Glo Guarantor Loans, a part of Provident Personal Credit Ltd., brings loan options to borrowers who may be turned away by traditional lending institutions. The aim is to provide lower cost lending options to those who may otherwise have to turn to payday loans for assistance. By requiring borrowers to provide information on a guarantor, the interest rates offered can be more competitive for long-term borrowing.
Loans are available ranging from £1,000 to £7,000. There are no fees, aside from standard interest payments, associated with the loan as long as repayment efforts are timely. The monthly payment date can be adjusted to suit the borrower’s needs, allowing them to be coordinate with their regular salary payments.
Repayment terms are based on the amount of the loan and ranges from as few as 12 months to as many as 60 months. The interest rate associated with the loan varies slightly depending on the length of time the funds are borrowed. Interest is calculated daily.
Unlike with some other lenders, it is possible to get a loan through Glo even if you are on benefits. As long as other affordability checks are cleared, and certain issues are not present in your credit check, you can qualify for a loan. Also, the guarantor does not need to be a homeowner and does not even need to be currently working. As long as the guarantor has an appropriate income, they will be considered.
If the borrower misses a payment, Glo will attempt to resolve the issue directly with the borrower first. If those efforts are unsuccessful, the guarantor will be contacted regarding repayment. Glo does not require a direct debit be on file for the guarantor, but an appropriate contact method is required.
Glo Guarantor Loans Criteria
- Age Requirement
- Debit Card
- Yes but direct debit facility may be accepted
- Credit Checks
- No - Guarantor will be credit checked
- Other Requirements
- Same Day Transfer Available
- Yes - Can take up to 48 hours to complete full checks
- Loan Value Available
- £1000 to £7000
- Representative APR
- Loan Length
- 1 Year to 5 Years
- FCA Registration Number
- Loan Example
- £3,500 loan repayable over 36 months. 36 monthly payments of £170.41. Rate of interest 49.5% p.a. fixed. Representative 49.5% APR. Total amount payable is £6,134.76
Glo Guarantor Loans Review
Early repayment options are available with no associated fees. This allows borrowers to make extra payments, or pay off the entire balance early without any prepayment penalty. By paying early, borrowers can save money on interest, lowering the overall cost of their loan.
Anyone with an IVA, in bankruptcy, or has a Trust Deed may not be eligible for financing. However, having otherwise poor credit will not automatically disqualify an applicant from being a borrower. Each application is examined individually, allowing the lender to make a responsible lending decision based on the borrower’s current circumstances.
Applications can be completed online, as well as over the phone. Support is also available by phone, post, or email. Representatives are available Monday to Thursday from 9:00AM to 8:00PM, Friday from 9:00AM to 7:00PM, and Saturday from 9:00AM to 5:00PM. This can make Glo a solid source for a loan during an emergency outside of standard working hours.
Besides being deemed financially stable, the borrower and guarantor must maintain separate finances to be considered. This provides additional security to the lender by ensuring a financial hardship experienced by one party does not automatically affect the other party as well. This helps them offer more competitive interest rates to borrowers.