UK Credit offer guarantor loans and unsecured loans up to £6,000 to tenants and £10,000 for homeowners. All loans are repaid over 1 to 5 years with their rates ranging from 39.9% to 59.9% APR.
Tenants and Homeowners Accepted
Same Day Transfer Available
Loan Value Available
£1,000 to £10,000
1 to 5 years
Credit License Number
About UK Credit
UK Credit are one of the largest guarantor lenders in the UK, next to Amigo Loans. The Norwich-based firm have over 1,100 reviews on Trustpilot giving them a score of 9.4/10 and it so happens that they are one of our favourite companies to work with.
UK Credit have an impressive, large customer service team and are available to help you get the finance you need. With live chat available on their website, you can always ask them any quick questions that you have and someone from their team will be able to assist.
UK Credit Loan Products – Both Tenant and Homeowner Guarantor
UK Credit are proud to trade as a guarantor loan direct lender – which means that they are the only one that you deal with during the loan arrangement. This confirms that the application, to underwriting, funding and collections are all handled by their team in-house – so you have peace of mind that you are not working with any other random companies or brokers. All communication and correspondence is with their team, so you know exactly what is happening with your application or account.
UK Credit are pleased to offer loans to borrowers who have guarantors that are both tenants and homeowners, whereas they are some lenders that only offer loans to homeowner guarantors. This is because there are more risks with tenants because their residence is usually only short term and their credit history may not be as strong as someone with a mortgage who has already had their finances checked rigorously.
However, UK Credit are happy to accept tenant guarantors because they understand that your guarantor can still be trustworthy, well employed, great to work with and have a good credit history – it just so happens that they are a tenant or live with parents or friends. The only thing is that the cost of a loan for tenants is more expensive, simply to reflect the extra risk involved and the amount you can borrow is less, see below:
Homeowner guarantor product: 39.9% APR Representative (Fixed) Representative Example: £4,500 over 3 years, representative 39.9% APR fixed. Monthly payment £201.15. Annual interest rate 34.05% fixed. Interest payable £2,741.40. Total repayable £7,241.40.
Tenant guarantor product: 59.9% Representative APR (Fixed). Representative Example: £3,000 over 3 years. Monthly payment £158.42 Annual interest rate 47.87% fixed. Interest payable £2703.12. Total repayable £5703.12.
How To Apply
The application for UK Credit is completely online and customers can apply 24 hours a day, 7 days a week using their desktop, mobile or tablet. You can go to their application by clicking on apply now and you will be taken to the UK Credit website where you will be asked to fill in your details include name, age, residence, employment status, monthly income and expenses – plus your bank details so they know where to send the money to and where to collect from.
You will also state how much you wish to borrow and how long for e.g £5,000 over 5 years. You must include the name of your guarantor and their contact details. Both of you will be contacted by the UK Credit, following some automated credit and affordability checks and if you receive a provisional loan offer, you will be required to electronically co-sign a legal agreement using a unique email link and PIN code sent to you by SMS.
What is The Criteria?
There is a criteria for the both the main borrower and the guarantor. For the borrower, they must be:
- At least 18 years
- A UK resident or living in the UK for at least 3 years
- Employed part-time or full-time and able to make repayments
- Pensioners accepted
- Valid UK debit account, mobile phone and email address
- Bad credit including IVAs, CCJs and previous defaults considered.
For the guarantor, the requirements are different. Notably, they should be at least 25 (or 21 depending on the lender) which reflects the extra responsibilities and financial maturity involved. Usually someone of 18 has little or no credit history but by 25, this should have built up a bit in the form of credit card history or even a mortgage.
Whilst tenant guarantors are accepted, homeowner guarantors are far more likely to be accepted because they offer more security, especially if they have a home meaning that they are easily contactable and can also raise finance by potentially selling their property, renting it out or getting a second mortgage.
The guarantor should have a good credit history because it means that the person backing up the loan has safe hands. This is not always assumed with homeowners since it is possible to own a home and still be in debt. But they should certainly be employed or on a solid pension without a history of defaults or bankruptcy.
A good guarantor is someone you know very well and regularly see. This includes parents, siblings and spouses. For more information, visit, who could be my guarantor.
Checks Carried Out
The lender has to verify that both the main borrower and guarantor understand the responsibilities of taking out a guarantor loan. Specifically, the fact that the guarantor must step in and make repayment on the main beneficiary’s behalf if he cannot pay, avoids communication or goes missing. The impact of missing repayment means that credit scores can be damaged and additional fees like a default charge or daily interest can continue to be added.
Since a loan term can be up to 5 years, it is important that both sides understand the implications, especially since a guarantor called be called upon 5 years down the line. The term can be shorter if the main borrower gets in touch and decides to repay early or pay it off in full – this will also mean you will pay less interest because the loan is open for less time, accruing less daily interest.
Whilst affordability and credit checks are being carried out, all parties may be asked to provide a bank statement or pay-slip as proof of their income and employment.
If the funds are approved and ready to be transferred, a final security check involves the funds being sent directly to the guarantor first. This is a sensible way to ensure that the funds are really for the main borrower and they can forward the money onto them. For the lender, they have peace of mind knowing that their large sum of money such as £7,000 is going to someone with good credit first. The guarantor then has the choice to pass on the money or send it back within two weeks without any additional costs – known as a ‘cooling period.’
UK Credit Information
UK Credit Limited is Registered in England No 6929807.
Credit License Number 631483.
Registered with the Information Commissioner’s Office Z2022318.
Registered office address: St Crispin’s House, Duke Street, Norwich NR3 1PD.