TFS Loans, part of the TFS Group, offers financial products for borrowers who may not qualify for loan products from traditional banks. The business strives to function as a responsible lender, and intends to make sure all terms are publicly disclosed. A focus on transparency helps enhance customer satisfaction while also meeting the requirements set by regulatory groups.
We provide financial options for borrowers with a poor credit history, TFS Loans supplies guarantor loans with values up to £15,000. To use our services, you must have a second person to act as the guarantor. The guarantor agrees to repay any instalments which the primary borrower can not pay, irrespective of the reason. This helps keep interest rates lower than many payday loan choices. There’s no collateral connected with a TFS Loan, as we offer unsecured personal loans.
Borrower applications are considered individually, making every lending decision based on the entirety of the application, rather than just credit scores. Affordability checks are a focus, as they guarantee the borrower can reasonably be expected to fulfill repayment requirements. There are no upfront fees associated with acquiring financing.
Borrowers may use funds for any purpose, including paying off other debts, such as payday loans. Approved borrowers can get funds within 24 hours, allowing the money to be available for emergency situations too.
TFS Loans Guarantor Criteria
- Age Requirement
- Debit Card
- No - Direct debit facility required for repayment
- Credit Checks
- Yes - Guarantor not the Borrower
- Other Requirements
- Guarantor is a homeowner with regular income
- Same Day Transfer Available
- Yes - Can take up to 48 hours to complete full checks
- Loan Value Available
- £1000 to £15000
- Representative APR
- Loan Length
- 2 Years to 7 Years
- FCA Registration Number
- Loan Example
- 48 Monthly Repayments, borrowing £4,500 Total Amount Payable: £9,151.20 48.9% APR Representative Rate of Interest 25.84% Fixed Flat Rate Monthly Repayment: £190.65
TFS Loans Guarantor Review
Borrowers may apply so long as they have a steady source of income. This may come from regular employment, self-employment, and can include extra income from certain benefits or pensions. Even borrowers with CCJ’s, defaults, and missed payments may qualify.
The interest rate is considerably lower compared to many other payday loan options for borrowers with poor credit. This is because of how the guarantor adds a level of security to the transaction, allowing the lender to assume less risk overall.
Applications can be completed at any time, day or night, through the online portal site. Loans can be obtained in amounts ranging from £1,000 to £15,000. Minimum repayment provisions stretch to 24 months, with bigger loans potentially qualifying for longer periods. Loans for £8,000 or more do require the borrower to currently be a homeowner.
Applications are accepted online, and over the phone. Both the primary borrower and the guarantor are subject to a credit check as part of the application process. While the borrower is accountable for many repayments, the guarantor is only accountable for any payments which are missed.
Many loan approvals can be completed quickly, and borrowers may receive funds within one day. Support may also be reached online, on the phone, by fax, through email, and by mail.