Late repayments can cause you serious money problems. See our debt help guides.
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.
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
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £15,000.00|
|Loan terms||1 Year to 5 Years|
|Loan rate type||Fixed|
|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|
|Repayment methods||Cheque, Direct Debit, Standing Order|
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.
Borrow up to £15,000 within 24 hours with a guarantor
- Bad credit, CCJs & defaults
- Quick approval
- 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.
Frequently asked questions
Read more on this topic
My application for a guarantor loan was declined. What now? We sat down with the UK's biggest guarantor lender to learn where applications can fall down.
Talk Loans Guarantor Loans Talk Loans matches borrowers with limited or poor credit histories with guarantor lenders from its panel.
Bamboo loan calculator Considering a Bamboo loan? Use our calculator to work out how much it will cost you each month and overall.
TrustTwo loan calculator Considering a TrustTwo guarantor loan? Use our calculator to work out how much it will cost you each month and overall.
Amigo loans calculator Considering an Amigo guarantor loan? Use our calculator to work out how much it will cost you each month and overall.
1Plus1 Loans calculator Considering a 1Plus1 guarantor loan? Use our calculator to work out how much it will cost you each month and overall.
Trusttwo homeowner guarantor personal loan review December 2019 If you have bad credit and are looking for a loan, digital lender Trusttwo can be a viable option that offers reduced rates if your guarantor owns a house.
Trusttwo non-homeowner guarantor personal loan review December 2019 Trusttwo is a digital lender that specialises in guarantor loans. We've looked at what it offers to borrowers whose guarantor doesn't own a house.
Bamboo guarantor loan review December 2019 Find out how Bamboo's guarantor loans hold up against the competition, how they work and how to apply.
UK Credit tenant guarantor loan review December 2019 If your credit record is less than perfect you could access better loan rates with UK Credit by applying with a guarantor.