Juo Loans review

Now in administration, Juo Loans was a short-lived guarantor lender that stated it wanted to do things differently for people who struggle to get finance.

In February 2019, Juo loans and its sister company WageDayAdvance went into administration. As such, it’s no longer accepting new applications. Like a number of long-standing payday loan companies, WageDayAdvance buckled under the sheer volume of complaints and compensation claims, and took Juo loans with it. We’ve left this page live for historical purposes.

Juo loans is a direct lender, meaning you’ll always know who you’re borrowing from. It provides small loans to people who might not be able to get a loan from the regular lending streams. Although the rates are quite high, with a guarantor these can be much lower, and you can reduce the cost still further by paying back early, with no hidden fees.

Borrow up to £10,000 within 24 hours with a guarantor

If a limited credit record is holding you back from the money you need, a guarantor loan can be a great option – allowing you to borrow money while building your credit score.

• Amigo loans will not judge you based on your credit score
• Loans of £500-£10,000 over 1-5 years
• Loans normally paid out within 24hrs of the guarantor being accepted

Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.

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What is a guarantor loan?

Getting a guarantor loans means you have found someone who will back you up and agree to pay the loan should you be unable to. Usually this won’t be needed, but having them there means that lenders can offer you lower rates than with a poor-credit personal loan. The rates are still higher, but if you pay off the loan on time you may be able to improve your credit score and get a better rate next time.

Key features of Juo Loans’ guarantor loans

• From 1 to 3 years.
• From £1,000 to £3,000.
• Get a personalised quick quote with no impact on your credit rating. By entering just a few details you’ll get an immediate loan quote with options for both a personal and a guarantor loan.
• Fixed monthly repayments. The amount you pay will be fixed from the time you sign the contract, meaning no unpleasant surprises.
• Quick access to funds. Once you and your guarantor have been accepted, you’ll usually get the funds the same day.
• No set-up fees. Juo Loans doesn’t charge any hidden fees for taking out a loan.
• Repay your loan early at any time. Juo Loans has a policy that means you can avoid paying excess interest if you settle early.
• No early payment fees. What’s more it won’t charge any fees if you pay off your loan early.

Am I eligible for a Juo Loans loan?

Juo Loans looks for customers who are responsible people who are aware of their credit score and want to make it better. The only other criteria are that they are:

• Over 18
• A UK resident with a valid bank account and debit card
• Without a history of bankruptcy in the last two years

Most people will need a close friend or family member to act as guarantor, and this person must:

• Be over 25.
• Have a regular income
• Be able to make the repayments if the borrower can’t
• Live in the UK
• Be a homeowner or have good credit

How do I apply for a Juo Loans loan?

1. Get a personalised quick quote and check out the options for personal or guarantor loans. Choose the one you think is best for you.
2. Complete the online application form for your chosen loan.
3. You’ll then have 30 days to add your guarantor to the loan by getting them to fill out their accommodation, employment and banking details. You will both find out as soon as they are accepted.
4. You’ll receive a call to finalise the details of your loan. Once all that is agreed, the funds will usually be paid the same day.

Frequently Asked Questions

• What is a guarantor?

  A guarantor is a close friend or family member who agrees to pay your loan repayments for you should you be unable to.

• How do I get the money from a Juo Loans guarantor loan?

  At Juo Loans, guarantor loans are paid into the account of the guarantor. This reduces the chance of fraud, and your guarantor will be responsible for getting the money to you.

• Can I pay off a Juo Loan guarantor loan early?

  Yes! With Juo Loans the minimum interest you pay is 21 days, but anytime after that you can repay early, avoiding the extra interest and with no additional fees to pay.

• 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?

  It’s important to call Juo Loans as soon as you think you might have any problems with paying off your loan. It will always try to agree a revised payment plan with you before contacting your guarantor, but your guarantor will be liable if you can’t come to a suitable arrangement.

• Is Juo Loans safe?

  Yes, Juo Loans are regulated by the Financial Conduct Authority. Although its a relatively young lender, it is part of the Curo group which has a long and trusted history in the financial sector.

• Will my Juo Loans application show on my credit file?

  The quick quote available on Juo’s website will show you what you can expect without affecting your credit score, however as soon as you send off the actual application this will show up on your credit history.

• I’m currently bankrupt, can I still get Juo loan?

  No, they will only lend to people who have not been bankrupt in the last two years.

• Can I change my payment date?

  Yes, you can call Juo Loans at any time to arrange a change in your payment schedule.

• Is a Juo guarantor loan secured against the guarantor’s property?

  No, Juo loans are unsecured so they cannot repossess either the borrower’s or the guarantor’s property.