What are the main characteristics of payday loans with guarantors in the UK?
A guarantor payday loan is a good option for those with bad credit or those denied a traditional payday loan. After all, in most cases, banks and financial companies issue ordinary payday loans without requiring a guarantor.
A loan guarantor means that the borrower enlists a second person, this could be a friend or family member, who agrees to repay the loan if you can. For the lender, this is a reduction in the risk of non-repayment, which is why payday loans with a guarantor usually have a high level of confirmation.
To better understand, consider the basic characteristics of guaranteed payday loans
- Involvement of the Guarantor. This is a key feature that distinguishes this type of loan from others. The main requirements for the guarantor are that he must have a good credit history and a stable financial situation. Moreover, the guarantor assumes responsibility for the loan if you default or are unable to repay it. Therefore, it should be a well-thought-out decision for the guarantor.
- Greater chances of approval. Even with a bad credit history, with a guarantor, you have a high chance of getting your loan application approved.
- Loan amounts and conditions. There are no clear limits on the amount of the loan, it can vary depending on the lender and usually ranges from a few hundred to several thousand pounds. The repayment terms of payday loans with a guarantor are more flexible compared to standard payday loans.
We recommend that you compare the interest rates, fees, and terms of different lenders to find the best offer that best suits you and your guarantor.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 5,000 | 6.40% | 173 |
| 5,000 | 7.40% | 200 |
| 5,000 | 8.40% | 228 |
| 10,000 | 8.50% | 460 |
| 10,000 | 9.50% | 515 |
| 10,000 | 10.50% | 569 |
| 20,000 | 10.60% | 1,148 |
| 20,000 | 11.60% | 1,257 |
| 20,000 | 12.60% | 1,365 |
| 25,000 | 12.70% | 1,720 |
| 25,000 | 13.70% | 1,855 |
| 25,000 | 14.70% | 1,991 |
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Details of companies offering the financial services:
Boutell
Head office’s address: 22 The Bramhall Centre, Bramhall, Stockport, United Kingdom, SK7 1AW
Web-site: https://www.boutell.co.uk/
Cash Compare
Head office’s address: London
Web-site: https://www.cashcompare.co.uk/
Cash Lady
Head office’s address: London
Contact center: 0203 966 9814
Web-site: https://www.cashlady.com/
Evolution Money
Head office’s address: 9 Portland Street, Manchester
Contact center: 0161-814-9158
Web-site: https://enquiry.clarity-uk.com/
Fast Loan UK
Head office’s address: Shire Park, 2 Falcon Gate, Welwyn Garden City AL7 1TW
Web-site: https://www.fastloanuk.co.uk/
Got Capital
Head office’s address: 131 Finsbury Pavement, London
Contact center: +44(0)203 7500096
Web-site: https://gotcapital.co.uk/
Lending Stream
Head office’s address: Lending Stream, PO Box 10756, LEICESTER, LE3 4GX
Web-site: https://www.lendingstream.co.uk
Payday UK
Head office’s address: Payday Loans Limited, The Charter Building, Charter Place
Contact center: 0800-302-9409
Web-site: https://www.paydayuk.co.uk/
Salad Money
Head office’s address: 49 Greek St, London W1D 4EG
Contact center: +44-20-3092-0896
Web-site: https://www.saladmoney.co.uk
Solution Loans
Head office’s address: Hamilton House, 87-89 Bell St, Reigate RH2 7AN
Phone: +44 1737-886-202
Web-site: https://www.solution-loans.co.uk/
Sunny
Head office’s address: London
Web-site: https://sunny.co.uk/