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Guarantor Loans

Let your friends and family share your financial burden.

Explore affordable guarantor loans with LoanTube.

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LoanTube is a credit broker not a lender. You must be 18 or over and a UK resident. Representative 79.5% APR

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4.8/5

4.8/5

Loans By MAL

Loan Amount

£1000 -

£5000

Loan Term

1 -

2 years

Representative APR

47%

Minimum Age

21 years

Minimum Income

£1300 per month

Representative Example: on an assumed loan amount of £2200 over a 24 month repayment period. Rate of interest 21.4% per annum (fixed). Representative 47% APR. Total amount payable is £3141.60 of which £941.60 is interest, 24 monthly repayments of £130.90.

4.8/5

4.8/5

Norwich Trust

Loan Amount

£4000 -

£20000

Loan Term

1 -

10 years

Representative APR

22.9%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example If you borrow £20000 over 72 months, your representative APR will be 22.90% APR. Your monthly repayments will be £488.36 and the total amount repayable will be £35,161.92.

4.8/5

4.8/5

My Community Finance

Loan Amount

£1500 -

£25000

Loan Term

1 -

5 years

Representative APR

18.85%

Minimum Age

21 years

Minimum Income

£18,000 per annum

Representative example: A loan of £6,000 to repay over 48 months. Representative 18.85% APR. Each month you’ll pay: £173.64. Your total repayment over 48 months will be: £8,3355.00. This includes £2,335.00 interest at 18.85% pa (fixed) and no fees.

Loan Amount

£1000 -

£5000

Loans By MAL

Loan Term

1 -

2 years

4.8/5

4.8/5

Representative APR

47%

Minimum Age

21 years

Minimum Income

£1300 per month

Representative Example: on an assumed loan amount of £2200 over a 24 month repayment period. Rate of interest 21.4% per annum (fixed). Representative 47% APR. Total amount payable is £3141.60 of which £941.60 is interest, 24 monthly repayments of £130.90.

Loan Amount

£4000 -

£20000

Norwich Trust

Loan Term

1 -

10 years

4.8/5

4.8/5

Representative APR

22.9%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example If you borrow £20000 over 72 months, your representative APR will be 22.90% APR. Your monthly repayments will be £488.36 and the total amount repayable will be £35,161.92.

Loan Amount

£5000 -

£100000

Evolution Money Loans

Loan Term

1 -

20 years

4.5/5

4.5/5

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

Loan Amount

£1500 -

£25000

My Community Finance

Loan Term

1 -

5 years

4.8/5

4.8/5

Representative APR

18.85%

Minimum Age

21 years

Minimum Income

£18,000 per annum

Representative example: A loan of £6,000 to repay over 48 months. Representative 18.85% APR. Each month you’ll pay: £173.64. Your total repayment over 48 months will be: £8,3355.00. This includes £2,335.00 interest at 18.85% pa (fixed) and no fees.

Loan Amount

£1000 -

£15000

Everyday Loans

Loan Term

1 -

5 years

4.4/5

4.4/5

Representative APR

99.90%

Minimum Age

21 years

Minimum Income

£10,000 per annum

Representative Example: Representative APR 99.9% (fixed). Based on a loan of £3,000 over 24 months at an interest of 71.3% p.a. (fixed). Monthly repayments of £237.75. Total amount payable £5,706. Maximum APR: 299%.

Understanding Guarantor Loans:

Introduction to guarantor loans

Guarantor loans offer access to funds for individuals with limited credit history or poor credit scores by having a trusted guarantor or co-signor provide a repayment guarantee. Having a guarantor increases the approval chances for borrowers. 

 

How do guarantor loans work?

Guarantor loans work by involving a third-party, known as the guarantor, to provide additional security to the lender. The borrower applies for a loan, and once approved, they identify a guarantor, usually a family member or close friend, who agrees to take responsibility for the loan if the borrower defaults. The lender assesses the guarantor’s creditworthiness and financial stability while approving the loan application. Once approved, the funds are disbursed to the borrower, who is responsible for making regular repayments according to the agreed-upon terms. In the event that the borrower fails to make payments, the guarantor steps in and becomes legally obligated to repay the outstanding loan amount, along with any accrued interest and fees. Both the borrower’s and the guarantor’s credit scores can be impacted based on the repayment behavior. 

 

Differences between guarantor loans and other types of loans

With a guarantor loan, the chances of your loan application getting accepted increases, while with a non-guarantor loan, the chances is less. However, this stands true only for individuals who have a poor credit history or no credit history at all. 

 

Listed below are a few key features of a guarantor loan that makes it different from other type of loans: 

  1. Require a guarantor for additional security.
  2. More accessible to individuals with poor credit.
  3. Higher interest rates due to increased risk.
  4. Smaller loan amounts typically available.
  5. Usually unsecured, no collateral needed.
  6. Guarantor becomes responsible for repayment if the borrower defaults.
  7. Specific eligibility criteria for borrowers and guarantors.
  8. Can impact the guarantor’s credit and financial situation.
  9. Availability may vary based on the market or region. 

Benefits and risks of guarantor loans

It is always a wise financial decision to weigh the pros and cons of a financial product before you use it. Doing so will help you lay a clear roadmap that will further assist you to stay on track of your finances. 

Benefits of a Guarantor Loan

Let us understand the various benefits offered by guarantor loans: 

  1. Easy Access to Funds: Guarantor loans provide an opportunity for individuals with poor credit or limited credit history to access funds they might otherwise be denied through traditional loans.
  2. Increased Approval Chances: With a guarantor’s backing, lenders perceive borrowers as less risky, increasing the likelihood of loan approval and potentially securing more favorable terms.
  3. Rebuild Credit: Timely repayments on the guarantor loan can positively impact the borrower’s credit score, facilitating future access to more favorable credit options.
  4. Flexible Use of Funds: Borrowers can utilize guarantor loans for various purposes, including education expenses, debt consolidation, home improvements, or personal and business needs.

Risks of Using a Guarantor Loan:

 Although a loan with a guarantor has multiple benefits, there are a few risks associated with it.

  1. Strained Relationships: The borrower-guarantor relationship could be strained if the borrower defaults, potentially leading to personal and financial tensions.
  2. Financial Obligations for Guarantor: Guarantors risk being liable for loan repayments if the borrower fails to fulfill their obligations, potentially affecting their own financial stability.
  3. Impact on Guarantor’s Credit Score: A guarantor’s credit score may be negatively affected if they are required to step in and make loan payments due to the borrower’s default.
  4. Limited Loan Amounts: Guarantor loans may have smaller loan amounts compared to other types of secured loans, limiting the funds available to borrowers.
  5. Higher Interest Rates: Interest rates on guarantor loans may be higher than those on traditional loans due to the perceived higher risk associated with borrowers who require a guarantor.
  6. Limited Guarantor Options: Finding a suitable guarantor can be challenging, as not everyone is willing or eligible to take on such financial responsibility.
Guarantor Loans Eligibility and Application Process:

Eligibility criteria for borrowing a guarantor loan

Different lenders and banks may have different lending criteria, however, listed below are a few common eligibility criteria for borrowing a guarantor loan:

  1. Credit History: Flexible, may accept poor or limited credit scores.
  2. Age: Typically 18 years or older.
  3. Residency: Legal resident of the country where applying.
  4. Income: Stable and sufficient income source.
  5. Employment: Employed or have a regular income.
  6. Debt-to-Income Ratio: Considered for affordability.
  7. Bank Account: Active account for transactions.
  8. Guarantor Acceptance: Some lenders require guarantor eligibility.

 

Eligibility criteria for guarantors/co-signor

  1. Credit History: Generally, guarantors should have a good credit history with a positive repayment track record. Lenders assess the guarantor’s creditworthiness to provide financial security for the loan.
  2. Age: Guarantors are usually required to be of legal age, typically 18 years or older, to be eligible for a guarantor loan.
  3. Residency: Guarantors should be legal residents of the country where the loan is being applied.
  4. Financial Stability: Lenders often evaluate the guarantor’s financial stability, including their income and employment status, to ensure they can fulfil the loan obligation if necessary.
  5. Relationship with Borrower: In many cases, lenders prefer guarantors who have a close personal relationship with the borrower, such as family members or close friends.
  6. Willingness to Take Responsibility: Guarantors should fully understand their responsibility and be willing to step in and repay the loan if the borrower defaults.

 

Finding a suitable guarantor

A suitable guarantor is typically someone with a close relationship to the borrower, such as a family member or trusted friend. They should have a strong credit history and be financially capable of repaying the loan if required.

 

Application process for guarantor loans

  1. Prepare loan requirements and identify a potential guarantor.
  2. Research lenders and choose a suitable option.
  3. Complete the application form with personal and financial details.
  4. Provide guarantor information and obtain their consent.
  5. Undergo credit check and affordability assessment.
  6. Submit necessary documents for verification.
  7. Await loan approval and disbursement of funds.
  8. Start making regular repayments as per the agreed terms.
Guarantor Loans Roles and Responsibilities:

Responsibilities of the borrower

When you borrow a loan, you become legally obliged to repay the loan on time and as per the agreed terms and conditions of the contract you have signed with your lender. Listed below are some of the key responsibilities of a borrower: 

  1. Timely Repayments
  2. Transparent Communication with the Guarantor
  3. Responsible Loan Management
  4. Financial Accountability
  5. Promptly Informing of Difficulties
  6. Adherence to Loan Terms
  7. Providing Necessary Updates
  8. Avoiding Default

 

Responsibilities of the guarantor

Even if you are a guarantor and not the primary borrower, you too have some responsibilities when you co-sign a loan application. 

  1. Loan Repayment Obligation
  2. Financial Stability and Creditworthiness
  3. Informed Consent and Communication
  4. Loan Repayment Priority
  5. Financial Planning and Emergency Fund
  6. Reviewing Loan Terms
  7. Consent Withdrawal Consideration

 

Understanding the legal obligations of both parties

Legal Obligations of Both Parties for Guarantor Loans:

 

Borrower:

– Repayment as per agreed terms.

– Adherence to loan agreement.

– Accurate financial disclosures.

 

Guarantor:

– Loan repayment if borrower defaults.

– Understanding of loan agreement.

– Informed consent and financial responsibility.

 

Communication and relationship between borrower and guarantor

The guarantor and the borrower should have a clear communication on the loan terms as they will be borrowing a loan jointly. Here are a few tips to help you get started with the communication you need to have while taking out a loan with someone: 

  1. Open communication and transparency.
  2. Mutual understanding of roles and responsibilities.
  3. Financial transparency and honesty.
  4. Respectful approach to address concerns.
  5. Regular updates on loan progress.
  6. Seeking professional advice if needed.
  7. Expressing gratitude and appreciation.
Guarantor Loan Amount and Repayment Terms:

Determining the loan amount you can borrow

Being prepared for borrowing a guarantor loan requires you to understand your financial requirement first. Assess the amount you need to borrow and then apply for a loan. 

Here is how you can determine the amount you need to borrow with a guarantor loan: 

  1. Check lender’s criteria for maximum loan amount.
  2. Assess borrower’s affordability and income.
  3. Consider guarantor’s financial strength.
  4. Review credit history and debt-to-income ratio.
  5. Ensure loan purpose aligns with lender’s guidelines.
  6. Evaluate collateral value for secured loans.
  7. Assess guarantor’s liability and willingness.

 

Repayment period and options

  1. Repayment Period: Typically 1 to 5+ years.
  2. Monthly Instalments: Equal monthly payments.
  3. Flexible Repayment: Options to customize loan term and payments.
  4. Early Repayment: Possible with potential fees.
  5. Late Payment Policies: Check for penalties.
  6. Direct Debit or Standing Orders: Preferred payment methods.

 

Interest rates and APR for guarantor loans

Guarantor loans generally carry higher interest rates compared to regular personal loans due to the increased risk involved in lending to borrowers with bad credit. The specific interest rate applied to the loan is contingent on individual circumstances and may vary significantly, ranging from approximately 20% to 50% APR.

 

Impact of loan amount and repayment terms on affordability

The loan amount and repayment terms significantly affect affordability for guarantor loans. Higher loan amounts may strain the borrower’s budget, while longer terms lead to more interest paid. Choosing a suitable amount and manageable term is crucial for timely repayments and financial stability. The guarantor’s financial position is also important, as they may need to step in if the borrower defaults.

Guarantor Criteria:

Factors considered for selecting a guarantor

Lenders consider several factors when choosing a guarantor, including their credit history, financial stability, and ability to meet repayment obligations if the borrower defaults. Other important considerations are the guarantor’s relationship with the borrower and their willingness to take on the responsibility.

 

Financial stability and creditworthiness of guarantors

For guarantor loans, lenders prioritize the financial stability and creditworthiness of potential guarantors. This means the guarantor should have a stable financial situation, with a reliable income and enough disposable income to cover loan payments if the borrower defaults. Additionally, lenders look for a good credit history, indicating responsible borrowing behavior and a high credit score, demonstrating the ability to manage credit and debt responsibly.

 

Relationship requirements between borrower and guarantor

For guarantor loans, lenders often require a close relationship between the borrower and the guarantor. The typical relationship requirements include family members, such as parents, siblings, spouses, or sometimes close friends. The idea behind this requirement is that a strong relationship fosters a sense of trust and responsibility, increasing the likelihood that the guarantor will intervene and help the borrower if they encounter difficulties repaying the loan. Lenders believe that a personal connection between the borrower and guarantor strengthens the commitment to fulfill the loan obligation. However, specific relationship requirements may vary among different lenders, so borrowers should always check with the lender about their specific criteria for guarantors.

Responsibilities and Liabilities of Guarantors:

Understanding the financial implications for guarantors

  1. Loan Repayment Responsibility: If the primary borrower fails to repay the loan, the guarantor becomes legally obligated to repay the entire loan amount, along with any accrued interest and fees. This responsibility continues until the loan is fully paid off or until an alternative arrangement is made with the lender.
  2. Credit Impact: If the borrower defaults and the guarantor has to step in to repay the loan, it may have a negative impact on the guarantor’s credit score. Missed payments or defaulting on the loan can tarnish the guarantor’s credit history, making it harder for them to secure credit in the future.
  3. Potential Debt Accumulation: Guarantors must be prepared to cover the full loan amount if the borrower cannot make payments. This sudden financial burden can lead to debt accumulation or put strain on the guarantor’s own financial situation.
  4. Asset Seizure: In some cases, if the guarantor fails to repay the loan, the lender may have the right to seize the guarantor’s assets or go through legal processes to collect the outstanding debt.
  5. Legal Consequences: If the guarantor defaults on the loan, the lender may take legal action to recover the debt. This can lead to court proceedings, which could result in additional expenses and potential damage to the guarantor’s financial reputation.
  6. Strained Relationships: Guarantor loans can place strain on the relationship between the borrower and guarantor, especially if there are difficulties in repaying the loan. Financial disagreements may lead to tension and strain the personal connection between the two parties.
  7. Limited Borrowing Capacity: Being a guarantor for a loan may impact the guarantor’s ability to secure credit for themselves. Lenders may consider the existing guarantee commitment as a liability when assessing the guarantor’s creditworthiness for future loans.

 

 

Repayment obligations if the borrower defaults

If the borrower defaults on a guarantor loan, the repayment obligations fall on the guarantor. The guarantor becomes legally responsible for repaying the entire loan amount, along with any accrued interest and fees. Lenders will look to the guarantor to fulfil the loan obligation, and if the guarantor fails to make the payments, they may face negative consequences such as damage to their credit score, potential legal action, and possible seizure of assets. It’s crucial for guarantors to be fully aware of these repayment obligations and the associated risks before agreeing to become a guarantor for a loan.

 

Impact on guarantor’s credit score

If the borrower defaults and the guarantor take over the repayments, the guarantor’s credit score may be affected if they encounter difficulties in meeting the loan obligations.

 

Release of guarantor from the loan agreement

Typically, the guarantor is released from their obligations once the loan is fully repaid and the borrower demonstrates a history of responsible repayments. However, specific conditions for release may vary depending on the lender’s policies.

Guarantor Loan Providers and Options:

Banks and financial institutions offering guarantor loans

There are various banks and financial institutions that offer loans with a guarantor. However, the eligibility criteria may differ and the rate of interest you will be offered may also vary. Check the terms and conditions of the banks before applying. If possible talk to them and understand how it works so that you can choose your funding option carefully. 

 

Online lenders specializing in guarantor loans

 You can also choose to go ahead with online lenders specialising in guarantor loans. The process for applying for a loan online is comparatively easier and saves time and effort. 

Also, borrowing a guarantor loan online is safe if you are borrowing a loan from an FCA authorised lender. 

 

Comparison of interest rates and terms from different lenders

 Compare different guarantor loan quotes before deciding on anything. Get multiple quotes from different lenders with a single application form with LoanTube. Compare rates and choose the best option as per your finances. 

Using Guarantor Loans for Different Purposes:

Financing education expenses

Guarantor loans can be beneficial for students or individuals seeking to finance their education expenses, including tuition fees, books, and other educational costs. The involvement of a guarantor may increase the chances of loan approval for students with limited credit history or income.

 

Consolidating debts with a guarantor loan

Borrowers burdened with multiple debts and high-interest rates may find relief by consolidating their debts into a single guarantor loan. This can simplify repayments and potentially lead to lower overall interest charges, making it easier to manage their financial obligations.

 

Home improvements and renovations

Guarantor loans can be a useful option for homeowners looking to fund home improvement projects or renovations. By using their property as security, borrowers may access larger loan amounts and secure favourable interest rates.

 

Funding other personal or business needs

Whether it’s for a wedding, travel, or unforeseen expenses, guarantor loans can be used for various personal purposes. Additionally, entrepreneurs or small business owners with limited credit history might use guarantor loans to secure funds for business-related needs.

Guarantor Loans Risks and Considerations:

Potential impact on borrower’s credit score

Borrowers should be aware that missed or delayed payments on a guarantor loan can negatively affect their credit score. Timely repayments are crucial to maintaining a positive credit history.

 

Default consequences for both borrower and guarantor

In the unfortunate event of loan default, both the borrower and the guarantor face significant consequences. The borrower’s credit score will suffer, while the guarantor may be held responsible for the loan repayment.

 

Risks of straining relationships with guarantors

Guarantor loans can put strain on personal relationships if the borrower faces financial difficulties or fails to repay the loan as agreed. Open communication between both parties is essential to address any issues that may arise.

 

Alternative financing options and their comparisons

Before opting for a guarantor loan, borrowers should explore alternative financing options. These may include personal loans, secured loans, or seeking financial assistance from family or friends. It’s essential to compare interest rates, terms, and potential risks associated with each option.

Tips for Maximising the Value of Guarantor Loans:

Assessing loan affordability and repayment capacity

Before committing to a guarantor loan, borrowers should evaluate their financial capacity to ensure they can comfortably repay the loan. A thorough budget analysis can help determine if the loan fits within their financial means.

 

Maintaining open communication with the guarantor

Keep your guarantor informed about your financial situation and the loan’s progress. Regularly update them on loan repayments and any changes in your circumstances. Open communication builds trust and ensures both parties are aware of their responsibilities.

 

Seeking professional advice when needed

If you have any doubts or concerns about the loan or your financial situation, don’t hesitate to seek advice from a financial professional. An advisor can help you understand the terms of the loan, assess its impact on your finances, and offer guidance tailored to your situation.

 

Responsible financial management throughout the loan term

Maintaining responsible financial habits, such as making timely payments and avoiding unnecessary debts, can enhance the borrowing experience and prevent potential financial complications.

What are guarantor loans?

A guarantor loan is a type of loan where a third-party, known as the guarantor, provides a guarantee to the lender that they will repay the loan if the primary borrower defaults. This arrangement offers additional security to the lender, making it possible for borrowers with limited credit history or poor credit scores to access loans.

How Does a Guarantor Loan Work?

A guarantor loan works by having the guarantor agree to repay the loan if the borrower defaults. The borrower applies for the loan, and once approved, the funds are disbursed. The borrower makes regular repayments, and the guarantor steps in if the borrower fails to make payments. Both parties’ credit scores can be impacted based on the repayment behaviour.

Who Can Be a Guarantor for a Loan?

A guarantor is typically a family member or a close friend who trusts the borrower and is willing to take on the responsibility of repaying the loan if the borrower defaults. Most lenders have specific criteria for selecting a guarantor, including age, creditworthiness, and financial stability.

What Are the Eligibility Criteria for a Guarantor Loan?

Eligibility criteria for guarantor loans vary among lenders but often include the following:

– The borrower must be of legal age (usually 18 years or older).

– The guarantor must meet the lender’s age and creditworthiness requirements.

– The guarantor should have a stable financial situation with sufficient income to cover the loan if necessary.

Can I Get a Guarantor Loan If I Have Bad Credit?

Yes, one of the main benefits of a guarantor loan is that it allows borrowers with bad credit to access funds. The guarantor’s good credit history provides reassurance to the lender, increasing the chances of loan approval.

Can I Have More Than One Guarantor for a Loan?

In most cases, lenders only require one guarantor for a loan. However, some lenders may allow multiple guarantors, although it is less common.

What Is the Role and Responsibility of a Guarantor?

The role of a guarantor is to provide a financial guarantee for the loan, ensuring repayment in case the borrower defaults. They must be aware of the risks involved and should only agree to become a guarantor if they are fully comfortable with the responsibility.

What Happens If the Borrower Defaults on a Guarantor Loan?

If the borrower fails to repay the loan, the guarantor becomes legally obligated to step in and repay the debt. Failure to do so can lead to legal action against the guarantor, affecting their credit score and financial standing.

Can a Guarantor Be Released from the Loan Agreement?

In most cases, a guarantor can be released from the loan agreement once the loan is fully repaid and the borrower demonstrates a history of responsible repayments. However, the specific conditions for release may vary among lenders.

How Much Can I Borrow with a Guarantor Loan?

Most lenders cap the maximum loan amount at 4.5 times your guarantor’s income, although some may offer higher loan amounts, such as 5 times or more, based on the lender’s discretion and your overall financial situation.

What Is the Interest Rate for a Guarantor Loan?

Guarantor loans generally impose higher interest rates compared to standard personal loans due to the elevated risk associated with lending to borrowers with poor credit. The exact interest rate for the loan varies based on individual circumstances and can span a wide range, typically falling between approximately 20% to 50% APR.

How Long Can I Take to Repay a Guarantor Loan?

The repayment period for guarantor loans varies, with terms typically ranging from one to several years. Borrowers can choose a repayment period that suits their financial capabilities.

Can I Use a Guarantor Loan for Any Purpose?

Yes, once approved, borrowers can use the funds from a guarantor loan for various purposes, including education expenses, debt consolidation, home improvements, personal needs, or business expenses.

 

Can I Get a Guarantor Loan If I Am Self-Employed?

Yes, self-employed individuals can apply for a guarantor loan. They need to meet the lender’s eligibility criteria, provide proof of income, and have a suitable guarantor.

Can I Get a Guarantor Loan If I Am Retired?

Yes, retired individuals can apply for a guarantor loan, provided they meet the lender’s age and financial stability requirements. They will also need to have a guarantor who meets the lender’s criteria.

Are There Any Fees or Charges Associated with Guarantor Loans?

Yes, there may be fees and charges associated with guarantor loans, including application fees, processing fees, and late payment fees. It’s essential to review the loan agreement and understand all associated costs before proceeding.

Will Taking Out a Guarantor Loan Affect My Credit Score?

Yes, taking out a guarantor loan can affect both the borrower’s and the guarantor’s credit scores. Timely repayments can have a positive impact, while missed payments can negatively affect credit histories.

How Does a Guarantor Loan Compare to Other Types of Loans?

Compared to other loans, guarantor loans are more accessible to borrowers with poor credit scores. However, they typically involve higher interest rates and the need for a guarantor.

Are There Any Alternatives to Guarantor Loans?

Yes, some alternatives to guarantor loans include secured loans, personal loans, credit unions, and peer-to-peer lending. Borrowers should explore various options to find the most suitable one for their needs.

How Do I Choose a Reputable Lender for a Guarantor Loan?

To choose a reputable lender for a guarantor loan:

 

  1. Research authorized and regulated lenders.
  2. Compare interest rates, terms, and fees.
  3. Read customer reviews for reliability.
  4. Ensure transparency and clarity in the loan agreement.
  5. Check for flexibility in repayment options.
  6. Verify data security measures.
  7. Seek recommendations from trusted sources.
  8. Read the entire loan agreement before proceeding.

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Representative Example

Loan Amount

£1,000

Loan Term

18 Months

Total repayment

£1,554.10

Monthly repayment

£90.57

RAPR

79.5%

Interest

59.97% p.a (fixed)

*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk.

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Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.

Our APR rate starts from 18.22%. The maximum APR we offer is 770%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years.

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

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