About JL Money Loans
JL Money was established by Daniel Suppey in the year 2004, although it wasn’t until 2014 that they’d head online. Their history is a little unclear, but they had initially operated as a broker before making the transition to lending. This company has a diverse product range that is split across 3 sections. The main one of focus here is Essential that is guarantor-supported for £1k to £10k and 1m to 24m. This can the only product that can be applied for through their site. Bespoke and Business can only be phoned through. If you do live locally to them in Bromley then you could however always pop in to run through any of their products.
Bespoke provides £5000 to £100,000 over a 12 month term. This includes a few interesting repayment structures such as “Roll up” for paying everything at the end of the term. The Business loan section sees £2000 to £100,000 over a year again. Both of these sections are pretty vague. You’d need to call or visit them to learn of the ins and outs. Moving to Essential, a flexible 1 to 24 month repayment range is packaged. You can pick any single month between. This is the only short term guarantor loan available online. It’s just a shame that they don’t offer smaller starting sums of say £300 or £500 that would make sense over a short period of borrowing.
About 1Plus1 Loans
1Plus1 Loans is an Accrington-based guarantor lender that was constructed by Gary Mckenna back in 2013. This firm has progressed well over time and now ranks as a top 5 market brand. 1Plus1’s site is vibrantly styled. Here you can access between £1000 and £10,000 that is a slight change on the previous starting sum of £500. The full repayment range is 12 to 60 months with the choices rising in 6 month increments. There are to note some restrictions based on what you select. As an example, at £1k you can only select 36m max whilst on the other end of the scale at £10k you’d need to pick from 24m onwards.
Pricing is set at £233 per £1000 over the period of a full year. This is the same price whether the backing is a homeowner or a tenant. They do however specify that a tenant backer would need to have an exceptional credit score in order to stand in. The required age difference is 18 (H) and 21 (T) that extends to 75 in both cases. It is stated that all applicants are considered and that a fast payout is promised. They don’t however go into the specifics. They will need to verify income through Open Banking. External reviews have been picking up and they now hold an approx 80% share of 5 star ratings on Feefo.
About Buddy Loans
Buddy Loans is the sole venture of Advancis Ltd, who are based in the Stockport area. This guarantor product was unveiled in 2014 and it has progressed well, ranking today as a top 5 sector brand. They have a good search engine presence for key terms in the space, but haven’t particularly invested much on the advertising front. The product pitched delivers funding between £1000 and £10,000 across a range of 12 to 60 months. You’ll need to select at least £3250 to access the complete range (amounts below stop at 36 months). At the year point £1000 is priced at £237.36 that is an average sector price. Backings do extend to tenants.
They do specify though that they’ll need very good credit and for larger requested amounts a homeowner backing would typically be required. Qualification is open to those with past CCJs or defaults and a payout is possible on the same day of application. They do actually process applications on Saturdays that can be helpful as some rivals tend to stick with Monday to Friday. They have however cut back on their hours a little. We can recall them previously operating 12 hours days during the week, but this is now 8 hours. Buddy’s service has been well received. Looking at Trustpilot they currently hold a 90% score and have received well over 3000 review to date.
About GuarantorMyLoan Loans
GuarantorMyLoan is a Norwich-based peer-to-peer service that has been running since the summer of 2014. It has however only been in recent years that GML’s emergence has really started to gather momentum. Finally there is greater awareness of GuarantorMyLoan’s excellent cashback promotion that when factored delivers market leading sector rates. Building on this, they now allow tenants to act as guarantors as well as homeowners. This assumes that they have a good credit score and are aged between 21 and 75 (applicants must also be 21+). We can recall this firm offering £5000 max, but this has now been doubled with the current range spanning £1000 to £10,000. They enforce the standard 12 to 60 month repayment spread.
It is the cashback deal that really sets them apart. This is provided assuming that the first 12 month repayments are paid on time and in full. If this is the case then a discount equivalent of a single monthly payment will be returned. It makes obvious sense to repay over the shortest period for the largest return. If you opted for 12 months then that return on a £1000 loan would be £102.71. At 60 months in contrast it’d be just £39.07! The standard £1000 loan charge at 12m is £232.52 that with full cashback will drop to £129.81. This is by far the cheapest market option, but it only works if every payment is made without issue.
About TrustTwo Loans (Closed = Further Details to Follow Soon)
TrustTwo was launched as a supporting guarantor division to Everyday Loans back in 2014. Each were acquired by Non-Standard Finance in April 2016. This brought them into the same family as George Banco and Loans at Home. Banco is of note here in also competing in the guarantor space with both of these brands making up a user base of around 31,500 customers. The NSF Group collectively serves more than 179,000. TrustTwo’s market growth has been impressive in recent years. They’ve in fact recently emerged as the most visited sector lender although this wouldn’t have likely been the case if Amigo didn’t impose a pause on lending during the pandemic.
There have been a few product changes go through since we last checked up on www.trusttwo.co.uk. They have for instance enhanced their loan sum range to £1000 to £15,000 (this previously started at £500 and stopped at £10,000) and they have dropped Saturday coverage (was 9am to 4pm). The required age on guarantors has increased a little also to 21 to 80 (was 21 to 75). As a reminder, both tenants and homeowners can back applications here. The final change is that the price for £1000 over a year is £236.09. There had previously been slight variations between homeowner and tenant rates. APR is fixed as headlined at 49.74%. Payouts on average take around 3 days.
About Bamboo Loans
Bamboo is an established provider of bad credit loans with or without guarantors. This lender has operated since 2014 and today has more than 50,000 customers. They employ 80+ staff across 3 offices situated in Caerphilly, London and Southampton. The Southampton office deals with new loan applications and Caerphilly manages existing customers (London’s purpose is unclear). Boo the Panda is the brand mascot of www.bambooloans.com that has historically been a top 5 visited site in their catered sectors. They have remained in this ballpark region, but their Alexa ranking did take a dip across 2019 and now in 2020. This has also been the case with George Banco who are a similar matched competitor.
The 2 products available each start from £1000. The caps do differ though with the non-guarantor option stopping at £5000 and the guarantor option extending to £8000. Homeowners or tenants are accepted on that side between ages 21 and 72. Pricing is matched across each over a year at £235.72 for £1000. This is the representative example, but a variable range is headed as 26.9% to 89.9%. Just remember that with very poor credit you are likely to be asked for a backing even if you are opting for unsecured. Bamboo’s score on Trustpilot is excellent at 98% from 16,900+ reviews (the best in the sector). Not many customers however go on to follow them on Facebook where they have captured 600 likes.
About Amigo Loans
This was the first guarantor lender to reach the market in 2005 under the FLM identity. The rebrand went through in 2012. Today Amigo’s guarantor dominance is reportedly hitting market share close to 90%. We’d personally expect this to be a little lower based on the recent surges of Bamboo and George Banco. They are certainly doing well with 224,000 customers and a recent posted after tax profit of £100 million. Founder James Benamor had controlled the operation through the Richmond Group, but they have since split. Amigo’s product has been crafted to a high standard, but a massive boost has come from the level of focus on TV advertising and lead acquisition via brokers.
For reference, they pay brokers large fees, but this comes out of their own pocket. There are no related brands. They did operate for some time through FLM Quick and also tested out finance, but each didn’t stick around. Amigo’s service is the best in its field. Borrowers can access as much as £10,000 and be paid out within 24 hours (paperless applications have been available since 2011). They charge no late fees, but you should always repay on time as they report to all 3 CRAs that can improve your score greatly. Guarantors can be tenants from 18 years and for borrowers CCJs, defaults and self-employment are considered. They rate at 94% on Trustpilot from 26,940+ reviews.