TrustTwo is a direct lender that claims it prides itself on being there for people who other lenders turn down. It does this by offering guarantor loans, and focusing more on whether or not the loan would be affordable for you, rather than on your credit score.
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.
Late repayments can cause you serious money problems. See our debt help guides.
What is a guarantor loan?
A guarantor loan is a type of unsecured loan that requires a co-signatory. This person might be a friend or relative. They agree that they will pay back the loan should you struggle to meet the loan repayments. This type of loan generally comes with a higher interest rate, as it represents greater risk to a lender, but it is available to people who wouldn’t be able to get finance through the regular lending streams.
Key features of TrustTwo personal loans at a glance
TrustTwo loans are “unsecured” meaning they are given based on your (or your guarantor’s) creditworthiness and are not secured by property or assets. Here are some of the other key features of TrustTwo loans:
- Borrow from £500 to £10,000.
- Loan terms from 12 to 60 months.
- Fixed rate of interest, so monthly repayments remain the same throughout the loan term.
- Your guarantor can be a homeowner, a tenant or live with their parents.
- Access to funds within 3 days.
- No set-up fees.
- The loan will be in your name, so providing you stick to the repayments, it will help improve your credit record.
- Repay your loan early at any time.
If you are approved for a TrustTwo loan, the interest rate that you’re offered will be subject to TrustTwo’s assessment your circumstances and also of your guarantor’s circumstances. It may differ from the advertised “Representative APR”.
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
TrustTwo loans, being guarantor loans, have relatively lenient eligibility criteria for the borrower, and fairly standard criteria for the guarantor.
- Be over 18 years old
- Be confident you can meet the loan repayments
- Have someone who is prepared to be your guarantor
- Have an income
- Not your spouse, but be a close family member or friend.
- Aged between 21 and 75.
- Have a good credit history.
- Have separate finances to you.
- Be a homeowner/have a mortgage, be a suitable tenant or be living with parents.
- Agree and be able to make loan repayments if the borrower can’t.
TrustTwo will consider almost anyone for a loan, but the credit history of the guarantor is very important. It also helps if they are a homeowner and have a good annual income. You will also be more likely to be accepted if they have no recent bankruptcies or convictions.
How can I apply?
TrustTwo have a super-simple online application process:
- You apply online by entering your name, date of birth, current address and employment details. Then you’ll give the email of your guarantor.
- Your guarantor will then receive an email with a request for them to register as a guarantor.
- Both your own and your guarantor’s credit histories will be checked, and if you’re approved, you’ll both receive an electronic loan agreement to sign.
- The money is transferred to your account!
Frequently asked questions