Unsecured homeowner loans
There are a range of finance options on the market including several types of secured and unsecured loans. UK Credit provides Homeowner Guarantor Loans – a type of unsecured personal loan where the Borrower has the support of a homeowner Guarantor to access the funds they need.
The difference between secured and unsecured loans is that a secured loan allows borrowers to borrow money using their property as security for the loan. While the interest rates might be lower for secured loans, there is a risk that the Borrower’s home could be repossessed, if they come into financial difficulty and cannot repay their loan. An unsecured loan does not have such requirements, meaning there is no risk of the borrower losing their property. UK Credit offer unsecured Guarantor loans where the loan is supported by a Guarantor, allowing us to offer lower interest rates than some other unsecured loans. While our loans require the Borrower to have a Guarantor who is a homeowner, neither the Guarantor’s nor the Borrower’s home is at risk.
We offer Unsecured Homeowner Guarantor Loans between £3,000 and £15,000, with rates from 24.9% APR to 39.9% APR. Loan repayments can be spread over 3 to 5 years. We will always check the loan is affordable for both the Borrower and their Guarantor individually before agreeing to a loan.
The Guarantor can be a partner, family member or a good friend who has known the Borrower for more than 12 months and has a reasonably good credit history. They will need to be aged between 25 at the start of the loan and 70 at the end of the loan term and own their own home, either outright or through a mortgage.
More information about loan requirements, eligibility criteria and the application process can be found on our how it works page.