UK Credit Loans
UK Credit Loans was established in 2010 with the objective of giving loans to people who find it difficult to get credit. The company provides loans in the range of £1,000 and £10,000 with five years repayment periods. Their APR is 38.9%. This can change if you meet the conditions which are the loan amount you want to borrow, your circumstances, and the terms of the loan. For instance, if your guarantor is not a homeowner, you may have an APR close to 60%.
There are two types of loans offered by UK Credit Loans based on who wants to support your loan application. These loan types are:
Homeowner guarantors: If your guarantor is a homeowner, the company will offer you £7,500 loan. The rule of thumb is that any loan that is over £6,000 requires a homeowner as a guarantor. This loan type and the tenant guarantor loan do not share the same rate.
Tenant guarantors: If your guarantor is not a homeowner but a tenant, you will be entitled to just £6,000, which is quite different from the loan amount that is available in the other loan type.
It is important to decide the loan amount you want in order to get the right guarantor before you apply for the loan.
The minimum criteria for eligibility are:
- Both you and your guarantor should not have any history of bankruptcy, IVA, or debt management.
- Your guarantor must not have a poor credit history.
- People between the ages of 21 and 70 are accepted as guarantors.
- The guarantor must have a steady source of income. He may either be employed, retired or self-employed.
- If you apply for a loan below £6,000, a tenant can be accepted as a guarantor. Otherwise, your guarantor must be a homeowner.
What they offer
UK Credit Loans has positive reviews from their numerous customers because what they offer are probably lacking in other lending companies. Here are some of them:
- Unlike other companies that insist on homeowners only as guarantors, the company accepts tenants as guarantors under some conditions.
- You can choose anybody to be your guarantor. Your spouse can play that role too.
- They also offer several management tools to update or check your account.
- Prompt payment is guaranteed after your loan application has been approved.
- They don’t consider your credit history to determine your eligibility. They only need you to present a guarantor with a very good credit history.
You can apply for a loan from their website and submit your application immediately when you are through with it. Your approval will be determined after your application is reviewed. If you are considered eligible for a loan, it will be paid to you in less than 72 hours, paid directly to the account of your guarantor. You will then have access to your account around the clock and can make repayment via debit card or Direct Debit.