TFS guarantor loans review

Find out more about the company that stands out for lending higher amounts than many of its rivals.

TFS Loans is a direct lender, so you’ll always know where you’re borrowing from. If you’ve been refused credit by the high-street banks before, TFS Loans has a good range of guarantor loans to choose from and an efficient service to see you back on your financial feet. Having been around since 2003, it’s a tried and tested lender that’s gimmick free.

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?

A guarantor loan is higher-interest loan that’s usually available to you even if you have a bad credit rating or none at all. Whilst most high-street banks would turn you away, guarantor loans providers ask for a guarantor to agree to pay the repayments if you can’t. As long as you’re sure you can make the repayments this shouldn’t be a problem, and can improve your credit rating in the long-run if you pay on time.

Key features of TFS loans at a glance

• From 12–60 months.
• £1,000–£15,000. TFS loans are available for higher amounts than a lot of guarantor loans providers would offer.
• Get a personalised quick quote with no impact on your credit rating. You can enter a few details on the TFS Loans website and find out the rates you’ll receive.
• Fixed monthly repayments. Your repayments are set in your contract, and these won’t change for the duration of your loan.
• Quick access to funds. Once you’ve been accepted, TFS Loans aims to transfer the funds within 24 hours.
• No set-up fees. TFS Loans doesn’t have any hidden set-up charges, so you won’t be charged anything if you cancel your application.
• Repay your loan early at any time. You can repay your loan early at any time with TFS Loans, but this will be subject to an early settlement charge.

Am I eligible for a TFS loan?

Even if you’ve had past bankruptcies or have a poor credit score you may be eligible for a TFS loan. You must:

• Be over 18
• Live in the UK
• Have a UK bank account
• Be able to afford the repayments

Who can be a guarantor?

A guarantor for a TFS loan should be someone who is willing and able to make the payments for you if things go wrong. They must be:

• A UK homeowner
• Between the ages of 18 and 78
• Receiving a regular income

How do I apply?

If you think that a TFS loan is right for you, here’s how the application process works, step-by-step:

1. Fill out the online application form, giving the name and number of your guarantor.
2. TFS will call your guarantor, going through the terms of the loan with them and checking their credit history. TFS should be able to tell your guarantor then if they have been approved.
3. If you’ve been approved, TFS will send you and your guarantor the relevant documents and the contract for you to sign.
4. You’ll receive a call to go through the final details.
5. The loan will then be deposited in the guarantor’s bank account, and it’s up to them to transfer the funds to you.

Frequently asked questions about TFS

• What is a guarantor?

  A guarantor can be anyone, usually a close friend or family member. They agree to step in to make any repayments you can’t make.

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

  As an anti-fraud measure, most guarantor loans are paid into the account of the guarantor, who then transfers the money to the borrower.

• Can I pay off a TFS loan early?

  Yes, but this will incur an early repayment charge.

• Will my payments go up if Bank of England interest rates rise?

  No, repayments are fixed for the duration of the loan.

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

  You should contact TFS if you’re having difficulty paying the loan back. If you don’t come to an agreement with TFS as soon as possible, your guarantor will be liable for the payments you miss.

• Can I cancel a TFS loan?

  After you’ve signed the loan agreement there’s a two week “cooling off” period in which you can return the money and cancel the loan.

• Is TFS safe?

  Yes, TFS are a direct lender who are regulated by the Financial Conduct Authority.

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

  No, TFS loans are unsecured, which means neither your own or your guarantor’s property can be repossessed if something goes wrong. They can however take you to court as a last resort.

• What can I use the money for?

  Unlike many loans on the high street, guarantor loans are not limited in what you can spend them on – as long as it’s legal!

• Do I need an income to get a TFS loan?

  Yes, you will need to demonstrate that you can make the monthly repayments or you won’t be accepted.