Guarantor Loans for Bad Credit

Here at 1Plus1 guarantor loans we know there are lots of reasons why people can end up in a situation with bad credit. Reduced income, unexpected expenses and poor financial management, are just three of the type of events that can come together and lead to such a situation.

A guarantor loan with 1Plus1 for those with bad or poor credit are designed to help those with a poor credit history get into a better financial position and improve their credit rating. Just because they’ve never borrowed money before, some people can simply end up struggling to get credit, because lenders have no evidence that they’d be able to pay it back.

As it can be hard for those with bad credit to take out a loan, at 1Plus1 we offer guarantor loans for those with bad credit from £1,000 - £10,000 over terms between 12 and 60 months, with a maximum APR of 49%. As we are responsible lenders, both the borrower and their guarantor must meet our creditworthiness and affordability assessments

Representative Example: £3000 over 3 years, representative 47.8% APR Fixed. You will repay 36 monthly repayments of £143.84. Annual interest rate 39.7%. Interest payable £2178.24. Total payable £5178.24.

What are the benefits of loans for bad credit

Loans for those with poor credit have the main advantage of enabling those with a less than perfect 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 borrow 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) who will support your application. Both borrowers and guarantors should understand their responsibilities.

 Guarantor loans from 1Plus1 for people with bad credit can be used to consolidate existing debt or make essential purchases that will help improve your financial situation. It can be a major lifeline and a loan for bad credit is the first step towards restoring your credit status. Between £1000 and £10000 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 0330 1200 313 or email us at info@1plus1loans.co.uk