53.8% APR RepresentativeRepresentative Example
£3000 over 3 years. Representative 53.8% APR Fixed.
Monthly repayment £151.15. Annual rate 43.85% Fixed.
Interest payable £2,441.40. Total repayable £5,441.40.
YOU NEED A GUARANTOR TO APPLY
We Reward Loyalty With Reduced Rates
Forward Thinking Finance in 3 Simple Steps
Our Guarantor Loans
Money QED specialise in guarantor loans for those resident in England or Wales – we are a lender not a broker.
Guarantor Loans are unsecured and provide a solution if you are unable to obtain credit on your own – your guarantor trusts you enough to vouch that you will repay in the full knowledge that they will have to repay if things go wrong.
Our clients are people who genuinely want to restore their credit and can afford the repayments. In return we offer lower cost credit in the future.
Here are 10 reasons why you should consider our Guarantor Loans
- We have been trading since the beginning of 2009 at the outset of guarantor loans in the UK
- Tenant guarantors are accepted with no interest rate penalty
- We are a direct lender and we do not charge any upfront or application fees
- Our rates are fixed over the loan term – this means you know exactly where you stand and can budget accordingly
- There are no penalties for early redemption – you can pay off the loan at any time and pay no more interest
- There are no call centres, 0870 numbers or menus – we are 100% based in the UK
- The process is simple, secure and you can sign online. There is no need to post or fax anything
- All lending decisions are made by a real person – there are no computerised decisions
- We do not require any face to face interviews or home visits
- We report to Credit Reference agencies in order to improve your credit rating. But that’s just the start – read our promise below
Why we are different – our promise
Simple, ethical and responsible – our guarantor loans are based on trust between borrower and guarantor and also between borrower and lender. While the trust endures, we believe there is an obligation on the lender to go further – not just to improve credit ratings over time through Credit Reference Agency reporting, but to reward customer loyalty with access to future lower-cost (much lower-cost!) credit; otherwise the prospect of lower rates may be a hollow promise.
Our proposition is unique and in keeping with our innovative approach. We will reduce the APR of any subsequent Credit Agreement with us by 1% for each monthly payment received on time (from the original Agreement). As an example, after completion of a loan comprising a 36-month term, if all payments were received on time, the new loyalty rate for any subsequent loan would be 17.8% APR. In principle this process would continue for any subsequent loans until a High Street rate of just 9.8% APR is attained, which would be our lowest rate – normally only reserved for those with excellent credit. In this way we can genuinely reward our loyal customer base and utilise the guarantor model to achieve the best possible outcomes for our clients. The amount of money that can be borrowed will still be based on affordability. To qualify each loan must progress to full term, although this would not affect your ability to pay off early (in part or in full), with no penalties whatsoever, if no further credit is required.
Can I afford the guarantor loan repayments?
If you are unsure how much disposable income you have at the end of each month and whether you will qualify, please use the calculator below. This forms part of our application process anyway so if you complete it now you will not be asked again – the values will already have been entered for you. In order to qualify, your disposable income must be at least twice your chosen monthly loan repayment.
How it Works
Our qualification criteria are a little stricter than some but that’s because we are offering a pathway to lower rates and we want to serve those who genuinely want to restore their credit. You must be 21 years or over and be in full-time employment receiving a minimum gross salary of £18,000 per annum paid directly into a UK bank account. You must also have a bank card (Solo, Debit, Electron, Maestro) and be on the electoral roll. No IVA’s (Individual Voluntary Arrangements), DMP’s (Debt Management Plans), bankruptcy or self-employed cases will be considered – sorry!
All our loans require a guarantor who will be responsible to repay the loan in the event that you fail to do so; for whatever reason. Your guarantor must be between the ages of 30 and 65, be in full-time employment receiving a minimum gross salary of £18,000 per annum paid directly into a UK bank account with a good credit history and not be your partner or spouse living with you. They must also be on the electoral roll and have no shared credit with the applicant. See our section below on guarantors for more information.
If you are not on the electoral roll it’s easy to fix. Most lenders and Credit Reference Agencies take note of it so it’s a necessary first step if you are serious about improving your credit. Here is the link to get started: http://www.aboutmyvote.co.uk
The customer is at the centre of everything we do and we pride ourselves as being at the forefront of the industry.
Our mission is to help people restore their credit and to offer lower cost credit to those who keep their promise to repay us on time every time.
We provide funds for people who are excluded from traditional credit offered by the Banks. We reward loyalty with access to much lower future rates – this keeps repayments low and affordability high, which restores the ability to rebuild good credit ratings. We are the only lender to fully optimise the guarantor model to improve customer outcomes. We make access to lower cost credit a reality rather than just an ambition.
We are committed to the highest standards of behaviour and practice in the finance industry. The fair treatment of our customers is central to our culture and to the long term viability of our business. You can view our Treating Customers Fairly Policy (TCF), which accurately describes our approach and values.
We are not here to lend to those who are in serious financial difficulties and to prolong debt cycles. Thankfully the payday trap as it has become known has finally been addressed by the government.
Money QED is one of the most highly respected, independently owned financial services organisations in the UK.
We are proud of our Customer Service and want to exceed your expectations. We achieve this through our dedication to a programme of continual improvement.
Electing to be a guarantor for a friend, colleague or family member is a big deal for both parties. Not only are you granting access to immediate credit and improving their credit rating over time, but as you will have read by now, you will also be guaranteeing them lower cost credit in the future. However, you will be responsible for any repayments in the event the borrower defaults. Therefore it is important that you know the borrower well and that you have satisfied yourself that they are both willing and able to repay the monthly installments for the whole term.
As a responsible lender, we will check that every applicant is able to afford their requested loan. If we are satisfied, we will then check that you have a good credit history.
If the application is successful and completes, the money will be paid into the guarantor’s bank account as an extra fraud prevention measure. As long as all the repayments are made in full and on time, the only further contact we would have with you is to confirm that the loan has been paid off.
Complete Your Application
If you use the “Save and Continue Later” function on the Application Form, either as an applicant or a guarantor, a link will be displayed on the screen to enable you to complete your application at a later time. This link is valid for 30 days. There is also an on-screen option to forward this link to an email address of your choice.
We are here to help with any questions you may have. Please note you cannot apply over the phone. We can be contacted by email or phone.
Phone: 0333 123 0450 (Free from mobiles & landlines)
Opening hours: Monday to Friday, 10am to 6pm