Welcome to Luoac Loans!

Do you need a loan, but your credit is hurting all your available options? Are you put off by those that either have unreasonable rates or require collateral? Have you asked your friends or family for help, but they are financially unavailable to assist you right now?

If at least one of these is true, then you are a perfect candidate for a guarantor loan! To get started, just submit your details through our online application form. All it takes is 30 seconds!

What Are Guarantor Loans?

Guarantor loans are financial products specifically designed for people with poor credit rating or those who do not have any borrowing history yet. Because these individuals are considered high risk customers, lenders can only provide a loan if a guarantor is present. A guarantor is someone with good credit history, who is willing to vouch for your good behaviour and timeliness towards payment.

Basically, your guarantor becomes a “human collateral”, because if you fail to meet the repayments yourself, the guarantor will have to take over. In fact, before the contract even starts, the guarantor will have to agree and sign a document stating this.

What Are the Requirements?

If you are the applicant, please have the following ready:

  • Proof of ID
  • Proof of income
  • Proof of address
  • UK bank account or debit card
  • UK mobile number

On the other hand, if you were referred to this website as a guarantor, please prepare the following requirements:

  • Proof of ID
  • Proof of address
  • Proof of income. It is important that you can prove ability to meet the loan repayments if the borrower fails to do so.
  • UK bank account and statements
  • UK mobile number
  • Credit card statements

Who Can Become a Guarantor?

Technically, anyone can sign up as a guarantor, but there are a few criteria to be met.

  • The guarantor needs to be between 23 and 72 years of age.
  • Basically, the guarantor can be anyone you know – a family member, a friend, or even a colleague. However, the guarantor must not be linked to you financially, like a spouse or partner.
  • It is important that the guarantor has good credit rating.

Homeowners and Tenants Welcome!

You may find that our competitor websites require that a guarantor is also a homeowner. Unfortunately, in this very unstable economy, we understand that acquiring your own home becomes more difficult than ever. Here at Luoac Loans, it doesn’t matter if you’re a homeowner or a tenant. As long as you have an income to support the borrower’s repayments in the event of default, you are most welcome to be a guarantor!

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Why Become a Guarantor?

  1. You can help someone in need, even if you don’t have the cash yourself. Nothing can be more frustrating when someone asked for your help and you cannot give it to them. When you become their guarantor, it’s as good as lending them the cash yourself.
  2. You can help someone avoid getting into bigger financial problems. While they might still be able to secure another type of loan even without your help, the loan they’re going to get will most likely be very expensive. While this is going to help them get through whatever difficulty they are having, this can have bigger implications in the future. When the loan is too expensive, this may subject them into unforeseen financial struggles which can further prevent them to get back on their feet immediately.
  3. You can help someone start fresh and prove their worth. Even if you have the capacity to lend the money yourself, being a guarantor instead can bring out better results for the borrower. First, you are helping them fix their credit history or build one, if they haven’t done yet. Second, you are giving them the chance to prove that they can be trusted and that they can actually turn things around.
How much can I borrow?

With guarantor loans, you can borrow between £500 and £10,000. While the amount may depend on your income and affordability, the amounts are still higher than what you will get with other types of bad credit loans.

Get Your Free, No-Obligation Quote Today!

Now that we’re here, there’s no need for you to look around any further. Click here to apply for guarantor loans and get instant decision! It’s fast, free, and certainly of no obligation!