George Banco loans review 2023

What is George Banco?

A lender that’s been growing a name for itself since 2013, George Banco has many good reviews online. While it offers personal loans without a guarantor to some people, its guarantor loans have better rates. Having made a number of commitments on customer care, it may not be offering anything special in the rates department, but you can be sure that you and your guarantor will be treated well and staff will be on hand to help out if you need them.

What is a guarantor loan?

A guarantor loan is a type of unsecured loan that can suit people in specific circumstances. Having bad or little credit history can be a complete block to getting any finance, but guarantor loans mean that a close friend or family member can help you out with getting that much-needed financial boost. By agreeing to make the repayments themselves should you be unable to, they provide the reassurance that your credit history lacks. Although guarantor loans usually have much higher rates than loans from high-street banks, taking one out responsibly can improve your credit history in the future, making it easier for you to get a loan next time.

Key features of a George Banco loan

George Banco loans come with a fixed interest rate, which means that the overall amount you pay will be set out in your contract and your monthly repayments payments won’t change (although you can overpay if you want). There are no upfront fees and no neither the applicant or guarantor are required to provide loan security.

What about George Banco’s competition?

• Guarantor loans
• Guarantor loans (guarantor is homeowner)

1 - 1 of 1

How much do you need to borrow? £

5000

How long do you need to borrow for?

3

years

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Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
1plus1 Loans Guarantor Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 47.8% p.a. (fixed). Representative APR 47.8% and total payable £17,259.12 in monthly repayments of £479.42.	Compare	loading Fetching your data...

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1 - 1 of 1

How much do you need to borrow? £

5000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
UK Credit Limited Unsecured Homeowner Loan					View details	Representative example: Borrow £15,000.00 over 3 years at a rate of 26.9% p.a. (fixed). Representative APR 26.9% and total payable £21,202.92 in monthly repayments of £588.97.	Compare	loading Fetching your data...

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Am I eligible for a George Banco loan?

If you are interested in George Banco loan, you’ll need to meet the following criteria:

• Be over 18
• Have a UK bank account with a valid debit card
• Not currently be bankrupt or subject to an IVA
• Have a regular income
• Be a UK resident (not including the Isle of Man or the Channel Islands
• Be able to make the repayments

As well as this, George Banco has certain criteria for people it will accept as guarantors. As well as being a close friend or family member, they’ll need to:

• Be between 21 and 75
• Have a UK bank account with a valid debit card
• Have a good credit history
• Not currently be bankrupt or subject to an IVA
• Live in the UK (excluding the the Channel Islands or the Isle of Man)
• Make at least £1,000 a month (net)
• Be able to make the repayments if the borrower cannot

How do I apply for a George Banco loan?

1. Get a personalised quick quote with no impact on your credit rating. Entering just a few details will show you whether or not you can expect to be accepted.
2. If you’re likely to be accepted you’ll get a link to send to your guarantor. They’ll then need to fill out the information required.
3. Both your information and your guarantor’s information will be assessed and a final decision will be made.
4. If you are accepted, a contract will have to be signed, and you should get the funds in your account the same day.

George Banco customer reviews

George Banco has received positive reviews from customers, according to review platform Trustpilot. It currently has a rating of 4.7 out of 5, based on more than 8,000 reviews (updated 9 April 2021). Many customers praised the excellent service, though others reported issues with payments being taken out unexpectedly.

Frequently asked questions

• What is a guarantor?

  A guarantor is a close friend or family member who agrees to help you get a loan by saying they will pay any repayments you can’t meet them.

• How do I get the money from a George Banco guarantor loan?

  The payment is made into your guarantor’s bank account on the same day that you sign the contract. It is then up to them to pass the money to you.

• Can I pay off a George Banco loan early?

  Yes, you send them written confirmation of the amount and date on which you wish to settle your loan, then they will send you a final settlement figure including a rebate on the interest you haven’t accrued.

• Will my payments go up if interest rates rise?

  No, payments are fixed for the duration of your loan.

• What happens if I am having difficulties repaying my loan?

  You should always contact your loan provider before a problem occurs. George Banco will always try to come to an arrangement with you before contacting your guarantor, but if one can’t be reached your guarantor is liable for the payments and will be contacted.

• Is George Banco safe?

  George Banco has a track record as a trusted loans provider and is regulated by the Financial Conduct Authority as a trading name of Everyday Lending (FCA reference no. 724445). It’s also a member of the Finance and Leasing Association, so it has to adhere to its Lending Code.

• Can I have a guarantor who is already George Banco loan guarantor?

  No, a person can only be a guarantor on one George Banco loan at a time.

• Can my spouse be a guarantor for me?

  Many guarantor loans are not given to people whose guarantor is a cohabiting spouse, however George Banco will consider spouses as long as they have demonstrably separate finances.

• Do I have to be employed to get a George Banco loan?

  No, George Banco will consider you for a loan as long as you can demonstrate that you will be able to make the payments.

• If you have a past bankruptcy can you still get a George Banco loan?

  Yes, as long as it is not a current bankruptcy your application will be considered. However, your credit history is taken into account, so it might still work against you.