Trusttwo is a trading style of Everyday Lending Limited who also trade as the Everyday Loans – a well-known personal loans provider.
Whilst Everyday Lending Limited were incorporated in 2005, it wasn’t until 2014 that TrustTwo burst onto the guarantor loan market.
TrustTwo’s Product Range
Much like Buddy Loans, Trusttwo lead with a single product proposition.
With Trusttwo you can borrow between £1,000 and £7,500 over a term of 1 to 5 years.
Their representative APR is 43.8% which makes them one of the cheapest in the market.
It should be mentioned that the rate you get will be dependent on the amount borrowed. The best rates will be reserved for those applying for more than £3,000. Applying for less than £3,000 will result in rates of 49.9%.
TrustTwo’s Market Prominence
Despite only launching a few years ago, Trusttwo have built a significant market presence.
One of the main reasons for this will be their TV advertisements in late 2014 and early 2015. At this point, the only other lender advertising on TV was Amigo Loans. Since then we’ve also seen ads from 1plus1 and Glo.
This very quickly catapulted them into the eye of the customer and indeed their competitors.
Much like TFS Loans, Trusttwo have opted to use Feefo as their primary review centre over Trustpilot. Over the last two years they’ve generated almost 500 reviews averaging 4.7 out of 5.
Many of the positive reviews refer to the high-level of customer service offered by Trusttwo. There are also several references to the speed of service.
Despite their rapid growth, Trusttwo have yet to build the reputation of the likes of Buddy Loans, UK Credit, TFS and of course, Amigo Loans.
As an applicant, you must be over 18 years old, a permanent UK resident and earn sufficient income to afford the monthly repayments. Like UK Credit, Trusttwo are unable to accept applicants who have been declared bankrupt, in an IVA or in a debt management plan.
Almost anyone can act as a guarantor with Trusttwo, providing they are not financially linked to you, such as a wife/husband or partner sharing a bank account. They must be aged 25 – 74 and have a good credit history.
Trusttwo can accept both homeowner and tenant guarantors. They do however state that if the guarantor is a homeowner, this will improve the likelihood of approval.
If you are applying with a homeowner guarantor, the maximum loan amount available is £7,500. If your guarantor is a tenant, then you can only apply for £5,000.
The TrustTwo Process
As is the standard nowadays, most the application process is completed online.
Trusttwo require the applicant to complete a brief online application form, providing details about themselves including name, address and date of birth and e-signing the agreement. Applicants can then create a password which allows them to log in at any time and revisit the application.
If the applicant passes the initial criteria checks, they will then need to provide a guarantor. The guarantor will then need to login online, complete their side of the applicant and e-sign the agreement.
Trusttwo will then complete affordability checks on both the applicant and guarantor. They will follow these up with a phone call and if approved, finalise the application.
Much like many of the other lenders in the market today, Trusttwo pay the loan into the guarantor’s bank account as a final security check.
Trusttwo do not explicitly mention how long the process will take end-to-end.
Trusttwo have grown significantly since their launch in 2014.
They’re reviews are extremely positive and often speak highly of their quick and efficient service. There may however be a few factors limiting their growth in the market.
Firstly, most guarantor lenders can accept partners as guarantors – Trusttwo cannot. This may put them at a disadvantage and limit their customer acquisition.
Their maximum loan amount may also be a limiting factor with so many lenders now offering £10,000 and even £15,000 guarantor loans.
Their rates may however make them a more attractive proposition to those who are more conscious of the total repayment amount.
Finding out information about the criteria and process on Trusttwo’s website can be an arduous task. This may be enough to put some customers off, especially with the likes of Buddy Loans making everything as straight-forward as they do.
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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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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