GuarantorMyLoan Refund Claims

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Launched in Norwich in 2014, Guarantor My Loan “aims to help borrowers who feel let down by banks and other traditional lenders which won’t lend to them because of a blemished or non-existent credit record”. Consumers could borrow a guarantor loan between £1,000-£10,000 over 1- 5 years.

Like all lenders, Guarantor My Loan should have carried out the correct checks before issuing a loan. If you found yourself unable to pay back the loan, you may be eligible for a loan refund.

Complaints about high-cost loans have “leapt up to 250% a year”, with the most common complaints relating to affordability, with non-adequate financial checks being completely properly by many loan lenders.

What type of loans do they offer?
– Peer-to-Peer Lending
– Guarantor Loans

Guarantor My Loan Eligibility Requirements for Borrower:
Minimum age of 18 and be able to make the repayments.

Guarantor My Loan Eligibility Requirements for Guarantor:
Minimum age of 21, be a UK Homeowner or tenant, with a good credit history.
Must be able to make the repayments if the borrower does not pay.

Guarantor My Loan Loan Example:
Representative Example £3,000 over 3 years, representative 48.9% APR fixed. Monthly payment £145.17.
The interest is 10% per annum fixed and service fee is 30.48% per annum fixed.
Interest payable £549.95 and service fee payable £1,676.17.
Total repayable £5,226.12

Guarantor My Loan is registered at the following address:
Guarantor My Loan, 4th Floor, 25/27 Surrey Street, Norwich, NR1 3NX
Telephone Number: 01603 391013


Why could I receive a Guarantor My Loan Refund?

  • Was the loan affordable to you before Guarantor My Loan granted your application for a loan?
    TrustTwo may have not conducted the correct affordability checks.
  • Did your loan have excessive charges combined onto it, such as high interest and charges?
    The FCA have introduced a price cap to protect borrowers from excessive charges.
  • During your application process, you may have not mentioned all of your debts.
    If this didn’t match with your credit record, Guarantor My Loan should have ensured to double check this.
  • You may have underestimated your monthly outgoings when you took out the loan, due to estimations or eagerness to be eligible for your loan due to the circumstances you were in, causing you not to be able to afford the monthly repayments. If your monthly outgoings were too low, Guarantor My Loan should have explored whether these were correct or not.
  • When you applied for the loan, you may have not stated your correct regular income, due to be self-employed or your job history changing during this time. Guarantor My Loan should have looked at this and ensured you had a regular, consistent income before giving you a loan

If any of the above statements apply to your experience with Guarantor My Loan, you could be eligible to claim compensation. Start your claim or get in touch with the experienced Retail Experts team who will guide you through the process. We are here to help.