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If you currently have a loan with us and have been affected financially by the COVID-19 pandemic, please click here for ways in which we may be able to work with you during these difficult times.

How does the application process work?

If someone you know is applying for a loan, and their credit score is less than desirable, you may not understand the difficulty they have obtaining a loan. When you’ve got poor credit, hundreds of alternate loan options aren’t available to you. Especially from high street or online lenders and even banks. Very few credit cards,  loans and  mortgage companies accept people with poor or no credit history. If a borrower with poor credit applies, they’ll be turned away. However, there is a way.

Traditional Lending

A guarantor loan from TFS is a more traditional way of lending. Back before the creation of digitised credit ratings, banks allowed people to borrow loans based on trust. So now, we’ve brought the old ways back. As a guarantor for a borrower’s loan, you’ll be able to help them get a leg up on their finances and borrow money should they need to. If you’re wondering about how the application for one of our loans works, you’re in the right place.

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.

Application Stages

The first stage in the process is for the Borrower to complete the online application form on the TFS website, or they can give us a call on 0203 476 4170 and apply over the phone. They will be asked to give basic contact details for themselves and their Guarantor.

Then we will email the Guarantor to go online and to confirm these details along with a few extra. At this stage, the guarantor can give us permission to run a credit check and proceed with the application. We will contact the Borrower to let them know too.

If the details provided to us meet our minimum criteria, then we may proceed to credit checking and based on these results, we will contact the Borrower with a loan offer, if eligible.

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 likely ask for further information in order to assess affordability for both the Borrower and Guarantor in line with our responsible lending guidelines.

If all is satisfactory, 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 4170 and we will keep you updated via text and email. For more information on becoming a guarantor and what it means to be one, visit our Guarantor Hub.

TFS Loans updated process

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Loans are subject to status and affordability. Consolidating debts may increase the term and the total amount payable.

Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.

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