Guarantor loans direct is the direct lending arm of GBP Loans Limited and was launched in December 2010. Simply put, we felt there was a gap in the market for a responsible lender in this sector of the unsecured loans market.
We did not want to fuel the “pre-approved” fee charging broker market, which for years has been preying on unsuspecting borrowers by setting false expectations of being approved for guarantor loans, only to find their bank accounts debited by anything from £50 to £100 with no loan to show for it. In reality there was never any prospect of them being offered a guarantor loan.
Broker fees for guarantor loans are fine if (and only if) they are fully disclosed within your credit agreement and paid when the loan is paid out or completes.
So to avoid any prospect of further rip-offs Guarantor Loans Direct do not accept applications from any fee charging institutions whatsoever – only from direct applicants. In our opinion, this is the only way to ensure protection for everyone as it breaks the food chain for the fee chargers. Amazingly, this is still unique in the UK. Sure, there are direct lenders out there but they accept introductions from brokers as well. Guarantor Loans Direct is the only guarantor lender not to do this.
Wherever possible, we try to make the process of applying for guarantor loans as simple as possible. From our website you can fill out a few personal details and using your PIN, which we email to you, decide how much you would like to borrow and for how long and then download your personalised loan documents within seconds.
We strongly believe that you should not have to fill out “war and peace” just to get to the point of being able to view your guarantor loans agreement. We like to put you in control so that you can decide at an early stage, by reviewing your loan agreement (even on your computer screen) if you would like to take things further before divulging more personal information. It takes just 60 seconds to be able to view your personalised documentation on our fully automated guarantor loans website, which you can then download everything in under 3 seconds! And it’s all free to use. We will never charge fees of any kind for applying for one of our guarantor loans.
So why else are our guarantor loans different?
We don’t just rely on the guarantor’s credit worthiness. We believe that the guarantor is there as a final resort and to de-risk the process so that credit can become more widely available and more affordable. We make sure the applicant can comfortably afford the repayments. We are also the cheapest (fee-free) lender of guarantor loans.
We are as transparent as we can be about how we underwrite your guarantor loan right from the outset on our website so we don’t waste your time. We tell you age limits, income requirements and that we prefer you to be on the Electoral roll and in full-time employment. Every case is treated individually and judged on its own merits and there are definitely no computerised or automated decisions on guarantor loans from guarantor loans direct.
By the way – if you are a victim and have paid a fee without receiving a guarantor loan within 6 months, you are entitled to a full refund less £5. No loan, no fee – no excuses. Put your complaint in writing and make sure you send a copy to the OFT.