantor off early. If you need any additional information about paying off your loan early it is worth discussing this directly with the lender you are accepted by before finalising your loan.

Who can be a guarantor?

We are very flexible with who can support your application. They:

  • Can be a homeowner, tenant, or living with friends/parents.
  • Can be friends, relatives or work colleagues.
  • Need to be between 21 and 75 years old.
  • Can have a good or fair credit history.

As long as they can afford repayments and fit the above criteria it’s as simple as that!

For many first time applicants, asking somebody to guarantee your loan can be the most daunting element of applying for a loan. This person acts as an additional level of security for the lender because if you can’t keep up with the repayments on your loan, the lender may well ask them to step in and pay on your behalf.

This means the guarantor needs to be very comfortable with you and the loan you are thinking of taking out. You should be prepared to have a very open and frank conversation with your prospective backer as they will probably want to make sure you can afford the repayments.

All of this means you should spend some time thinking about the right person you could approach to act as your guarantor.

Can my guarantor be a tenant?

Years ago, nearly all the lenders insisted they are a homeowner. Nowadays, there are many lenders who will accept a tenant guarantor (i.e. somebody who rents their home rather than owning it). Just to be clear – if the lender requires them to be a homeowner they do not have to own their home outright but can be paying a mortgage.

What about their credit history?

They will need to have a fairly good credit file – whether they’re a homeowner or a tenant. If they have a bad credit history will be unlikely to be accepted by most lenders.

Other Guarantor Criteria

Employed?

They doesn’t have to be employed but if they are not they will need to be able to demonstrate an income from another means – such as a pension, annuity, trust fund etc. This is because the lenders will need to be comfortable that the guarantor can make the loan repayments if, for whatever reason, you are unable to.

Spouse or Partner?

Initially lenders were reluctant to accept a spouse or partner as guarantor, and some still are. Their reasoning was that if you were unable to make the repayments then your spouse or partner would be under pressure to cover your contribution to the household. Some lenders will now accept them but they may be asked to show that they could afford the household bills if something happened to your income – for example if you lost your job.

Age

Most lenders require your loan backer to be between 25 and 65 although there are some variations.

Relationship To You

Other than the requirements outlined above there are no real hard and fast requirements about the type of person you can ask to be your guarantor. The most common examples are;

  • Family – other than the spousal relationship (above) family members are perfectly acceptable including siblings, parents, cousins, aunts, uncles or even your own children!
  • Friends – one of the most common types of Guarantor. Our friends know us well and having the conversation with a friend can sometimes be easier than with somebody in your family
  • Colleague/Boss – one of the more surprising categories perhaps but popular nonetheless.
  • Member of your Community – such as your neighbour, minister etc.

As you can see the type of relationship with you isn’t of great importance to the lender but you will need to know them well enough to approach them regarding your finances.

Over the last few years the type of person who can be a guarantor has widened considerably. Nevertheless, as the above shows, the lenders do have some criteria about the type of person they’re looking for. If you have somebody in mind but are unsure whether they’ll be accepted, why not give us a call and talk to one of our loan experts. They’ll be able to discuss your individual circumstances with you before you approach the lender of your choice.

How much can I borrow?

How much you can borrow depends mainly on the residential status of you and your guarantor, along with the affordability of the repayment each month. Here is a simple table to see how different residential status’ can impact the borrowed amount.

Homeowner BorrowerTenant Borrower
Homeowner Guarantor£500 to £15,000£500 to £10,000
Tenant Guarantor£500 to £8,000£500 to £8,000

Other than residential status, the other thing that majorly effects how much you can borrow with the support of a guarantor is the affordability of the loan for both you and your guarantor. In order to understand this we need to look at the monthly repayments of the loan and compare it to your monthly income and expenditure.

Affordability

Let’s take an example of wanting to borrow £5,000 over 3 years, which based on our representative APR works out to a cost of £224.64 per month. Let’s say you earn £21,000 per year and take home £1,463.31 per month.

Monthly Income£1,463.31
Monthly Rent£600.00
Monthly Bills£200.00
Monthly Other Costs£450.00
Overall Disposable Income£213.31
Monthly Loan Cost£224.64
Disposable Income after Loan-£11.33

As you can see from the example above, this loan is not affordable, in fact it would put you in the red, which could very easily lead to immediate financial difficulty.

Making it affordable

Let’s see if we can make this loan a bit more affordable by borrowing a little less over a slightly longer period of time. Let’s go for £4,500 over 4 years, which again based on our representative APR, will work out to £172.93 per month.

Monthly Income£1,463.31
Monthly Rent£600.00
Monthly Bills£200.00
Monthly Other Costs£450.00
Overall Disposable Income£213.31
Monthly Loan Cost£172.93
Disposable Income after Loan£40.38

By reducing the repayment by around £50, the loan becomes a lot more affordable.

Now we have an affordable monthly payment it is worth understanding how lenders differ in judging affordability. An interesting example is that one lender requires a disposable income after loan a of over £100. While this can be frustrating when it comes to getting your loan completed, we feel agree that this is a good way of budgeting for an emergency.

Through the combination of affordability and residency type you can work out how much you can borrow. If you would like to discuss this with us before making your application, you can give us a call on 01603 391104 during working hours and we will be happy to help.

How quickly can I get my money?

While we can often get you your loan very quickly (we have paid out a lot of loans in under an hour from initial application) it does depend somewhat on your personal circumstances and how quickly we can speak to you and your guarantor.

As well as the time it takes to get hold of the both of you we will also, in some cases, need supporting documents off the both of you. This can slow the application down if they are not easily to hand. Exactly what is needed is based off the level of automated checks that pass.

In a Rush?

To get your loan sorted as quickly as possible here is a brief checklist to consider:

  • Have your phone to hand or call us directly on 01603 391104 once you have completed your initial application;
  • Ask the person supporting your application when they will be free so we can call them at a suitable time, ideally straight away;
  • Have a recent bank statement or payslip to hand in case we need to see proof of your income;
  • Fish out your passport or driving licence in case we need proof of your idenfication;
  • Grab a recent utility bill such as a gas or electric bill if you are not on the electoral register as proof of address.

With the above in hand we should be able to sort out guarantor loans quickly and efficiently. Although in general we would suggest setting your expectations for at least a 48 hours from application, to getting funds in your account. It should be noted the funds are paid into the backers bank account. Learn more about supporting documentation

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Opening Hours

Mon - Thurs: 9:00 to 19:30
Fri: 9:00 to 17:30
Sat: 9:00 to 12:00
Sun: Closed

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Phone Number

01603 391104

Please call us during our opening hours for the best service.

Address

Talk Loans
61 - 63 Riverside Road
Norwich
NR1 1SR

Email

contact@talkloans.co.uk

We aim to reply to all emails within 24 hours.

WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP GO TO MONEYADVICESERVICE.ORG.UK

Guarantor Loans Representative Example: Borrow £4,000 over 36 months. Monthly repayment of £194.78. Total repayable is £7012.08. Interest payable is £3012.08. Fixed APR of 49.7%. Interest rate of 41% per annum. Representative APR 49.7% (fixed).

Personal Loans Representative Example: Borrow £300 over 6 months. Monthly repayment of £92.43. Total repayable is £554.58. Interest payable is £254.58. Fixed APR of 883.6%. Interest rate of 169.7% per annum. Representative APR 883.6% (fixed).

Talk Loans is a Broker, not a Lender. To operate this service we receive commissions from the lender, broker or 3rd party we refer you to. To apply for a loan though our website you must be a UK resident.

Talk Loans is a trading style of Butler Westbury Limited Registered in England No 9035270. Authorised and regulated by the Financial Conduct Authority Reference No. 625156. Registered with the Information Commissioner’s Office ZA090336. Registered office address: 3 Cricket Close, Drayton, Norwich, Norfolk, NR8 6YA

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