Best Guarantor Loans | Direct Lenders Compared

Compare Guarantor Loans

About

Suretyship (the guarantee of the debts of one party by another) can be traced back to around 2750 BC when the oldest known surety contract was marked on a Mesopotamian tablet. In the modern day, legal contracts in this form have commonly been used for mortgages and residential lettings. It was FLM Loans that adapted this concept as an unsecured bad credit loan here in the UK. They launched in 2005, but would later rebrand as Amigo Loans in 2012. TFS has a longer history dating back to 2003, but they didn’t involved guarantors until after FLM. Outside of TFS, the market leader has faced mounting competition from the likes of Bamboo, Buddy, UK Credit and more.

Guarantor lenders deliver some of the highest acceptance rates on the subprime market today. The key reason being that the credit status of the borrower isn’t overly critical since should there be payment issues then the lender can simply take the payment from the person backing the application. This backer can usually be a tenant as well as a homeowner, but either way they require a tip-top credit score. This layer of protection removes the risk and enables competitive subprime rates often pitched between 48% and 50% APR. At this rate for £1000 borrowed over a year you’d pay between £228 and £238. This is a reasonable charge in contrast to the alternative subprime solutions circulating today.

Sample Listing:
Brand (Launch Year) | Alexa UK Ranking
– Available Amounts (Reloan Cap) | Available Terms (Reloan Cap) | Cost Per £1000 for 12m & 24m
– Backing Requirements: Age Range for Guarantors | Required Living Status. H= Homeowner, H&T = Homeowner & Tenant
– Opening Hours
*Notes

Alexa Sorted Guarantor Loans Direct Lenders Only List 2018

1) Amigo Loans (2005/2012) | #14,440

Amigo Loans

– £500-£10,000 | 12-60m | £236.72 (12m) & £483.68 (24m)

– 18-75 | H&T

– Mon/Thu (9am-7pm), Fri (9am-6pm), Sat (10am-1pm)

*Rebranded from FLM Loans.

2) Bamboo Loans (2014) | #39,496

Bamboo Loans

– £1000-£8000 | 12-60m | £235.72 (12m) & £481.50 (24m)

– 21-72 | H&T

– Mon/Fri (8am-8pm), Sat (9am-2pm)

*Existing times differ. Non-guarantor loan option up to £5k.

3) 1Plus1 Loans (2013) | #122,796

1Plus1 Loans

– £500-£10,000 | 12-60m | £233 (12m) & £470 (24m)

– 18-75 (H) & 21-75 (T) | H&T

– Mon/Fri (9am-6pm)

*Non.

No Alexa UK Ranking (Sorted by Global Rank)

4) George Banco (2013) | #1,225,473

George Banco Loans

– £1000-£7500 | 12-60m | £236.12 (12m) & £482.24 (24m)

– 21-75 | H&T

– Mon/Thu (9am-7pm), Fri (9am-4.30pm), Sat (9am-3pm)

*Existing times differ. Non-guarantor loan option up to £5k.

5) Buddy Loans (2014) | #1,262,285

Buddy Loans

– £1000-£7500 | 12-60m | £237.36 (12m) & £484.34 (24m)

– 18-75 | H&T

– Mon/Thu (9am-7pm), Fri (9am-4.30pm), Sat (10am-2pm)

*Non.

6) TrustTwo (2014) | #2,039,547

TrustTwo Loans

– £500-£10,000 | 12-60m | H= £210.92 (12m) & £428.72 (24m) | T= £236.96 (12m) & £484.16 (24m)

– 21-75 | H&T

– Mon/Fri (9am-5pm), Sat (9am-4pm)

*Varied H&T prices shown.

7) UK Credit (2010/2014) | #2,231,940

UK Credit Loans

– £1000-£6000 (£10,000 with homeowner) | 12-60m | H= £228.32 (12m) & £465.68 (24m) | T= £317.24 (12m) & £658.40 (24m)

– 21-70 | H&T

– Mon/Fri (8am-8pm), Sat (9am-1pm)

*Rebranded from GLO. Varied H&T prices shown.

8) TFS Loans (2003) | #2,879,835

TFS Loans

– £1000-£7500 (£15,000 for homeowners) | 12-60m | £317.36 (12m) & £658.64 (24m)

– 18-78 | H

– Mon/Thu (9am-7pm), Fri (9am-5pm)

*£15k is specific to homeowner applicants (not guarantors).

9) Juo Loans (2017) | #3,278,230

Juo Loans

– £1000-£3000 | 12-36m | £241.65 (12m) & £487.05 (24m)

– 25+ | H&T

– Mon/Fri (8am-8pm), Sat (9am-5pm), Sun (10am-4pm)

*Non-guarantor loan option. Upper age not stated.

10) GuarantorMyLoan (2014) | #3,933,064

GuarantorMyLoan Loans

– £1000-£10,000 | 12-60m | £129.81/£232.52 (12m) & £413.35/£474.80 (24m)

– 21-75 | H

– Mon/Fri (9am-6pm), Sat (9am-1pm)

*Cashback and standard prices shown. Peer-to-peer platform.

11) JL Money (2004) | #6,509,415

JL Money Loans

– £550-£10,000 | 3-24m | See below

– 18+ | H&T

– Mon/Fri (9.30am-5.30pm)

*No example and must apply by phone. Non-guarantor loan option. Upper age not stated.

12) LendFair (2013) | #7,037,585

LendFair Loans

– £500-£10,000 | 6-60m | £148.88/£228.68 (12m) & £298.16/£466.40 (24m)

– 25-73 (H) or 20-75 (H&T) | H&T

– Mon/Fri (9am-5pm)

*Prices across 2 products shown. The cheaper option requires 21+ applicants and 25+ homeowner guarantors. Other option capped at £5000.

No Alexa Global Ranking

13) UK Trust Loans (2013)

UK Trust Loans

– £500-£7500 | 12-60m | £236.72 (12m) & £483.68 (24m)

– 18-75 | H&T

– Mon/Fri (unknown)

*Non.

Notes:
– Alexa.com rankings were taken in June 2018.
– Complete borrowing sum ranges are displayed. Some lenders enable you to pick any amount for any term choice, whilst others have set restrictions. In this sector £1000 is often for instance capped at 36 months.
– Not included today: There have been a few sector closures although these weren’t too recent including Consollo, GLO, Hero and The Quick Cash Club. Masa and Suco were secondary lending brands, but each are now managed by a broker (Cobain Digital Ltd).
– Rates are often variable. There may be broker fees payable, but this is when you are redirected to the company from a partner.

Alexa Site Rankings

On a past check 6 companies managed competitive local ranks. There was however just 3 on this update. It may be the case that Amigo (with the aid of their major ad campaigns) have been continually taking market share away from the smaller competitors. It isn’t a case that consumer demand in this niche is dropping with Google Trends data showing a fairly consistent level of demand now compared to past years. Bamboo and then 1Plus1 were the other lenders with UK ranks. Buddy and George Banco have took on drops, yet are still always there in the mix of things. Of the noted closures above, GLO was the one brand seen with the biggest potential. This was a release of Provident Financial who have various successful projects behind them noting Provident, Satsuma and Vanquis.

Cheapest Homeowner Guarantor Loans for Bad Credit 2018 (+Fair)…

1) GuarantorMyLoan: £129.81/£232.52
2) LendFair: £148.88/£228.68
3) TrustTwo: £210.92
4) UK Credit: £228.32
5) 1Plus1Loans: £233

Cheapest Tenant Guarantor Loans for Bad Credit 2018 (+Fair)…

1) LendFair: £228.68
2) 1Plus1Loans: £233
3) BambooLoans: £235.72
4) GeorgeBanco: £236.12
5+) AmigoLoans/UKTrustLoans: £236.72

*GuarantorMyLoan has 2 prices (other than the standard their cashback deal is displayed). With LendFair, they have 2 products hence the 2 homeowner prices, but only 1 of these is available to tenants.

Largest Facebook Communities

1) AmigoLoans: 8190+.
2) UKTrustLoans: 5980+
3) LendFair: 2250+.
4) GeorgeBanco: 1610+.
5) UKCredit: 1030+.

No Late Fee Guarantor Loans

AmigoLoans, GeorgeBanco, LendFair, TrustTwo and UKTrustLoans.

Payouts Across Weekends

Sunday guarantor loans are now available with Juo who launched not too long back in 2017. Their weekend times are Sat (9am-5pm) and Sun (10am-4pm). Other than Juo, most firms typically only stay open for a few few hours on Saturdays. TrustTwo’s Saturday hours are quite extensive at 9am to 4pm.

The Best Guarantor Loan Alternatives?

There are various no guarantor loans lenders for bad credit. Likely Loans is the cheapest of which at £278 per £1000 over a year. There are other providers that drop quite low such as AvantCredit at £205.16, but they seek fairer scored applicants. Some of the brands featured today do have non-guarantor options. Bamboo charges £235.72, George Banco £285.56 whilst Juo’s deal is a little more pricey at £440.51. It may be worth applying for these products first of all since they may say yes, but if not then they may pass on the chance of a loan with a backing. For those with severely bad credit, logbook providers pass on high acceptance rates. You will however need a qualifying motor and the costs are very expensive on that side. Subprime credit cards are also worth considering although it’ll take time to develop trust and build up a sizeable credit limit.

The Best Guarantor Loan Reviews 2018

Feefo.com…
1) LendFair: 80% (5*) & 19% (4*) | (240+)
2) 1Plus1Loans: 80% (5*) & 17% (4*) | (360+)

Reviews.co.uk…
No Listings.

Trustpilot.com…
1) BambooLoans: 97% (4750+)
2) GeorgeBanco: 97% (2970+)

Last Update: July 5th, 2018.