George Banco are a lender based in Somerset.
They were one of the first lenders to accept tenants as guarantors, a move which many other guarantor lenders have now followed. They offer Guarantor Loans from £1,000 to £7,500 to UK residents who may not have been able to gain credit from mainstream lenders.
These loans are repayable in fixed monthly instalments over terms of 12 to 60 months.
You need to be at least 18 years of age to apply and have a UK bank account that accepts direct debits, plus a valid debit card.
You must live in mainland UK and you cannot be in an IVA (Individual Voluntary Agreement) or be a current bankrupt. You can apply for a George Banco Guarantor Loan here.
George Banco Company Details
The Blue Building
Dairy House Farm
Company Number: 8804623
Financial Conduct Authority Interim License: 662983
Data Protection Registration: ZA034249
TFS Loans are one of the longest established guarantor lenders and they are based in Essex. They wer actually the first lender to offer guarantor loans greater than the usual £5,000 maximum and after intially offering £7,500, they now offer loans up to £15,000 making them the largest lender of guarantor backed credit in the UK.
To apply for a TFS Guarantor Loan, visit their application page.
Loan Amounts of £1,000 to £15,000 – no one else even comes close to this loan amount
Loan Terms between 2 years and 7 years
Loans paid out within 24 hours (assuming you provide all information immediately)
TFS Loans Company Details
39 – 43 London Road
Company Registered in England No: 6542065.
Financial Conduct Authority Licence: 633979
UK Credit are a subsidiary of the vast Norfolk Capital Group based in Norwich and led by Andrew Turner. Formerly known as Central Trust and known as major players in the second charge loan sector, UK Credit have really taken a foothold in the Guarantor Loans sector.
Loans from £1,000 to £10,000
From 12 to 60 months
UK Credit also credit score the applicant (the borrower) as well as the guarantor so bear that in mind
UK Credit Company Details
St Crispins House
Company Number: 6929807
Financial Conduct Authority Licence: 631483
Data Protection Number: Z2022318
TrustTwo are a wholly owned subsidiary of Everyday Loans, who in turn are owned by challenger bank, Secure Trust bank. When Everyday Loans realised that practically all bad credit, unsecured lenders where going down the guarantor loans route, they obviously decided to get a piece of the action too and launched their own guarantor lender.
Whilst they are a bigger name and have what appears to be a competitively priced product, they do not allow non homeowner guarantors which for us is a big negative. However, they have an excellent reputation that they have built up over many years and the Everyday Loans brand is one of the strongest in the personal loan market.
Loans from £1,000 to £7,500
Loans over 1 to 5 years
Guarantors cannot be the husband or wife of the borrower/applicant
TrustTwo Company Details
Secure Trust House
Company Number: 05536115
Financial Conduct Authority Licence: 588545
Data Protection Number: Z9462891
The original guarantor lender. Formerly known as FLM Loans until that business was shut down in 2012 and Amigo Loans was formed as a result.
The concept of getting someone to ‘guarantee’ your payments if you couldn’t pay was not a new one. Indeed, it has been used for many years to good effect in residential mortgage lending but it wasn’t until Amigo founder James Bennamore introduced the concept to unsecured lending, that guarantor loans came to the fore.
They are the true heavyweights of guarantor lending and the only firm with a chequebook big enough to be able to advertise on national TV. You can apply directly to them here.
True, they do at times get a few adverse comments about their customer service but when you probably receive 10x the amount of enquiries that other lenders do, there are bound to be pressures.
Loans from £500 to £7,500
Loans over 12 – 60 months
Will accept non homeowner guarantors but if the borrowers credit is really bad, they will insist your guarantor is a homeowner.
As the largest guarantor lender in the UK, they are going to be around for a very long time, something you cannot say with any certainty about other lenders
Amigo Loans Company Details
56 – 58 Richmond Hill
Company Number: 4841153
Financial Conduct Authority Licence: 557709
Data Protection Number: Z8738456
Glo are a part of Provident Personal Credit, the company that has been going for over a hundred years that will lend you a few hundred pounds and come and collect the payments from your house.
Now they have launched a more modern version of the friendly, local loan company, Glo guarantor loans and they have a few tweaks which no other lender has.
They are the only guarantor lender that we know of that will accept benefits as part of a borrowers income.
They will also accept guarantors who may not be working full time but pull in a significant income from investments or pensions.
Daily interest is calculated instead of monthly or annually. This can make a big difference if you are looking to repay your loan early and is one of the best points about their loans
Glo Company Details
No. 1 Godwin Street
Company Number: 00146091
Financial Conduct Authority Licence: 002529
Data Protection Number: Z5227544
Another of the ‘new guarantor kids on the block’, Buddy Loans have made quite a name for themselves in this market. Although they will credit check the applicant whereas most other lenders will not, do not let that put you off because their acceptance rate is reportedly higher than others.
Based in South Manchester, Buddy Loans offer loans with a payout within a few days but unlike most other guarantor lenders, the borrower will usually have to have a slightly better credit profile than that which is acceptable to other lenders. Find out if you can qualify for a loan here.
Loans from £1,000 to £7,500
Must have a UK bank account
Must have a minimum income level of £1,000 per month
Buddy Loans Company Details
Company Number: 08089541
Financial Conduct Authority Licence: 651272
Data Protection Number: Z3239423
Guarantor My Loan
Another relatively new lender, we like them because of their criteria decision not to credit score or credit check the borrower. The other thing we like with them is that they allow guarantors to be just 21 years of age when other lenders require guarantors to be at least 25.
Whilst they are not the biggest of the various guarantor lenders, they appear to be consistent in their approach and are what a lot of people call a ‘real lender’ – a company where you can actually pick up the phone and speak to a decision maker – a trait which appears to be disappearing lately. Use this link to Apply.
Loans between £1,000 and £5,000
Loans over 1 – 5 years
No fees at all – not upfront or added to the loan
Guarantor My Loan Company Details
Match the Cash Limited
11/15 William Road
Company Number: 08667447
Financial Conduct Authority Licence: 661304
Data Protection Number: ZA055459
We like Bamboo so let’s get that out there straight away.
Why? Well one reason is they offer a maximum loan of £8,000, so apart from TFS Loans, they offer by far the largest guarantor loan on this list of lenders. They also offer other loans specifically tailored to the bad credit market such as car loans and home improvement loans.
Loans from £1,000 to £8,000 (which is brilliant!)
Online login so you can revisit your loan application at any time
Loans usually paid out the same day you apply (as long as you apply in the morning)
Bamboo Loans Company Details
Company Number: 05629336
Financial Conduct Authority Licence: FRN 720565
Data Protection Number: Z1380902
Most guarantor lenders are much of a muchness.
If you need a bigger loan then TFS Loans and Bamboo Loans should be your first port of call.
If you want to deal with a company that have been there, done it and worn the t-shirt then Amigo Loans and Glo are your goto lenders.
If you are after speed then UK Credit and George Banco fit the bill.
At the end of the day, just like life, it comes down to who you feel comfortable dealing with. We are independent and will always say what we feel about any lender and no one will dictate to us about what we write and about whom we write. Check out the about us page for more info.
Whatever you do and whichever lender you apply to, just make sure you 100% happy with your course of action and in our opinion, if you have any element of doubt whatsoever, even 1%, then avoid applying for a loan.
At the end of the day, a loan is a short term fix (usually) so if you do need one, try and make sure it is the last one you apply for.