Giffgaff (translates as mutual giving) is the UK’s most well known mobile virtual network operator (MVNO). They use the O2 network that makes sense since they are each owned by Spain’s Telefonica. This company was formed in late 2009 and they head a range of products today through www.giffgaff.com. For their core business, they send out a free SIM card. You add this to your unlocked phone and then purchase pay as you go bundle packs (aka goodybags). Their starter pack at £10 provides 1 GB of data, 500 call minutes and unlimited texts. 4G is always added for those with compatible devices. Their community is an integral part of the brand.

Members get involved in the forums and have a say on the business and its future. No official tallies are disclosed, but a few years back they had notched up more than 1 million subscribers. You can purchase the latest phones on www.giffgaff.com that makes sense. It was more of a surprise to see the introduction of Giffgaff loans that have been advertised quite extensively online recently. Their licence number is 660451. They have partnered up here with RateSetter whose peer-to-peer lending service was launched in 2010. Borrowers can access between £500 and £25,000 between 6 and 60 months. Business lending is also available and the amounts go much higher for those that can secure the agreement.

The headed Giffgaff loan rates ranged between 11.9% and 24.9% APR. It is difficult to pick out specific rates since RateSetter doesn’t disclose them before you have made an application. They do however currently promote a loan at 7.3% that is much lower than the rate listed through this partner. You must login to apply, but you’ll need to have a good credit score and be aged at 21+ to qualify. With a community surpassing 1 million you can imagine this company sending plenty of leads. The chances are of course that their young tech savvy crowd would be more interested in joining as an investor whereby a return of 5.9% can be made.