CFO Loans was a specialised guarantor loan product available through www.cfoloans.co.uk. This domain was created back in 2010, but the launch of this particular service came recently in 2014 and they wouldn’t end up making it to 2015. There is still to this day a fair amount of people searching for this brand through Google. It would be likely that a portion of those searching would be referring to CFO Lending. This is the name of the owner and they also traded through this identity, as well as Payday First. Whilst those were matched monthly payday offerings, this discussed option was a large guarantor loan between £500 and £5000.

The repayment spread was 12 to 60 months and the ability was there to clear the balance early. The price per £1000 over a full year was headed at £236.70. There may have also been a £15 transfer fee (as was required with their monthly firms). Whether this was the case or not, there are lenders in this niche charging below the £230 mark and this is with tenant backings. Guarantors here had to be homeowners with a positive score. The age also started quite high between 23 and 70 years old. There was no login provided at www.cfoloans.co.uk, but they never offered such facilities through their other companies.

They had purchased SSL, but they hadn’t got around to setting this up when we previously checked. CFO Loans were processed between Monday and Saturday from 8am until 7pm. They usually finished much earlier on Saturdays through their other sites and so it was a surprise to see such a late finish. The entire process here was completed online and they claimed to even make same day turnarounds. The reason behind the payday companies closing down was due to them not being able to cope with the FCA capping from 2015 onwards. This guarantor product may have been fine to continue, but the owner took the decision to cease all trading activity.