Important: This provider is no longer accepting new applicants, but we’ve kept this review for historical purposes. Compare alternative guarantor loan providers.
What was Buddy Loans?
Buddy Loans was a lender, not a broker, so you didn’t have to worry about hidden brokerage fees if you borrowed directly from its website. On top of that, Buddy Loans had a five-star rating from the reviews platform Trustpilot.
What is a guarantor loan?
A guarantor loan might be for you if you’re struggling to get finance from the regular lending streams.
The loan requires a close friend or relative (hence “Buddy”) to agree to make repayments if you cannot. They’ll need good credit, which reduces the risk to the lender. This can improve your odds of getting approved and may help you access better rates than you would alone. Unfortunately, the rates on guarantor loans are always much higher than regular loans. However, this can still be a better option than many bad-credit financing solutions, such as payday loans or specialist loans for bad credit with no guarantor.
As long you make the payments on time, a guarantor loan can improve your credit score, which could make future borrowing cheaper.
Key features that a Buddy Loans guarantor loan had
|Loan type||Unsecured guarantor personal loan|
|Loan amounts||£1,000 to £10,000|
|Loan terms||1 year to 5 years|
|Loan rate type||Fixed|
|Same-day funding available|
|Same-day funding note||In most instances applications are approved within 24 hours, although it can be as quick the same day.|
|Instant decisions in most cases|
|Overpay without penalty|
Was I eligible for a Buddy Loan guarantor loan?
Buddy Loans operated on a policy of judging its customers and guarantors “as people” rather than by fulfilling set criteria. The main eligibility requirement for a Buddy loan was whether you could afford the repayments. Buddy Loans didn’t expect you to have a fantastic credit score, but it did have a few key criteria for your guarantor to meet.
- It helps if they are a homeowner, but anyone with a credit rating that isn’t poor will be considered.
- They must be between the ages of 18 and 80.
- Have a UK bank account with a valid debit card.
- They’ll need proof they can afford to repay the loan should you stop making payments.
- They’ll need an income of at least £1,000, but that amount will go up with any higher loan amounts.
Buddy Loans has transferred all open accounts to either 1Plus1 Loans Limited (1Plus1) or Aci-UK Limited (ACI). All correspondence and enquiries should be directed to 1Plus1 or ACI, who can be contacted with the details below:
- Contact 1Plus1 by telephone at 0330 1200 313 or by email at email@example.com
- Contact ACI by telephone at 0330 341 1817 for borrower queries or at 0330 341 1827 for guarantor queries, or by email at firstname.lastname@example.org
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