Does a guarantor
have to be a homeowner?

No, a guarantor for a Buddy Loan does not need to be a homeowner, however, being a homeowner helps, and can make the application process go slightly quicker.

Your guarantor for a Buddy Loan needs to be a good buddy, someone who knows you well, such as a family member, good friend, or work colleague, and they do need to have good credit.

You as the borrower do not need to have perfect credit or a high credit score, a Buddy Loan is based on affordability and you having a guarantor.

If you can afford to repay the loan and meet the affordability guidelines for the loan amount you request, and your guarantor has good credit, be they a homeowner or not, your loan can be approved within 24 hours and the money in your bank account.

Having a guarantor that is a homeowner only makes the process of approving your loan quicker, as many homeowners have a mortgage, and by paying their mortgage payments each month in a timely manner, it helps them to establish a good and higher credit score.

A mortgage loan is usually the highest credit account a person will have.

Again, no your guarantor does not have to be a homeowner, but they do need good credit.

Benefits of a Buddy Loan

  • Easy online application
  • Quick approval
  • Money in your account within 24 hours (in most instances)
  • No deposit required
  • No upfront fees
  • Loan can be for any purpose, to buy a car, consolidate bills, repairs, home improvements
  • Competitive interest rate
  • Loan can be paid back over 60 months (5 years)

Apply today and have your loan tomorrow!


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from 0 to 10

Representative Example


36 months

£158.57 p/m

Total Repayable

Interest Rate
41.16% (fixed)

Representative 49.9% APR.

Terms and Conditions apply. Suitable Guarantor required. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.

Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.