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The guarantor loans niche has always been a small and specialised niche. There are 2 sections headed that includes the guarantor loan lenders (includes the 3 main players). These loans are crafted to compete with the large unsecured personal loans such as Everyday Loans. We then have the guarantor payday loan lenders section that has just has the pair. These are termed as guarantor payday loans since are similar to them (amounts, terms etc) with the exception of a required guarantor (these smaller versions don’t require a homeowner backing). When you compare guarantor loans, you will always receive lower rates than alternatives such as doorstep and logbook loans. Credit checks are usually made just to verify that the applicant is not currently bankrupt or on an IVA. Defaults aren’t a problem.

Compare Guarantor Loans…

Guarantor Loans Online (2010)

Account login and SSL: No login
Available: £1000 to £5000
Backing Requirement: UK homeowner with good credit rating between 25 and 72
Interest Rate: 47.9% APR (fixed)
Total 12 Month Charge: £228.44 per £1000
Total Monthly Interest: 1.9%
Term: 12 to 60 months
Trade Association: No

+ Best price for guarantor loan
+ Fixed rate in place and so there are no broker fees
– No account login
– No membership

Section 1: Guarantor Loan Lenders…

Amigo Loans (2005) (Previously FLM Loans)

Account login and SSL: Yes
Available: £500 to £5000
Backing Requirement: UK homeowner with good credit rating between 18 and 75
Interest Rate: 49.9% APR (variable)
Total 12 Month Charge: £236.72 per £1000
Total Monthly Interest: 1.97%
Term: 12 to 60 months
Trade Association: No

+ 2nd best price for guarantor loan
+ Complete the entire loan process online
+ Minimum age of just 18
+ Most experienced service (2005)
+ You can repay early at any time
– Broker fee required for all referrals
– No membership

TFS Loans (2010) (Domain reg year. Unknown founding year)

Account login and SSL: No login
Available: £1000 to £7500
Backing Requirement: UK homeowner with good credit rating between 23 and 69
Interest Rate: 48.6% APR (fixed) (their loan examples work out to be in the 60s though)
Total 24 Month Charge: £630.80 per £1000
Total Monthly Interest: 2.63%
Term: 24 to 72 months
Trade Association: No

+ Highest term of 72 months
+ Largest figure of £7500 possible
– No 12 month term
– No account login
– No membership

Section 2: Guarantor Payday Loan Lenders…

The Quick Cash Club (2012)

Account login and SSL: Yes
Available: £50 to £500
Backing Requirement: UK resident with good credit rating above 21
Total 12 Month Charge: £17.73 per £100
Total Monthly Interest: 17.73%
Term: 1 months to (not stated)
Trade Association: No

+ You can repay early at any time
– No membership
– Relatively new service
– The fixed APR figure is the same as FLM Quick and so the additional cost may be a transfer fee

FLM Quick (2008) = Now Closed

Notes:
– If struggling to find a backing then the doorstep/logbook lenders are usually worth checking out.
– There are a few less well known guarantor lenders to be added soon.