Guarantor My Loan

APR:
48.9% Representative
Loan amount:
£1000 to £5000
Loan term:
1 Year to 5 Years
Loan type:
Long Term

Guarantor My Loan provides lending options to those with bad credit who also have a qualified guarantor. As a responsible lender, the lender makes sure that both the primary borrower and the guarantor meet certain standards, including the performance of affordability checks. Transparency is a focus in regards to both the borrower and the guarantor, ensuring that all involved parties are fully aware of the nature of the loan and their corresponding responsibilities.

Unlike many other lenders, Guarantor My Loan uses a peer-to-peer lending model. This allows individuals to invest funds that can then be lent to borrowers. Both the borrower and the investors receive favourable rates, and the funds provide options to those who may otherwise have difficulty borrowing from traditional banking institutions.

Loans are available in amounts ranging from £1,000 to £5,000, depending on certain qualifications and general affordability. Repayment is scheduled over a period of 12 months to 60 months, depending on the amount borrowed, with monthly instalments being equal over the duration of the loan. This makes repayment predictable, allowing borrowers to more confidently plan for the obligation.

Applications can be completed in just a few minutes, and Guarantor My Loan aims to contact potential borrowers and guarantors within one business hour of the applications completion. Once a loan is approved, funds will be transferred into the guarantor’s account on the same day. This can make a loan through Guarantor My Loan suitable for certain emergency situations where funds are needed fairly quickly.

Guarantor My Loan Criteria

Age Requirement
21
Debit Card
Yes - Direct debit facility accepted
Credit Checks
No - Only guarantor will be credit checked
Other Requirements
Guarantor must be a homeowner
Same Day Transfer Available
Yes
Loan Value Available
£1000 to £5000
Representative APR
48.9%
Loan Length
1 Year to 5 Years
FCA Registration Number
661304
Loan Example
Borrow £3,000 over 3 years, representative 48.9% APR fixed. Monthly payment £145.17. The interest is 10% per annum fixed and service fee is 30.48% per annum fixed. Interest payable £549.95 and service fee payable £1,676.17. Total repayable £5,226.12

Guarantor My Loan Review

Guarantor My Loan provides instalment loan options for borrowers who may not qualify for financing without the assistance of a qualified guarantor. By using a guarantor, interest rates can be kept lower than some other options available to those with poor credit.

Loans are examined individually, allowing each lending decision to be personalised the unique circumstances of the borrower and the guarantor.

In order to apply, both the borrower and guarantor must be at least 21 years of age. The guarantor must also have an active UK bank account in order to receive the funds. Once the application is complete, and the funds are transferred, the guarantor will only be contacted in the event that the primary borrower fails to make a payment as required in their repayment plan.

If the borrower completes all payments on time, the guarantor receives an amount equal to one instalment at the end of the term.

Features
92
Clarity
93
Independent Rating
90
Score
91.7/100

Customer Review:

Guarantor My Loan
User Rating: 5.0 (2 votes)
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Company Pros...

  • Loans available up to £5000

Watch out for...

  • Applicants need to be over 21
  • You can repay early with no penalty fees

Company Details

Match The Cash Ltd
Acre House, 11/15 William Road
London,
NW1 3ER

COMPANY NUMBER
08667447

FCA LICENSE
661304