Buddy Loans Review | www.buddyloans.com
Address: Alexandra Court, Carrs Road, Cheadle, SK8 2JY.
Branding: Buddy Loans. Also known as: BuddyLoans.
FCA Licence: 651272.
From: Advancis Ltd.
Related: No companies.
Available: Monday to Thursday (9am/7.30pm), Friday (9am/4.30pm).
Bad credit considered: Yes.
Manage: No Buddy Loans login at www.buddyloans.com.
Offers: Guarantor loans.
Pricing: £237.36/£1000 (12) | £484.34/£1000 (24).
Sums: £1000 to £7500 (new) | £7500 max (returning).
Terms: 12 to 60 months.
Notes: If you accessed £1000 then you could only extend across 36 months. Homeowner guarantors are required here. They must have a decent credit score, be aged between 18 and 75 and not be financially linked to the borrower. The current headed interest rate is 49.9% APR. We can’t confirm the launch, but this appears to have taken place in the initial month of 2014.
– Amounts: You can receive a sizeable £7500 sum that is much higher than the market average.
– Efficiency: This is another lender that promises potential funding within just 24 hours. This assumes that both parties can be contacted by phone soon after the application has been received. You can settle at any early point, but it is not clear how the saving would be calculated if you did this (daily, monthly etc).
– Eligibility: As well as focussing on speed this lender hopes to attract those turned down elsewhere. Their promotional headlines target poor credit scores and they state that CCJs are fine with them. You just need to demonstrate affordability for their service.
– Growth: They are currently the top ranked guarantor lender in Google search. This is some achievement when you consider that they only launched back in 2014.
– Account logins have been removed from the website.
– Age for guarantors was 23 to 75 and so we have seen an improved starting age of just 18.
– Amounts previously started from £500 and so there has been an increase here.
– Operations have been updated. They confusingly used to note a cut-off point of 8pm between Monday and Thursday whilst on another page they noted 5.30pm. They now simply list 7.30pm. The Friday times have always been the same.
– Pricing has seen a significant drop. £1000 over a full year did cost £318.50 at 54.4%.