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Guarantor Loans


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6 Months


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Representative APR


Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 292% (fixed). Representative 171%APR. Total repayment amount £1351.20 and total interest is £601.20. 12 monthly payment of £112.60.*

* We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with

Guarantor loans offer an effective way to borrow up to £15,000 with the help of a person you know to act as your guarantor. The guarantor essentially agrees to pay back your loan if you cannot – so the lender has a lot of security and confidence that they will be able to recover their funds.

Guarantor loans are commonly used by people with bad credit histories or who have been turned down for regular loans - and having a guarantor who is employed, has a good credit rating and is a homeowner will give a lot of credibility to your application.

Apply for a guarantor loan directly with My Financial Broker – you can get an instant decision on the screen and once the details have been verified for you and your guarantor, you can typically receive funds within 24 hours.

How Do Guarantor Loans Work?

Guarantor loans are mostly used for lifestyle purposes whether it is buying a new car, paying for a wedding, starting a business or consolidating debts. You have the option to borrow over 12 to 60 months – and you can repay early at any point. You will often save money for doing so because you accrue less interest overall.

Your application starts online and you are asked to fill in some basic details about yourself and your guarantor. The guarantor lender that you are matched to will usually speak to you and your guarantor over the phone to ensure that you understand the terms of the loan. Your loan agreement is co-signed completely online, so there is no paperwork to print out or send in the post.

One of the best things about a guarantor loan is that if you can get into the routine of paying back your loan each month on time, this information will be sent to the credit reference agencies and your credit rating will improve as a result. This makes it a great product for people looking for guarantor loans for bad credit, as it can help you improve your credit score in the process.

What Information Do I Need To Provide For Guarantor Loans?

Who Could Be My Guarantor?

Your guarantor is usually someone that you know and can speak to openly about your financial situation. The most approved guarantors are usually parents, siblings or spouses – and it needs to be someone that you will remain in contact with for the duration of the loan term i.e up to 5 years.

If suddenly your guarantor is called upon to repay your loan and you have not spoken to them in several years, this can be awkward and put pressure on a relationship.

To get a cheap guarantor loan, it is ideal to have a guarantor with a strong credit rating and have a homeowner status. This will give the lender confidence that their loan will be recovered and you will be able to access rates from 39.9% to 49.9% APR.

If you have a tenant guarantor loan, your guarantor will be living in rented accommodation and this gives the lender a little less security knowing that their residence could change under short notice – hence the rate you pay could be closer to 59.9% APR.

How Quick Can I Get A Guarantor Loan?

Funds are usually available in 24 to 48 hours. The only thing that delays your loan is getting confirmation from your guarantor and giving the lender time to carry out credit and affordability checks. These checks can sometimes be very fast and it has been known for some guarantor loans to be funded within 1 hour. Generally a loan with no guarantor will be quicker to get, which we also offer!

How To Apply For A Guarantor Loan?

Simply click on apply now and you will be asked to fill in some information about yourself, how much you would like to borrow and how long for. You will receive an instant decision on the screen with a provisional quote from one of our partnered guarantor lenders. Subject to further checks from you and your guarantor, your application will be processed and funded as soon as possible.

Make sure that you always have permission from your guarantor before applying. If your guarantor is not accepted, you can always find another one within a certain time period (e.g 30 days) before having to start with a new application.

Can I Apply With A Guarantor Loans Direct Lender?

Yes, we work with guarantor loans direct lenders only, so your application will be matched with a guarantor lender who can help you every step of the way. The lender will carry out the checks, a quick phone call, fund your loan and take repayments, with no other middlemen involved.

Once funded, your funds will be sent to the guarantor first and there is a 2-week cooling period where they can decide to send you the funds or send it back to the lender with no fees charged. This is a security measure for the lender and they feel more confident giving a large sum upfront to a person with good credit.

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