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Guarantor My Loan Guarantor Loans FAQ
Who is Guarantor My Loan?
Guarantor My Loan is a peer-to-peer lending platform, which helps borrowers with poor credit to find loans with the help of a guarantor. It is regulated by the Financial Conduct Authority and provides loans for most purposes.
How does Guarantor My Loan work?
Guarantor My Loan acts as a middleman helping to bring together lenders and borrowers. People looking to invest money can opt into lending through the site, while borrowers who have a close friend and family member who is willing to act as a guarantor, may be able to find a loan, even if they have a poor credit rating.
How much can I borrow through a Guarantor My Loan guarantor loan?
Guarantor My Loan lends up to around £15,000 depending on your circumstances. The amount you will be offered is influenced by your personal financial circumstances, your requirements and the financial status of your guarantor.
Who can be my guarantor for a Guarantor My Loan loan?
Guarantors are usually close members of your family or friends who trust you to keep to the repayments of the loan. If you fail to meet the repayments, the guarantor will be expected to meet the payments on your behalf.
Guarantors do not always have to be homeowners, but usually need a steady income and a solid credit history.
How much does a Guarantor My Loan guarantor loan cost?
The interest rate you will be offered will depend on various factors, including your guarantor’s financial status and credit history. In fact, you may be offered a better rate if your guarantor is a homeowner, for example. Interest rates are usually advertised as APR, which stands for annual percentage rate. This shows you how much, as a percentage of the loan amount, you will pay each year in fees and interest.
What is peer-to-peer lending?
Guarantor My Loan is a peer-to-peer loan-matching platform, which helps lenders and borrowers come together. Lenders may find that they can enjoy better rates of interest by lending to borrowers through peer-to-peer platforms than they can by investing or saving elsewhere. Meanwhile, borrowers can access funds without having to go through the traditional route of contacting banks or other financial services providers.
What can I spend my guarantor loan on?
Once you or your guarantor have received the loan, you can spend it on anything you like. Common reasons for taking out a loan is the need to pay for essential items such as car repairs or a new vehicle, required capital for business start-ups or planned house renovations. Borrowing comes at a cost and it’s important to only borrow what you need and what you can afford to pay off in order to avoid further damage to your credit record.
Services offered by this provider may change over time. Always check Ts&Cs.