We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker, not a lender. OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly.

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Representative 49.9% APR

Complete the Oink Money application form and let Monevo find the best guarantor loans available to you. Monevo is a licensed credit broker and not a lender.

What are Guarantor Loans?

Guarantor loans mean that you can get a personal unsecured loan even if you haven’t got that much money in the bank, or your credit history isn’t that great. If you’ve been refused by mainstream lenders, this type of borrowing could be the perfect answer for you.

Guarantor loans are great for people with a bad credit history, or no credit history to date, and they have become increasingly popular over the last few years. Guarantor loans are also popular amongst young professionals who are early on in their careers, as they haven’t had time to build up a personal credit history. The are relatively easy to secure because the other party is required to make the payments instead of you, in the event you're unable to. However, finding someone who is willing to take on the risk of the loan on your behalf can understandably take some time.

These loans typically have lower interest rates than payday loans because they are designed to be paid back over a number of years, and they are lower risk for the lender.

What can I use a guarantor loan for?

The money you borrow can be used for a variety of reasons, from being able to secure your first flat to paying for your wedding. If you have a lower deposit amount and a bad credit history, asking someone to guarantee your loan can help convince banks and financial institutions that you are still a sound investment. Generally, it’s safer to be cautious and only take out small, manageable loan amounts at a time.

How do I apply?

Often loan applications are completed online and are generally straightforward, but you will need to provide personal and bank details for both yourself and your guarantor. You will both need to provide details of your credit history, their bank statements, and address details. Sometimes to qualify as a borrower you will have to pass a credit check yourself, other times a credit check won’t be needed from you.

You can apply for a guarantor loan right here at Oink Money. Monevo will search our panel of lenders for the best deal to suit your circumstances, subject to criteria. If you proceed with your application after agreeing to the terms and conditions, you will then be asked for the personal information of the person guaranteeing your loan. Be aware that the money you borrow is sometimes passed directly to the guarantor, who must then pass it on to you.

What kind of people make good guarantors?

A guarantor will be responsible for maintaining payments for your loan if you default on any repayments, so they need to be someone who has a good clean credit score. Sometimes they may need to be a homeowner. People who are homeowners are generally preferred as guarantors, but some loan providers also accept tenants. Generally, to guarantee a loan you need to be in work and in receipt of steady income, or have a lot of personal capital, as you need to prove that you can cover the amount of the borrowing. People often look to close friends and family, but anyone can step in as long as they understand the risks. You can’t ask your spouse to guarantee your loan as you are already financially connected.

How much money can I get with a guarantor loan?

Loans with a guarantor vary in size. It depends on the repayment schedule and the person's ability to guarantee the loan sum. Lending can start from a few hundred pounds up to £25,000, but most guarantor loans tend to be worth a few thousand pounds.

What happens if I can’t pay my loan back?

Your loans company will go straight to your guarantor and take the money from them to keep the loan repayments topped up. The person guaranteeing your loan will need to understand this before they commit. It’s always best to keep up with repayments so that your guarantor doesn’t have to step in and cover them instead of you.

Are guarantor loans secure?

They are a great way to safely borrow money, but as you are asking someone else to take on a risk for you, you have to be careful. As guarantor loans are often the only loan option for people with bad credit, you need to make sure that you aren’t asking someone to take on too much risk for you. Guarantor loans often have lower interest rates than payday loans so they can help you save more money in the long run (as long as you make your repayments). If you manage your repayments well, you may even be able to use your guarantor loan to build up a good personal credit score– meaning you could eventually get a mainstream loan.

How to get the best guarantor loans

The best loans have lower interest rates (shown as an annual percentage rate – APR) and allow you to repay the loan back early if you can. Good APRs for guarantor loans tend to hover around the 49.5% APR rate. Some lenders specialise exclusively in guarantor loans so it’s worth shopping around for the best loan deal. Why not let us do the shopping for you? Use Oink Money and Monevo to apply for a guarantor loan today.

We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker, not a lender.

OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly. We do not make short term loan or credit decisions.

We do not charge any fees. If you are contacted by anyone saying they are calling from Oink Money requesting you make them a payment, you should report this to www.actionfraud.police.uk immediately. We will never contact you asking for a payment.

*The loan amount and interest rate you are offered are subject to lenders requirements and approval. If accepted by a lender, a full credit check will be carried out. If Monevo are unable to find you a loan, they may offer you an alternative product. The time it takes for the funds to appear in your account may take longer, and will depend on your bank and the lender's own policies and procedures.