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 £15,000 within 24 hours with a guarantor
Bad credit, CCJs & defaults
No setup fees
Representative example: Borrow £5,000.00 over 3 years at a rate of 20.33% p.a. (fixed). Representative APR 39.9% and total payable £8,049.60 in monthly repayments of £223.60.
Warning: late repayments can cause you serious money problems. See our debt help guides.
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
Unsecured Personal Loan
£1,000.00 to £15,000.00
1 Year to 5 Years
Loan rate type
Same day funding available
Instant decisions in most cases
Soft-search facility available
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Cheque, Direct Debit, Standing Order
Representative example: Borrow £10,000.00 over 3 years at a rate of 39.9% p.a. (fixed). Representative APR 39.9% and total payable £16,091.64 in monthly repayments of £446.99.
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. However you will need to:
Be over 18
Be under 75 (at the end of the loan)
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 75 (at the end of the loan)
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:
Fill out the online application form, giving the name and number of your guarantor.
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.
If you’ve been approved, TFS will send you and your guarantor the relevant documents and the contract for you to sign.
The guarantor will receive a call from TFS to review the details.
The loan will then be deposited in the guarantor’s bank account, and it’s up to them to transfer the funds to you.
How long does it take?
Realistically, guarantor loans take longer than loans involving a sole applicant, due to the extra checks involved. TFS states that, on average, it takes 2-4 days for a loan to be paid out, but it can be as fast as the same day.
You can speed up the process by having your bank account number and sort code handy, along with the name and address of your employer and your net income. You can also make sure your guarantor is primed and ready – they’ll need to complete their part of the application form and they’ll also need to have a brief chat over the phone with TFS, to endure they understand what they’re getting into! Finally you guarantor will need to transfer the funds to your account.
Frequently asked questions
A guarantor can be anyone, usually a close friend or family member. They agree to step in to repay the loan if you don’t.
As an anti-fraud measure, most guarantor loans are paid into the account of the guarantor, who then transfers the money to the borrower.
Yes, you can repay early at any time, but this will incur an early repayment charge equivalent to up to 58 days’ interest.
No, repayments are fixed for the duration of the 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.
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.
Yes, TFS are a direct lender who are regulated by the Financial Conduct Authority.
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.
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!
Yes, you will need to demonstrate that you can make the monthly repayments or you won’t be accepted.
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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