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

Finding the Right Guarantor for Your Loan

Quite possibly the most difficult part of applying for a guarantor loan is finding someone to agree to become your guarantor. They have to sign on to take responsibility for the loan if you should fail to make payments on time. That’s a lot of responsibility, and there may not be many people who feel like they are up for that sort of challenge.

Simply approaching someone you know and asking them to help you out in this way can be daunting. If they say “yes”, will it be out of obligation to you and will it hurt your relationship? If they say “no”, will that hurt your relationship as well and make you look like a beggar? These are certainly questions that go through people’s minds when they try to find a guarantor for their loan.

Because this is not an easy process, we have compiled a short guide to help you determine who should be your best candidates for guarantors and how you should approach them.

Make Selections

You have to first narrow down the list of possible guarantor. Not everyone who is related to you or is your friend will be a good candidate. You have to consider how they will meet the requirements for the loan- good credit, steady pay, extra money each month to cover the costs of repayment.

Then you have to determine how their relationship with you will make them good candidates for requesting this from them. Obviously, it has to be someone you know pretty well. If you ask someone who is nearly a stranger to you, then they are likely to say “no”. If you ask someone who is struggling with their own finances, they may want to help you but may be unable to. Or even worse, they may try to help you even though they cannot afford to.

So, narrow down the pool of candidates to people who you have a good relationship with and who would be financially able to handle the responsibility of repaying the loan should you not be able to. You may be determined to repay the loan on your own, but you have to consider the possibility that something could happen and that you will not be able to. Your guarantor should be able to step in and take over for you if that happens.

Make Your Case

Next, you will need to actually talk to the potential guarantor. Tell them why you need the money, how much money it is and what your plan is for repaying the loan. They need to know that you have a good handle on things and that there is little chance that they will have to repay the loan for you. Obviously, the more they trust you the better your chances will be with them.

It may help to tell them where you are financially. Let them know about your bills, your income and what you plan to do to earn more money or ensure that you can keep up with your financial responsibilities in order to repay the loan on time. You basically want to assure them that they won’t be repaying the loan on their own, because no one wants to take on that responsibility for someone else.

Do the Work

You need to assume responsibility for the loan and not leave it up to the guarantor. Do your research and find out facts like how much the loan repayment will cost, what the interest rates will be and what the late fees are. Have these facts ready to present to you the guarantor.

You should also fill out the paperwork as much as possible and make sure you know what documents the guarantor has to prepare for their part of the application process. Do the work for them as much as possible so that you make this an easy process for them. They will be more likely to continue to be your guarantor all through the application process and will have a better attitude toward you if they eventually have to take on responsibility for the loan. Showing them that you are doing everything you can to take full responsibility for the loan will put their fears to rest and make them more likely to feel good about helping you out.

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
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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.