Guarantor Loans Online: Now the Cheapest Guarantor Lender

There has been an interesting development in the guarantor loans sector that will be detailed here. This change has been made from the Guarantor Loans Online lender who have now taken over Amigo Loans as the cheapest guarantor lender. As noted in the recent post that detailed the price increase at Wonga, only significant changes in costs are referenced here. Although Guarantor Loans Online isn’t quite a household name alike Wonga, the low rate that they provide ranks them ahead of Amigo. Additionally, with guarantor loan costs tending to be the lowest available for bad credit loans, this may well qualify Guarantor Loans Online as the UK’s cheapest bad credit loan lender. Their previous rate was 53.8% APR and they have now dropped this to 47.9% APR.

This rate is slightly lower than Amigo Loans who charge 49.9% APR (be aware though that this is a variable rate and will be much higher if you are referred by someone). To provide a cost breakdown we will use the example of a £1000 loan over 12 months. The charge here would be £228.44 (22.84%). This works out at just 1.9% monthly and 0.06% daily. It is interesting to see Guarantor Loans Online come out with this new rate, since this will no doubt increase the competition for Amigo Loans who are continuing to advertise frequently on the TV. Amigo is now a major focus for The Richmond Group since as discussed recently they have now closed down their FLM Quick brand.