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Guarantor Loans for Bad Credit

There are a number of reasons why people can end up in a situation with bad credit. Poor financial management, reduced income and unexpected expenses are just three of the main things that can add up and lead to such a situation.

Bad credit loans are designed to help those with a poor credit history get in a better financial position and improve their credit rating. Some people can simply end up struggling to get credit just because they’ve never borrowed money before, so lenders have no evidence that they’d be able to pay it back.

Representative Example: Borrowing £4,000 over 3 years at an interest rate of 40.9% p.a. (fixed), you will repay 36 monthly payments of £194.55. Interest payable £3,003.80. Total repayable £7,003.80. Representative 49.5% APR. Terms from 12-60 months.

As it can be hard for those with bad credit to take out a loan, here at Trusttwo we offer guarantor loans for bad credit.

Benefits of Loans for Bad Credit

Loans for poor credit have the main advantage of allowing those with a bad credit rating to borrow money, which other mainstream lenders would not offer. Bad credit guarantor loans ensure you do not need to be a homeowner to take advantage of them as long as you can afford the repayments and you have someone who is happy to be a guarantor (ideally a homeowner with good credit) which you can take advantage of. Learn more about suitable guarantors here.

Loans for people with bad credit can be used to consolidate existing debt or make essential purchases that will help improve one’s financial situation. It can be a major lifeline and a loan for bad credit is the first step towards restoring your credit status. Between £1,000 and £15,000 can be borrowed with a loan for poor credit between a period of 12 months and 5 years.

If you have more questions about guarantor loans please contact us on 01628 280 113 or email us at [email protected].