Guarantor loans

An old fashioned idea

Back in the good old days banks would make lending decisions based on relationships and trust. If you wanted a loan your local bank would often simply ask for someone who trusted you to guarantee it. Then things changed, computer credit scores took over and millions of people were left out in the cold because their score didn’t fit. We knew what it was like to be rejected so we built the old fashioned guarantor loan company we wanted to borrow from.

Decisions made by real people

We don’t just let computers decide if you can borrow. It doesn’t matter if you have bad credit or are self employed - the most important thing for us is that you have a guarantor, typically a friend or family member who trusts you to make the repayments, but is able to make any you do not. Before we pay out your guarantor loan, we’ll make sure the repayments are affordable and will have a quick chat with your guarantor. We may need to give you a call also, just to finalise everything. We base our decisions on simple common sense.

A cheaper way to borrow

Our flexible guarantor loans are around a 30th of the APR of a payday loan and are regularly featured by price comparison sites as one of the cheapest options for anyone borrowing £500-£10,000 with a low credit score, even if you are not a homeowner. Your loan can be for any responsible purpose, ranging from a car to home improvements, and anything in between.

Interest done right

Everyone wants to be in control of their loan. We give you real-time statements and 24/7 access to your account online. Interest is calculated daily so you only pay for the time you have the loan. If you pay even £1 off early, you stop paying interest on that money immediately.

Paying off your loan

We’ve thought of as many ways as possible for you to make repayments. Regular payments are made by Direct Debit, but you can also pay by card, online, over the phone 24/7 or in cash at any one of 22,000 PayPoint locations.

No fees ever

When times get tough the last thing you need is someone making money from your problems. We NEVER charge for late payments, letters, early settlement or anything else.

What about when things go wrong?

We collect late payments in the same way as any high street lender would. If a loan falls into arrears we will text you a reminder, if we’re not able to collect a payment we will phone and email you to see what’s gone wrong. Our priority is to stop a late payment snowballing into a bigger problem. Obviously, because our loans are supported by a guarantor, if a borrower doesn't repay then the guarantor has to. In a few very rare cases, where we can’t come to an arrangement for repayment with either borrower or guarantor, as a last resort we may either pass a debt onto a professional debt collector or ask a court to decide the best way to deal with it. Whatever happens we will NEVER put your home or other property at risk, as all our loans are unsecured guarantor loans. We’ve made 10 promises on how we’ll deal with arrears.

Rebuilding your credit

We want to help make your financial future better; so we report back to all three credit reference agencies, each month, showing your repayments. As payments are made on time this will help to build or rebuild your credit profile. No information is reported back to credit reference agencies for guarantors, even if payments are missed, unless the account goes to court.

Your guarantor loan can even be used for debt consolidation to settle existing debts, effectively merging any outstanding payments into one single, manageable loan.