39.9% on loans from £3,000 to £10,000, until 31st August 2018.
Terms and conditions apply. Click here for details.
39.9% APR Representative.
Does this scenario apply to you? You are in need of a loan, you don’t have a great credit history or you have no credit history and you are being turned down by high street banks and other online lenders? If it does, then one of the options available to you if you want a larger lump sum (between £1,000 and £15,000) and you don’t want to pay the exorbitant interest rates of payday loans, could be a Guarantor Loan. However, as the name suggests you need to find someone to act as your Guarantor.
This may seem like an insurmountable problem, but it doesn’t have to be.
Essentially you can ask anyone that you know, but it’s important that they meet our criteria, which is:
Most of our customers ask their close family members – a parent, grandparent, aunt, uncle or cousin are the most common types of Guarantors.
You can also ask friends, colleagues at work or even your landlord. You just need to find someone who fits the criteria we have outlined above. Remember that the Guarantor Loan will be in your name but it will be given on the strength of your Guarantor’s ability to pay it back if you cannot, so you need to make sure you ask someone who is in a position to do this.
It is worth drawing up a shortlist of people who could be your Guarantor. Be realistic. If people in your close circle don’t have great credit histories, look further afield.
When you ask someone to be your Guarantor you need to be prepared to talk about why you need the loan, how you will use it and how you will pay it back. You should have a contingency plan in place if you are unable to pay the loan back, this will help to reassure them. Let them know that you will keep them up to date with your financial state during the period of the loan. You should also give your prospective Guarantor information about who you are taking the loan out with, as this helps to reassure the Guarantor about the loan company and its intentions.
Where possible, it is a good idea to have a face to face meeting with your Guarantor. You can talk them through the loan and answer any questions they have. If this isn’t possible it’s definitely good to talk it through over the phone.
We’ve created a Guarantor Hub on our website which talks the Guarantor through who TFS Loans are, what a Guarantor loan is, the application process, frequently asked questions and more. There are a range of videos and infographics as well to make the process as understandable as possible. You and your Guarantor are also welcome to call us at any time (even before you’ve made an application) on 0203 476 6438.
We have also dedicated a section of our site to answering questions your Guarantor may have including:
We ensure that the Guarantor is kept informed of the loan progress throughout the term of the loan. They receive annual statements, welcome and loan completion letters and can contact us at any time via our website, email or phone.
We’ve created a helpful infographic to take you through the application process. After you have applied for a Guarantor Loan, your Guarantor will be contacted by one of our Customer contact agents and they will go through an application form with them. They ask for things like contact details, employment details (if any), bank details etc. They will run a credit check whilst your Guarantor is on the phone and will tell them immediately whether the loan can progress (you are also contacted). At this point both you and your Guarantor will receive loan agreements to sign and send back (this can be done via email or post). It is very important that both you and your Guarantor read these documents and fully understand them, before signing them. Once we’ve received the agreements, we will run some final checks. Occasionally we might ask for some additional information such as a bank statement, but this isn’t normally required. We will call your Guarantor to confirm that they are ok with everything, have no further questions and give them details about when the money will be deposited into their account. Once the money is in their account, it is up to you and your Guarantor to arrange for the funds to be transferred to you.
TFS Loans are specialist Guarantor Loan lenders. We offer Guarantor Loans from £1,000 – £15,000 for a range of purposes including large purchases like cars, home improvements, weddings and other events, debt consolidation and for start-up/small businesses.
Our representative APR is 39.9%
To visit the Guarantor Hub, please click here