To help you fit your loan into your monthly budget we've created this calculator:
I want to borrow:
Your actual APR will depend on a number of factors including: how much you want to borrow, the lender you choose & if your guarantor owns their home.
Less than perfect credit accepted
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Borrow £3,000 for 36 months. Representative 39.9% APR fixed. Monthly payment £144.16. Annual interest rate 34.05% fixed. Interest payable £2189.76. Total repayable £5,189.76.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
We work with numerous lenders and each offers different interest rates and ranges of loan values. Therefore our loan calculator can only be a general guide. It is based on our representative APR – the rate you get is likely to differ from this.
As well as choosing the guarantor lender with the lowest interest rate there are some other general rules to apply to help you minimise the total cost of your loan:
No two guarantor lenders offer the same deals. The differences between are as follows:
Are guarantor loans expensive? We all seek the cheapest credit we can. The cost of credit is most heavily affected by our credit rating. If your credit history is poor then no doubt you’ll have shopped around. Compared to some other bad credit personal loans that don’t need a guarantor we feel guarantor loans represent one of the most price competitive options.
If you think finding a guarantor is a hassle then you may wish to think twice – it could be that with just a little bit of effort a guarantor loan save you quite a lot of interest compared to the alternatives.
Written/Updated by: Amanda Gillam