What happens when someone applies for a TFS Loan?
When a Borrower applies for a TFS Loan there is a simple process to go through before we can approve the loan and transfer the money. It involves both the Borrower and their Guarantor. We have created a helpful infographic to explain the process in detail. It can take less than 24 hours to approve the loan and transfer the money providing we can get hold of both the Borrower and their Guarantor. On average a TFS Guarantor loan takes 2-4 working days to process.
The first stage in the process is for the Borrower to complete the online application form on the TFS website. They will be asked to give basic contact details for themselves and their Guarantor.
We will contact the Guarantor via phone to take some further details and run a credit check. We will let the Guarantor know immediately how much we can lend to the Borrower and we will contact the Borrower to let them know too.
We then email/post out documents for both the Guarantor and Borrower to sign and return. Emailing is quicker but it’s up to you how you prefer to receive the documentation. Once we have received the signed documents we may ask for some additional information (e.g. bank statements), but in most cases this is not necessary.
We make one final call to the Guarantor to check they have no further questions and confirm when/where the money will be deposited. We then transfer the funds into the Guarantor’s chosen account for the Guarantor to give the funds to the Borrower.
At all points in the application process you are welcome to call us on 0203 476 6348 and we will keep you updated via text and email.