The TFS Group (TFS Loans) was established in 2003. They initially offered personal loans to those who were unable to access finance via their bank or high-street lender. It wasn’t until some 6 years later that they launched their guarantor loan product.
Since then we’ve seen TFS Loans grow significantly. Guarantor loans are now their primary product at forefront of everything they do.
As is the case with several other lenders in the market, TFS came into the guarantor loan market offering a maximum of £5,000. Since then, this has increased dramatically.
With TFS you can borrow between £1,000 and £15,000, repayable over a term of 1 to 5 years, depending on the amount you borrow.
This is the largest guarantor loan available today, with only Suco and eMoneyUnion matching the £15,000 maximum loan amount.
TFS advertise rates from 29.9% to 69.9%. The interest rates you get will depend on the amount you’ve applied for. Only those applying for more than £10,000 will get access to the best rates. Whereas those applying for less than £2,000 will receive higher rates.
Their representative APR is 48.9%, which puts them on a similar playing field as Guarantor My Loan, Amigo Loans and Bamboo.
TFS Loans lead with one single product proposition which is their regular guarantor loan, where the guarantor must be a homeowner. TFS do not offer a tenant guarantor loan product.
Over the last 7 years, TFS have built an enviable presence in the guarantor loan market.
Despite their lack of online presence, TFS Loans still sit alongside UK Credit, Buddy Loans and Trust Two in the fight for the number 2 spot behind Amigo Loans.
TFS are absent on Trustpilot, and instead appear to use Feefo as their primary online review centre. They boast an impressive 4.6/5 stars based on 125 reviews.
They are largely praised for their impressive customer service and efficient process. Any negative comments are typically in relation to their rates.
Much like Amigo Loans, TFS emphasise that their lending decision is based upon trust between the applicant and guarantor, rather than electronic credit scores.
As an applicant, you can have a poor credit history or no credit. You must have a regular source of income either via employment, self-employment, benefits or a pension. TFS make it clear that the providing you can afford the loan, credit history is unimportant.
Anyone can be a guarantor providing they trust you to repay the loan. They simply need to be a UK homeowner between the age of 18 and 78 and be in receipt of a regular source of income.
There is little mention of it on the website, however we assume that the guarantor must have a good credit history.
TFS Loans advertise a simple 3 step process.
The applicant fills in and submits a 5-minute online application form. TFS will then get in-contact with the guarantor and talk them through their side of the application process. If approved, the funds will be transferred into the guarantor’s bank account.
As is the industry standard these days, TFS Loans can complete the loans within 24 hours of the initial application.
There are also no setup fees when applying with TFS Loans. They also allow you to repay the loan early should your circumstances change.
TFS Loans aim to make the application process as straight-forward as possible, and this reflects in the positive customer feedback that they receive.
Their website does however lack information on applicant and guarantor criteria. There is no mention of policies regarding their applicant age restrictions, benefits accepted or their position on IVA or bankruptcy.
TFS are however one of the most established lenders in the market – something which is important to consider in today’s growing guarantor loan market.
TFS 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%.
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