George Banco offers guarantor loans to those who may have been turned down for other loan options from mainstream lenders. Loans are available from £1,000 to £7,500. Repayment is completed in monthly instalments over terms ranging from 12 to 60 months, depending on the exact amount borrowed.
By offering guarantor loan options, the lender is able to keep interest lower than many can find with payday loan lenders. The representative APR is 49.7 fixed. This ensures that the required payment amount will never go up as long as repayment is completed in a timely fashion.
Borrowers must be at least 18 years of age, and have a United Kingdom bank account with a connected debit card, and be a UK resident. Additionally, a regular income is required. Those subject to a current IVA or bankruptcy order are not eligible. However, the guarantor must be at least 25 years of age, also be a resident with a UK bank account and debit card, have a good credit history without a current IVA or bankruptcy, and have a minimum income of £1,000 per month. The income requirement can include funds received from eligible pensions.
Affordability checks are performed on both the borrower and the guarantor. This ensures that both parties can reasonably be expected to repay the funds based on their current circumstances. The guarantor will only be expected to make repayments should the primary borrower fail to do so.
Once the application materials have been completed by both the primary borrower and the guarantor, a lending decision can often be made in a few minutes. Both the borrower and guarantor will receive information regarding the terms of the loan to ensure full transparency with both parties. If approved, funds are released into the guarantor’s account within 48 hours. Once received, the funds can be provided to the borrower.
Borrowing £3000 over 36 months, repaying £146.19 per month, total repayable £5262.84. Interest rate 31.9% (fixed). Representative 49.7% APR (fixed)
George Banco never charges any upfront fees in order to process an application. As long as payment is made in a timely manner, the only fees associated with the loan will be the agreed upon interest charges. With a representative APR of 49.7, the guarantor loan option can be significantly more cost effective than the payday loan options for which the borrower may otherwise qualify.
Operating as a responsible lender, funds will only be provided to borrowers who can be reasonably expected to repay the loan. Each application is reviewed individually, allowing a borrower’s unique circumstances to be considered before a final lending decision is made. Once the application is complete, the guarantor is only contacted if the borrower misses a payment, and reasonable efforts to make repayment arrangements cannot be made with the borrower.
In some cases, a potential borrower may be given the opportunity to pursue a personal loan that does not require a guarantor. The personal loans can range in amount from £1,000 to £5,000, and have a representative APR of 61.8 percent.
George Banco Ltd
The Blue Building, Dairy House Farm,