SUCO is a loans broker for TFS Loans, which provides the majority of its guarantor loans. This means that you’ll probably get a loan from TFS, but SUCO may get you quotes from other lenders if TFS can’t offer one. It has a larger range of loans available than many other guarantor loans specialists, so it may be the one for you if you’ve been turned down for credit in the past.
Borrow up to £10,000 within 24 hours with a guarantor
Amigo loans will not judge you based on your credit score
Loans of £2,000-£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.
Late repayments can cause you serious money problems. See our debt help guides.
What is a guarantor loan?
A guarantor loan is specifically tailored for people with a bad or non-existent credit history, and who therefore struggle to get finance. If you add a guarantor to your loan – someone who agrees to make the repayments if you can’t – lenders can offer you better rates than you’ll get from options such as short-term loans or payday loans. The rates can still be pretty high, but taking one out responsibly can improve your credit rating for the future.
Key features of a SUCO loan
From 24 to 60 months. The terms you are offered are dependent on the amount you want to borrow.
From £1,000 to £15,000. This is much higher than with a lot of guarantor loans providers.
Get a personalised quick quote with no impact on your credit rating. SUCO’s loan calculator will show you what you can expect before you apply.
Fixed monthly repayments. You’ll pay the same amount throughout the course of your loan, so no nasty surprises.
Quick access to funds. Once you and your guarantor are approved, the funds could be in your account the same day.
No set-up fees. SUCO loans doesn’t charge any hidden fees for the loans it brokers with TFS.
No charges to use the website. SUCO doesn’t have hidden brokerage fees like some guarantor loans brokers, meaning you can cancel an application without being stung by unexpected charges.
Am I eligible for a SUCO loan?
To be eligible for a SUCO guarantor loan you need to meet a few minimum requirements. You must be:
Living in the UK
With a valid UK bank account
In employment earning a regular income
Able to make the repayments
There are also a few criteria your guarantor will have to meet for your loan to be accepted. They must be:
A UK homeowner
Aged between 18 and 78
Have a regular income
Able to make the repayments if you can’t
How do I apply for a SUCO loan?
Go to the SUCO website and enter some basic information to get your quick quote.
If you like the quotes you receive you’ll have to send a link for your guarantor to fill out their information and confirm they are happy to act as your guarantor.
You’ll also have to fill out a longer form to officially apply. This may affect your credit score.
Receive a quick decision and sign the loan contract. You should then get the funds in your account within 24 hours.
Frequently asked questions about SUCO
A guarantor is a close friend or family member you have a strong mutual trust with. They’ll sign a contract saying that they will pay any unpaid loan repayments, meaning you can get a better rate on your loan.
To avoid anyone being able to fake a guarantor, funds are paid into the guarantor’s account rather than yours. Your guarantor will then be responsible for transferring the money into your account.
Yes, you can pay off a SUCO loan at any time.
No, payments are fixed for the duration of the loan.
You should contact SUCO as soon as your having any difficulties. One of its loan advisors may be able to arrange alternative payments plans without involving your guarantor. If this can’t or isn’t done however, your guarantor will be liable for any missing payments.
Yes, SUCO is a responsible lender, regulated by the Financial Conduct Authority.
Yes, there is a 14 day cooling off period, meaning you can return the funds and cancel the loan within this time.
If you are currently bankrupt you will not be accepted for a SUCO loan.
Unlike many high-street loans, guarantor loans are not restricted in how you can spend them. Providing that it’s legal and gets paid off, you can pretty much use the money for anything.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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