Companies like Juo Loans for bad credit and guarantor loans
The now-defunct Juo Loans was a specialist lender, providing fixed-rate personal loans to borrowers with poor credit. It was launched in 2017, but survived just two years before entering administration.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Borrowers with a less-than-perfect credit history can sometimes feel let down by mainstream lenders, whose tight eligibility criteria rule out many people. Juo Loans was created to focus on serving this section of the market, seeking to understand an individual’s past credit problems and their current situation when considering a loan application.
The company collapsed after WageDayAdvance, the company’s payday arm, buckled under the volume of complaints and compensation claims.
As well as offering straightforward unsecured personal loans, Juo Loans offered “guarantor” loans – which are guaranteed by a relative or friend of the borrower. The guarantor promises to step in and pay off the loan in the event that the borrower is unable to do so.
Specialist lenders like Juo Loans have become more commonplace in recent years – above you’ll find some others with a summary of the services they provide.
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