Guarantor Loans
up to £15,000

Borrow from £500 to £15,000 with a guarantor loan. Get a free quote with Forces Compare today.

Get someone with good credit
to co-sign your loan agreement

Borrow £500 to £15,000

Receive funds in 24-48 hours

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Get a quote from the UK’s best guarantor lenders
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What is a Guarantor Loan?

A guarantor loan allows you to borrow £500 to £15,000 with the help of someone you know to act as a guarantor and agree to cover repayments if you cannot.

Guarantor loans are often used by people with bad credit or zero credit history as a way to borrow money, prove that they can make repayments, improve their credit rating and then access more affordable finance in the future.

The most successful guarantors include parents, siblings, close friends and colleagues from work – and you can essentially find someone with a better credit profile to be your guarantor.

To check your eligibility, you can click on ‘apply now’ and you will be asked to fill in a few details. You can receive an instant quote and if successful, get access to funds in less than 48 hours of approval.

 

Key Features

  • Borrow £500 to £15,000
  • 12 month loans – 84 month loans available
  • From 49.8% Representative APR
  • Guarantor required
  • Funds available in 48 hours
  • No upfront fees

Who Could Be My Guarantor?

The most common guarantors are people that you know and can speak to openly about your finances. You ideally need someone with a good credit rating (and preferably a homeowner status), since this will add a lot of credibility to your application and give the lender confidence that they will recover their funds.

It is recommended to find someone that you speak to regularly and will be in contact with over the next few years, such as a parent or sibling. Work colleagues, boyfriends and girlfriends can come and go, and you do not want to be left with a financial agreement.

It is always important to ask for permission from the guarantor before applying and have their full consent.

Eligibility Criteria for a Guarantor Loan  

For The Borrower:

  • Over 18 years
  • Full-time UK resident
  • Employed and earning a regular salary
  • Can afford monthly repayments

 

For The Guarantor:

  • Over 21 years
  • Full-time UK resident
  • Good credit rating
  • Homeowner status (although tenants are accepted)
  • Employed and earning a regular salary
  • Can afford monthly repayments

 

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Can I Get a Guarantor Loan for Bad Credit? 

Yes, guarantor loans are commonly used for people with bad credit histories. The idea is that you are able to leverage the good credit rating and affordability of someone else and if they act as your guarantor, it can help you get the loan you need.

You can still be eligible for a guarantor loan even if you have a CCJ, IVA or have been bankrupt.

You will need to be in current employment, earning a regular wage and have a guarantor with a very good credit rating who is willing to guarantee repayments on your behalf.

 

What if My Guarantor is a Tenant?

Yes, this is acceptable. Most guarantor loan companies prefer to have guarantors that are homeowners since having a full-time residence makes the individual easily contactable and indicates a good credit history to have been approved for a mortgage.

Those looking for tenant guarantor loans can still be accepted, since having a guarantor who is a tenant or in rented accommodation can still suggest the person has a good credit profile and be a good person to guarantee your loan. To reflect the extra risk, the rate charged may just be a little higher.

 

Why Choose Forces Compare to Apply for a Guarantor Loan?

Forces Compare offers a free loan comparison service for guarantor loans, where you can check your eligibility with the best lenders in the UK.

You can complete the entire application online in less than 5 minutes and receive a provisional quote on the screen. Subject to some further checks with you and your guarantor, you can typically receive funds within 48 hours.

We do not charge any fees for using our service and never will. Whilst we have become the UK’s favourite financial comparison site for the armed forces, our services are available to everyone in the UK.

To get started, simply click on apply now below.

Useful Guides

Who Could Be My Guarantor?

What Happens If Your Guarantor Does Not Repay?

Can You Stop Being a Guarantor?

Does Being a Guarantor Affect My Credit Rating?