TFS Loans, part of the TFS Group, offers financial products for borrowers who may not qualify for loan products from traditional banks. The business strives to act as a responsible lender, and aims to make sure all terms are openly disclosed. A focus on transparency helps improve customer satisfaction while also meeting the requirements set by regulatory groups.
Providing options for borrowers with a poor credit history, TFS Loans provides guarantor loans with values up to £15,000. To apply, you must have a second person to act as the guarantor. The guarantor agrees to repay any instalments that the primary borrower misses, regardless of the reason. This helps keep interest rates lower than many payday loan options. There is no collateral associated with a TFS Loan, as all produce offerings are unsecured personal loans.
Borrower applications are considered individually, making each lending decision based on the entirety of the application, and not just credit scores. Affordability checks are a focus, as they ensure the borrower can reasonably be expected to meet repayment requirements. There are no upfront fees associated with acquiring a loan.
Borrowers can use funds for any purpose, including paying off other debts, such as payday loans. Approved borrowers can receive funds within 24 hours, allowing the money to be available for emergency situations as well.
TFS Loans Guarantor Criteria
- Age Requirement
- Debit Card
- No - Direct debit facility required for repayment
- Credit Checks
- Yes - Guarantor not the Borrower
- Other Requirements
- Guarantor is a homeowner with regular income
- Same Day Transfer Available
- Yes - Can take up to 48 hours to complete full checks
- Loan Value Available
- £1000 to £15000
- Representative APR
- Loan Length
- 2 Years to 7 Years
- FCA Registration Number
- Loan Example
- 48 Monthly Repayments, borrowing £4,500 Total Amount Payable: £9,151.20 48.9% APR Representative Rate of Interest 25.84% Fixed Flat Rate Monthly Repayment: £190.65
TFS Loans Guarantor Review
Borrowers can apply as long as they have a steady source of income. This can come from regular employment, self-employment, and can include additional income from certain benefits or pensions. Even borrowers with CCJ’s, defaults, and missed payments may qualify.
The interest rate is significantly lower than many other payday loan options for borrowers with poor credit. This is due to the fact that the guarantor adds a level of security to the transaction, allowing the lender to assume less risk overall.
Applications can be completed at any time, day or night, through the online portal. Loans can be obtained in amounts ranging from £1,000 to £15,000. Minimum repayment terms extend to 24 months, with larger loans potentially qualifying for longer terms. Loans for £8,000 or more do require the borrower to currently be a homeowner.
Applications are accepted online, and over the phone. Both the primary borrower and the guarantor are subject to a credit check as part of the application process. While the borrower is accountable for all repayment efforts, the guarantor is only responsible for any payments that are missed.
Many loan approvals can be completed quickly, and borrowers can receive funds within 24 hours. Support can also be reached online, over the phone, by fax, through email, and by post.