Buddy Loans is a trading style of Advancis limited who were incorporated in May 2012. It wasn’t until early 2013 that we saw the launch of Buddy Loans, the guarantor loan provider.
In their early days, Buddy Loans offered several products including guarantor/payday loan hybrid product which allowed customers to borrow between £100 and £500 over 1 to 6 months.
Nowadays though, their focus is purely on guarantor loans.
Buddy loans lead with a single guarantor loan product. They allow applicants to borrow between £1,000 and £7,500 over 12 to 60 months.
The representative APR is 49.9%, which happens to be exactly the same as Amigo Loans. Certainly, they’re not the cheapest on the market, but they are also not the most expensive.
Buddy Loans can accept both homeowner and tenant guarantors. However, unlike UK Credit they do not present this as two separate products with different rates.
Thus, the residency status of your guarantor will not affect the rates you get from Buddy Loans.
Despite being one of the newest lenders in the market, Buddy Loans have built quite a presence in a short space of time.
If you’ve Googled “guarantor loans” anytime in the last 2 years, you’ll have probably seen Buddy Loans right at the top, alongside the comparison powerhouses like Money.co.uk, Go Compare and uSwitch.
Their impressive online presence has allowed them to create a recognised brand and grow it significantly.
They’ve also managed to generate over 400 reviews in less than 18 months on Trustpilot, averaging 9.6 out of 10.
Many of the positive reviews mention the friendliness of the staff and the efficiency of the process. This is something that Buddy Loans try to emphasise in their USPs, labelling the website as the ‘friendliest’ in the UK guarantor loan market.
Because of all of this, Buddy Loans are now a worthy competitor for UK Credit and TFS Loans in the race for the number two spot in the guarantor loan market behind Amigo.
Buddy Loans make it clear that if you can provide a good BUDDY (guarantor), you can get a loan. So much like Amigo and TFS, they focus more on the eligibility of the guarantor than the credit history of the applicant.
The guarantor themselves can be a family member, close friend or work colleague who trusts you to repay the loan.
They can be aged 18 to 75 and must have a UK bank account. They must also have a fair credit score and a minimum income of £1000. As I mentioned above, the guarantor can be a homeowner, tenant or even residing with parents.
Buddy Loans will assess the credit history of the applicant; however the loan will primarily be based upon affordability rather than credit score.
Buddy Loans use a simple 5 step process to get your guarantor loan approved.
The applicant completes an online application and nominates a guarantor. The application is then assessed, and a decision is given. If it is approved before 5pm, the money will be paid out that same day.
Buddy Loans boast that they can provide you with a decision within just 1 hour, providing the application is made within working hours. This makes them one of the quickest providers on the market.
There are no application or setup fees. You can also settle the loan early at no extra cost.
Their user-friendly website makes applying for a loan very simple. The homepage intuitively includes all the information one would need when applying for the loan. Meaning unlike several of the other lenders, you don’t have to trawl through pages of content to find what you’re looking for.
Buddy Loans are arguably the fastest growing lender in the market right now.
Their easy-to-navigate website and high-end customer service has made them the choice of thousands of borrowers over the last few years.
Their maximum loan amount and rates may be the only two things that would put borrowers off. Especially with so many lenders now offering £10,000+ at rates of under 40% APR.
It has been interesting to witness Buddy Loans’ growth since their launch. We’re excited to see whether they continue to grow at such a rate and start asserting themselves as a genuine competitor for the number one spot in the guarantor loan market.
Buddy Loans Website
Mon - Thurs: 9:00 to 19:30
Fri: 9:00 to 17:30
Sat: 9:00 to 12:00
61 – 63 Riverside Road
WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP GO TO MONEYADVICESERVICE.ORG.UK
Guarantor Loans Representative Example: Borrow £4,000 over 36 months. Monthly repayment of £194.78. Total repayable is £7012.08. Interest payable is £3012.08. Fixed APR of 47.9%. Interest rate of 41%.
Personal Loans Representative Example: Borrow £300 over 6 months. Monthly repayment of £79.72. Total repayable is £478.32. Interest payable is £178.32. Fixed APR of 446.9%. Interest rate of 118.9%.
Talk Loans is a Broker, not a Lender. To operate this service we receive commissions from the lender we refer you to.
Talk Loans is a trading style of Butler Westbury Limited Registered in England No 9035270.
Authorised and regulated by the Financial Conduct Authority Reference No. 625156.
Registered with the Information Commissioner’s Office ZA090336.
Registered office address: 3 Cricket Close, Drayton, Norwich, Norfolk, NR8 6YA