Buddy Loans Review

If your guarantor buddy thinks you’re qualified for a loan, then you’re qualified to borrow money from Buddy Loan!

Buddy Loans are regulated and approved by the Financial Conduct Authority as professional lenders. They provide the finest financing options for those with bad credit or poor credit history and money problems. Buddy Loans offers guarantor loans depending on your ability to pay back the debt.

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Learn more about the other loan types they offer, your guarantors account, and some loan application details in this Buddy Loans Review.

Buddy Loans Overview

Buddy Loans was founded in 2013 as a new lending business specializing in credit guarantor loans for the UK market. With time, the firm expanded its offerings and currently provides loans up to £10,000. They have plans to accept non-homeowners as guarantors as well.

It’s now well-established, and borrowers have given it high marks. Buddy Loans now lend to persons with a bad credit history and money problems, aren’t homeless and have a solid reputation among well-known and capable firms outside of England.

You may take out a loan for anything from £1,000 to £10,000 for a period of 12 to 60 months. They are short-term loans that you can pay off fast, so you aren’t locked into long-term debt.

Their fixed interest rate is 41.6%, and you can determine your representative or guarantor. It is advantageous to people who have poor or no credit. They examine each application individually, so you won’t have to worry about insufficient credit scores. You may have someone vouch for your capacity to repay the loan using their guarantor loans, and you can acquire one quickly.

The Financial Conduct Authority regulates and authorizes them, ensuring that the loan you get is lawful and secure. It is a customized loan for you with a payback schedule that is more convenient for you and is flexible towards early settlements.

Buddy Loans recognizes that today’s economy is troubled and that sometimes you simply need a little help to get by with extra money. Buddy Loans hopes to assist you with their short-term guarantor loans by letting you borrow money on the same day of your application approval as long as you and your guarantor can pay on a monthly basis.

Services Offered By Buddy Loans

Buddy Loans offer the following guarantor loan services:

  • Bad Credit Loans
  • Car Loans
  • Debt Consolidation Loans
  • Business Loans
  • Wedding Loans

A guarantor is someone who can vouch for or certify that you will be able to repay your personal loans if it is granted to you. If you cannot repay the loan, they will be happy to do so on your behalf. The consumer selects this persona, frequently a family member but can also be a close friend, relative, or coworker.

Your guarantor must be 23 to 75 years old, has a home in the UK, has a good credit score, has a minimum income of £800, and has a UK bank account.

It is preferable to discuss your Buddy Loans guarantor loan application with your guarantor to know the specifics and what they support you with. You don’t have to go into great depth about your financial situation, but they should be aware of what’s going on. They shouldn’t be completely in the dark, but knowing what’s going on will put them in a better position to assist you.

Does a guarantor loan require a credit check? Yes. Your guarantor will be investigated in the same way you are to ensure that they are financially capable of supporting you. This includes credit checks, employment details, and background checks. They may be obligated to make a payment (including late repayment) if you cannot do so.

They will be notified of any missing or late repayments and attempt to reach an agreement, but if this is not possible, the guarantor will be held liable for making the payment and bringing the account up to date. The first call will be in favour of the guarantor. They will seek assistance in contacting the consumer, and if they can get back on track with their payments within the given time period, there will be no further issues.

Your guarantor should supply the same information to the underwriting team and be open and honest about their application. Repayments are done through direct debit but note that if you fail your monthly payment under any personal circumstances, your credit score will be affected, as will your guarantor’s credit score.

Buddy Loans Contact Details

With company/firm reference number 718849, Advancis Ltd credit broker (not a lender) business as Buddy Loans is authorised and regulated by the Financial Conduct Authority. The following are details on how you can contact Buddy Loans and their official address:

  • Registered Company Number: 08089541 (This is registered with the Information Commissioner’s Office Z3239423)
  • Registered Address: Alexandra Court, Carrs Road, Cheadle, Cheshire, SK8 2JY, United Kingdom
  • Registered Address Contact Numbers: 0800 802 1061/0161 850 4141

Their office hours are:

  • Mondays to Thursdays – 9:00 AM to 5:00 PM
  • Fridays – 9:00 AM to 4:00 PM
  • Saturdays – 9:00AM to 1:00PM
  • Bank Holidays – Closed

Alternatively, you can contact them through their Buddy Loans website, Facebook, and Twitter accounts. They also have a FeedBurner account where they update their FAQs list.

Buddy Loans Reviews

Here are some reviews posted by Buddy Loans customers:

When Buddy Loans approved my guarantor loan online application I don’t know who was more relieved me or my mum who was acting as the guarantor. She’d been worrying that she might not be considered suitable because she had had some financial difficulties herself over recent years. But on paper she fulfilled all the required criteria that Buddy Loans were asking of her and to be honest I was far more worried about my own credentials. The most important thing I had in my favour was my well paid job and the fact that I had managed to pay off most of my debts. My credit score was slowly improving and I think Buddy Loans took all these factors into consideration before saying yes to this loan. We’d both been worrying for nothing but I’ve got my loan now and mum is as happy as I am now. Thank you Buddy Loans. –Hannah Crofton, Belvedere

I knew I would have trouble trying to get a loan by the usual means, most of the high street lenders had already refused me a loan. But luckily I didn’t have to go down the bad credit loan route because my brother has very kindly offered to act as a guarantor and because of that I have been able to get this fairly decent loan from Buddy Loans. The interest is a lot more than I’d be paying on a regular loan but it is a lot less than I would be paying with a bad credit loan so I am more than happy with what Buddy Loans have arranged for me. I may not be needing another loan for a while and I am hoping to get my credit rating up so that I will be able to get a regular loan in the future but for the present I will be making the best of this loan from Buddy Loans and would definitely recommend them to anyone looking for a decent guarantor loan. –T. Monckton, Stevenage

My parents are helping me buy a new car by acting as guarantors for this loan with Buddy Loans. I had trouble trying to get a regular loan from my bank and the car finance deals the dealerships were offering were not ideal. My dad suggested the guarantor loan and helped me choose Buddy Loans. The rates Buddy are charging for the 7K loan I needed were not too bad at all and the monthly repayments won’t be a problem for me. I don’t expect dad to have to step in and make the repayments for me because this loan is more than affordable for me. He is insisting on coming with me to choose my new car though so I hope he doesn’t do his usual by insisting on looking under the bonnet even though he knows absolutely nothing about car engines! –Kris A., Telford

Summary

Buddy Loans has excellent client evaluations and is highly rated on several renowned websites. They have a wonderful deal with a minimum representative APR of 49.8% and a maximum of 49.9%, significantly better than its competitors.

They also provide great customer service and can be reached at any time for questions or assistance. They are more inclined to assist you since they are friendly. You won’t have to deal with any paperwork or travel to their office to get anything approved because the entire process is done online and can be completed from the comfort of your own home.

They offer instant access to the loan and extended payback plans of up to 60 months, allowing you to quickly organize your budget and return the loan. There are no application fees, and there are no fees for fast payout or if you settle your loan early.

They also provide a lot of flexibility in terms of your loan, allowing you to choose the date on which you want to repay the loan and, if you aren’t happy with it, you can amend it whenever you want to make it more acceptable to your needs.

In conclusion to this Buddy Loans Review, Buddy Loans are the ideal alternative for someone who has low credit or no credit history and cannot obtain a loan from a typical bank. In most instances, applications and payments are made within the same day with the same day pay-outs.

They are outshining the competition with their low-interest rates and simple payment plan. Their guarantor loans make it simple to obtain loans, and you won’t have to worry about minor details because everything is clearly stated and not intended to confuse customers.

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