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Cheapest loanLowest monthly repayments
    Trust TwoGuarantor Loan
    Trust Two
    Monthly repayment
    £228.98
    Total charge for credit
    £1,495.45
    Total amount repayable
    £5,495.45
    Representative %APR (fixed)
    37.9 % APR
    Representative %APR (fixed)
    37.9 % APR

    Representative Example: Borrowing £4,000 over 24 months at an annual interest rate of 37.9% (fixed) would result in a representative rate of 37.9% APR, monthly repayments of £228.98, total amount repayable is £5,495.45

    UK CreditGuarantor Loan
    UK Credit
    Monthly repayment
    £232.07
    Total charge for credit
    £1,569.78
    Total amount repayable
    £5,569.78
    Representative %APR (fixed)
    39.9 % APR
    Representative %APR (fixed)
    39.9 % APR

    Representative Example: Borrowing £4,000 over 24 months at an annual interest rate of 39.9% (fixed) would result in a representative rate of 39.9% APR, monthly repayments of £232.07, total amount repayable is £5,569.78

    Guarantor My LoanGuarantor Loan
    Guarantor My Loan
    Monthly repayment
    £245.79
    Total charge for credit
    £1,898.84
    Total amount repayable
    £5,898.84
    Representative %APR (fixed)
    48.9 % APR
    Representative %APR (fixed)
    48.9 % APR

    Representative Example: Borrowing £4,000 over 24 months at an annual interest rate of 48.9% (fixed) would result in a representative rate of 48.9% APR, monthly repayments of £245.79, total amount repayable is £5,898.84

    BambooGuarantor Loan
    Bamboo
    Monthly repayment
    £246.99
    Total charge for credit
    £1,927.67
    Total amount repayable
    £5,927.67
    Representative %APR (fixed)
    49.7 % APR
    Representative %APR (fixed)
    49.7 % APR

    Representative Example: Borrowing £4,000 over 24 months at an annual interest rate of 49.7% (fixed) would result in a representative rate of 49.7% APR, monthly repayments of £246.99, total amount repayable is £5,927.67

    George BancoGuarantor Loan
    George Banco
    Monthly repayment
    £246.99
    Total charge for credit
    £1,927.67
    Total amount repayable
    £5,927.67
    Representative %APR (fixed)
    49.7 % APR
    Representative %APR (fixed)
    49.7 % APR

    Representative Example: Borrowing £4,000 over 24 months at an annual interest rate of 49.7% (fixed) would result in a representative rate of 49.7% APR, monthly repayments of £246.99, total amount repayable is £5,927.67

    AmigoGuarantor Loan
    Amigo
    Monthly repayment
    £247.29
    Total charge for credit
    £1,934.86
    Total amount repayable
    £5,934.86
    Representative %APR (variable)
    49.9 % APR
    Representative %APR (variable)
    49.9 % APR

    Representative Example: Borrowing £4,000 over 24 months at an annual interest rate of 49.9% (variable) would result in a representative rate of 49.9%, monthly repayments of £247.29, total amount repayable is £5,934.86

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Guide to guarantor loans

What is a guarantor loan?

A guarantor loan is a loan that requires a guarantor - this is, someone who agrees to pay back your loan if you don't. Having a guarantor in place gives lenders a bit more security, as they'll feel more confident they'll be able to get back any money you borrow.

How do guarantor loans work?

When a guarantor loan is taken out, the funds will often be paid to the guarantor directly. This to help prevent fraudulent applications. But, you are responsible for the monthly repayments until the loan has been paid back in full.

If the loan repayment is late or missed entirely, the lender will likely contact you and your guarantor. They will contact your guarantor to keep them up to date with the payment status. If you then don't make a payment, the lender will try to get a payment from your guarantor.

Guarantor loans are usually unsecured, which means the loan isn't secured against an asset, such as a house. This means lenders look at the borrower's and the guarantor's credit history to decide whether to accept you.

When getting a guarantor loan, it's important you always pay on time - not only to prevent harm to your credit rating, but also to prevent harm to your relationship with your guarantor.

Who can be a guarantor for a guarantor loan?

A guarantor can be anyone who trusts you financially. Often, this is a partner or spouse, a relative, or a close friend. If you're looking to a get a loan that needs a guarantor, you need to think if you know anyone whose credit rating is good and who would be willing to act as a guarantor for you.

Depending on the guarantor loan you choose, your guarantor could be a tenant or a homeowner. However, you might be given a higher interest rate if your guarantor doesn't own their own home.

Who are guarantor loans for?

Since guarantor loans require someone who agrees to pay back your loan if you don't, they're usually taken out by those with poor credit. This might be because you've been late or have missed payments in the past, or because legal action has been taken against you and you've been given a CCJ, for example.

However, it might not be that your credit rating is bad. It could be that you simply don't have enough credit history for lenders to feel comfortable lending you money. This could be if you're new to credit or have recently moved to the UK. Getting a guarantor loan could help build up your credit history.