Guarantor My Loan Review | www.guarantormyloan.co.uk
Address: Acre House, 11-15 William Road, London, NW1 3ER.
Branding: Guarantor My Loan. AKA: GuarantorMyLoan.
FCA Licence: 661304.
From: Match the Cash Ltd.
Related: No companies.
Available: Monday to Friday (9am/6pm).
Bad Credit Considered: Yes.
Manage: Guarantor My Loan login provided via www.guarantormyloan.co.uk.
Offers: Guarantor loans.
Sums: £1000 to £5000 (new and returning).
Terms: 12 to 60 months.
£213.14 /£1000 (12) (+cashback)
£232.52 /£1000 (12)
£455.02 /£1000 (24) (+cashback)
£474.80 /£1000 (24)
Notes: APR on the standard examples is 48.89% (12) and 48.9% (24). Same day turnarounds are provided during service hours. They’ll aim to call you within the hour and payout straight away assuming that you have your backing prepped. On the topic of speed, the Guarantor My Loan opening times weren’t displayed. They have a chat facility and so this was queried and the details were issued in seconds. She said that whilst the Monday to Friday times run between 9am and 6pm, the underwriters usually stay in the office until around 7pm and they will soon be extending to Saturdays. Whilst poor credit including CCJs is headlined, guarantors have to be homeowners here (the age range is 21 to 85). This company also operates www.guarantorloan.co.uk. When you go to apply on that site though you will be quickly redirected here. This firm was founded in 2013, but they didn’t actually start lending until August 2014. When logging in, in the main site area it shows “Lenders Login”. If you head into the application area though you’ll see “Existing Customer Area”.
– Cashback: When the loan is repaid back in full (and on schedule) they’ll give you back a full month’s payment. The value of this reward depends on how much you borrow, but for our sampled sums the savings were £19.38 and £19.78. These bonuses might not sound much, but once factored they create the 3rd best sector prices.
– Efficiency: This is one of the few market solutions for same day peer-to-peer loans. They will as noted soon be extending to Saturdays that will be important to see. The quick customer support response was mentioned above. When you browse across the site their chat facility alerts you on numerous occasions if you require assistance. In being super responsive, quicker turnarounds would be expected.
– Invest: A return up to 10% is headlined. This is around double the interest that you will commonly receive via companies on the prime side. The investment limit range appears to span between £1000 and £10,000. You are also backed up by their Reserve Fund, although few details surround this.
– Niche: This is the first company to offer peer-to-peer guarantor loans. Its a great idea since the lenders can receive a high return on investment and on the other side the risk of default is low since the guarantors take responsibility should any payment problems occur. Guarantors have to be homeowners as well that is good news for the lenders, but no so much for the applicant who may have trouble finding someone to support them. Subprime P2P loans haven’t worked in the past with the likes of PiggyBank and The Lending Well, but this was due to profitability through high default rates. The challenge faced in this sector is the relatively small consumer demand, despite the huge influx of new lenders in recent years.
– Pricing: The interest is actually quite low, with the service fee taking up the bulk of the charge. The standard prices sit closely to what your average lender would ask for. Everything changes however when you factor in cashback, but this will only be granted should there be no hiccups during the term of the contract.