WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

The Very Best Loans with Loantra

Short-Term Loans

Apply Today to Borrow up to £995

*Online decision

*Responsible lenders

*Rates from 278% to 1576%

*3-12 month repayment

Personal Loans

Apply Today to Borrow up to £25,000

*Instant Decision

*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

What Loantra can do for You

Guarantor Loans Are Right for Lots of Different People

Some people have an idea in their head of what kind of person would be right for a guarantor loan. To many of them, it’s a person with poor credit who cannot qualify for a loan on their own. However, people from all walks of life are finding these types of loans to be beneficial for them.

No matter how much money you make or how good your credit is, there is probably a time in your life when a guarantor loan would be a good idea.

Let’s take an example here to illustrate how this kind of loan can work for a customer who might be seen as an unconventional candidate for such a loan.

 

Sarah is a successful shop owner and businesswoman. She has a big order to fulfill for a customer she knows will pay on time, but who is unable to pay beforehand. This large order costs more than Sarah has on hand, so she knows she will have to take out a loan in order to afford it.

At the same time, Sarah’s car has been giving her trouble and she fears it may be time to replace some parts. She doesn’t have the money on hand to get it repaired, but she knows there is always the chance it will give her serious problems soon, and she may be forced to put a lot of money toward that all of the sudden.

With the possibility of a large expense looming at the same time as this order needs to be funded, Sarah knows there is a chance that she won’t be able to pay the loan back on time. She might have to shift her priorities, and that could put her in a bad place with the loan.

 

So, she applies for a guarantor loan for security. If something happens to her available funds, then she has a safety net to fall back on. She can rely on her guarantor to repay the loan for her, though she has every intention of repaying the loan on her own, if it is possible.

This is a situation where a guarantor loan is a good idea but may not actually be a necessity. It’s just a smart way to go in this instance, and Sarah is playing it safe by applying for such a loan instead of risking her finances on a different kind of loan that would have her shouldering all the responsibility.

All it takes is the right circumstances for just about anyone to think about borrowing money, perhaps in a way they might not have before. Guarantor loans provide some extra security, and they can be very useful for people who are concerned about preserving their credit and who may have some upcoming expenses they are not prepared to pay. Anytime your financial stability is in question, a guarantor loan is worth considering.

These loans are not for everyone, and some people would benefit from a different loan much better, but you should always consider your options and keep them open just in case a certain type of loan is right for you and your situation.

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
CUSTOMERSCORES
Excellent
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.