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How does the application process work?

Application Stages

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.

Then we will email the Guarantor to go online and to confirm these details along with a few extra details. 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 lending 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 the loan documents for both the Guarantor and borrower to sign and return online. We can also send these by post. Emailing is quicker but it’s up to you how you prefer to receive the documentation. Once we have received the signed documents we require bank statements in order to assess affordability for both the borrower and Guarantor in line with our responsible lending guidelines.

The bank statement are supplied to us via our secure Open Banking-style service ‘consents.online’ from our trusted partner, Account Score (An Equifax Group company). At no stage in this process do we see or store your login information.

If all is satisfactory, we will run a few further underwriting checks and 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 to check the status of your application and discuss any further details. We will also keep you updated on the progress of the application via text and email.

For more information on becoming a guarantor and  what it means to be one, visit our Guarantor Hub.

 

Return to main Guarantor Hub

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.

Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk

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