Compare Guarantor Loans 2018 | New Guarantor Lenders
The history of suretyship can be traced as far back as 2750 BC (surety being the guarantee of a debt of one party by another). This type of contract here applies whereby an applicant with poor credit can access funding through the backing of a family member or friend who is made responsible should there be a default. The guarantor loans niche is being battled out by just over a dozen brands, but Amigo Loans is the dominant force. Amigo’s name was introduced in 2012, but they head back to 2005 when they operated as FLM. Their service has been revamped with frequent upgrades over the years, but TV advertising has made all the difference.
Finding guarantors has been the main obstacle for many. The providers have eased this by accepting securities from tenants, rather than just homeowners. Speed has risen greatly also thanks to e-signs that can lead to same day payouts (in the past documents had to go through the post). More sizeable amounts have also become available up to £10,000. TFS does headline £15,000, but applicants need to be homeowners themselves for anything over £8000. With pricing, APRs usually float in the 40s or 50s. This is fair considering that arrears, CCJs, defaults and discharged bankruptcy isn’t off the table. The repayments are almost always spread out across 1 to 5 years.
Compare Guarantor Loans 2018…
Alexa Traffic Rankings & Facebook Fans…
1) AmigoLoans.co.uk: #9921 | 8180+
2) BambooLoans.com: #43,641 | 450+
3) BuddyLoans.com: #48,649 | 420+
4) GeorgeBanco.com: #63,105 | 1600+
5) UKCredit.co.uk: #124,577 | 1030+
6) TrustTwo.co.uk: #146,049 | 70+
Global Ranks Only…
7) 1Plus1Loans.co.uk: #2,715,913 | 590+
8) GuarantorMyLoan.co.uk: #2,993,064 | 270+
9) TFSLoans.co.uk: #5,387,819 | 90+
10) Lendfair.co.uk: #6,853,986 | 2270+
*Alexa (UK) rankings and Facebook counts are shown as indicators of market share and web popularity.
/£1000 (365 days) | Range: £129.81 to £900
12m Price Range: £129.85 to £900 | Usual: £232 to £240
Top 10 Tenant Guarantor Loans for Bad Credit…
1) LendFair*: £148.88 to £228.68
2) 1Plus1Loans: £233
3) BambooLoans: £235.72
4) GeorgeBanco: £236.12
5-6) AmigoLoans: £236.72
5-6) UKTrustLoans: £236.72
7) TrustTwo: £236.96
8) BuddyLoans: £238.49
9) JuoLoans: £239.32
10) UKCredit: £317.24
Top 10 Homeowner Guarantor Loans for Bad Credit…
1) GuarantorMyLoan*: £129.81 to £232.52
2) LendFair*: £148.88 to £228.68
3) TrustTwo: £210.92
4) UKCredit: £228.32
5) 1Plus1Loans: £233
6) BambooLoans: £235.72
7) GeorgeBanco: £236.12
8-9) AmigoLoans: £236.72
8-9) UKTrustLoans: £236.72
10) BuddyLoans: £238.49
*Tenant and homeowner backing examples shown. Guarantor My Loan’s top deal at £129.81 factors cashback. This is only granted once all payments are successfully made. Their standard cost is £232.52. LendFair’s service is split into 2 products that are each available for homeowner/tenant backings. The difference is that for the best rate the applicant must be aged 21+ and have no CCJ as well as a few other things. Even their standard deal (£228.68) ranks in the same spot for tenants. They’d fall to 4th for homeowners. Outside of the leading deals, it is very close cross the providers usually with just a few pounds separating them.
Most Experienced and New Guarantor Lenders…
AmigoLoans (as FLMLoans)
UKCredit (as GLO)
Total Brands = 13.
*TFS operated outside this sector at launch. JL Money (Jeremy Lawrence Ltd) was established in 2004, but they have only recently required guarantors. This is specific to amounts of £500+.
Weekend Guarantor Loans: Open Saturday and Sunday…
1) Juo: Sun (10am-4pm)
1) Juo: Sat (9am-5pm)
2) TrustTwo: Sat (9am-4pm)
3) George Banco: Sat (9am-3pm) | Existing: (9am-1pm)
4) Bamboo: Sat (9am-2pm) | Existing: (9am-5pm)
5) Buddy: Sat (10am-2pm)
6) UK Credit: Sat (9am-1pm)
7) GML: Sat (9am-1pm)
8) Amigo: Sat (10am-1pm)
*Juo is the only guarantor lender open on Sunday. For Saturdays, we sorted by the latest closing time. When there was a tie, the range or Mon/Fri times were factored. Some firms have different times for existing customers as marked.
Guarantor Loans Non Homeowner: There was a time when it was tricky to get approved with a tenant, but once a few lenders changed this, most of the others quickly followed the trend. As it stands, 11 of the 13 featured firms consider tenant guarantors. The price may often be increased as a result and they may also seek tip-top credit scores, but even still there is plenty of choice. We have added below the required ages for each.
T (18) | H (18) = Amigo, Buddy, JL Money, UK Trust
T (20/25) | H (20/25) = LendFair
T (21) | H (18) = 1Plus1
T (21) | H (21) = Bamboo, George Banco, TrustTwo, UK Credit
T (25) | H (25) = Juo
H (18) = TFS
H (21) = GML
Loans for Bad Credit No Guarantor No Fees: This query and variations of it was popular when research was carried out. We’ll soon be covering the personal loan comparison page that will showcase all of the subprime dedicated providers and so you’ll need to come back to study what’s available. Some of the featured providers have personal loan options themselves although they may only become available when the borrower’s application is strong enough. Juo is an exception, where they are happy to remove security, but this is at the higher price of £436.57. When it comes to referral fees, some lenders charge them and some don’t. To avoid these, simply skip using brokers altogether.