GuarantorMyLoan Loans | www.guarantormyloan.co.uk Reviews
About GuarantorMyLoan Loans
GuarantorMyLoan is a Norwich-based peer-to-peer service that has been running since the summer of 2014. It has however only been in recent years that GML’s emergence has really started to gather momentum. Finally there is greater awareness of GuarantorMyLoan’s excellent cashback promotion that when factored delivers market leading sector rates. Building on this, they now allow tenants to act as guarantors as well as homeowners. This assumes that they have a good credit score and are aged between 21 and 75 (applicants must also be 21+). We can recall this firm offering £5000 max, but this has now been doubled with the current range spanning £1000 to £10,000. They enforce the standard 12 to 60 month repayment spread.
It is the cashback deal that really sets them apart. This is provided assuming that the first 12 month repayments are paid on time and in full. If this is the case then a discount equivalent of a single monthly payment will be returned. It makes obvious sense to repay over the shortest period for the largest return. If you opted for 12 months then that return on a £1000 loan would be £102.71. At 60 months in contrast it’d be just £39.07! The standard £1000 loan charge at 12m is £232.52 that with full cashback will drop to £129.81. This is by far the cheapest market option, but it only works if every payment is made without issue.
GML’s popularity has been picking up and they are currently the 2nd highest ranked firm in the sector. There is added trust on the platform based on the increasing feedback on Trustpilot whey they rate at 94%. For those interested in lending, unfortunately there are no current investment opportunities as they have all of the required money. Those that do get involved can expect a return of between 8% and 10%. On the topic of lenders, there is a login for those, but not one for borrowers. The “Existing Customers” section simply shows an application form and contact number (01603 391041). This differs a little to the one in the contact section that we’ve added below.
Address: 4th Floor, 25/27 Surrey Street, Norwich, NR1 3NX
Brand: GuarantorMyLoan (aka: GML, Guarantor My Loan)
Company: Match the Cash Ltd
Contact (📧): firstname.lastname@example.org
Contact (☎): 01603 391013
FCA Licence: 718844
Opening Hours: Mon/Fri (9am-6pm)
Related Brands: Non
Site Address: www.guarantormyloan.co.uk
Site Rank (Alexa.com Global): #1,157,125
Amounts Available: £1000 to £10,000
Backings: Homeowners or tenants aged between 21 & 75
Late Payment Fee: £11.50
Manage: No GuarantorMyLoan login is provided
Pricing: £232.52 /£1000 (12m) & £474.80 /£1000 (24m)
Pricing (Cashback): £129.81 /£1000 (12m) & £413.35 /£1000 (24m)
Repayment Terms: 12 to 60 months (12, 24, 36, 48 & 60)
Feefo: Not listed
Reviews: Not listed
Trustpilot: 94% (340+ count)
Rivals & Similar Lenders Like GuarantorMyLoan
As it stands, only TrustTwo has a higher Alexa ranking. Amigo Loans are ranked lower in 3rd, but they’ve of course imposed a pause on lending during the pandemic. TrustTwo lends higher amounts up to £15,000, but there are no other key distinguishable features there. No company can compete with the rates here assuming that cashback is successfully earned. JL Money is the next cheapest service at £204.08 for £1000 (12m). Most others charge around £230. Outside of guarantor lending you can find a cheaper deal without a guarantor with Creditspring where you pay a membership fee equivalent to just £120. Those with bad credit are considered, but there is a minimum wage request of £18k.
Last Check @ www.guarantormyloan.co.uk: May 31st, 2021
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