GLO Review | www.glo.co.uk
Address: 1 Godwin Street, Bradford, BD1 2SU.
Branding: GLO. AKA: Guarantor Loan Option.
FCA Licence: 002529.
From: Provident Financial Plc.
Launched: 2014 (2013 as Tandem Loans).
Related: Moneybarn, Provident, Satsuma Loans, Vanquis.
Bad Credit GLO Loans Available?: Yes.
Manage: GLO login provided via www.glo.co.uk.
Offers: Guarantor loans.
Opening Hours: Monday to Thursday (9am/8pm), Friday (9am/7pm), Saturday (9am/5pm).
Sums: £1000 to £7000 (new and returning).
Terms: 12 to 60 months.
£233.48 /£1000 (12).
£480.32 /£1000 (24).
Notes: If you opt for £1000 you can select a maximum 36 month repayment. Guarantors can be tenants as well as homeowners and this has no effect on price. The age requirement is 18 to 70. This can be a friend or relative with a good score. This can’t be someone that shares bills. The displayed cost has a rate of 48.9% APR. Whilst user logins are provided this appears to extend to completing applications only. Within their FAQ it states that you will have to ring them to for instance check your balance.
– Amounts: The range of £1000 to £7000 is one of the largest sum brackets in the sector. These amounts are high to acknowledge expensive purchases such as cars and holidays.
– Efficiency: It is possible to receive a GLO loan within 24 hours. This is much more impressive when you factor in that they trade 7/7 days and so applications should be processed quickly. Settling early can be done (by phone) and they will only charge daily interest up to the point of the clearance.
– Eligibility: Their owner has always been known to target high risk customers and this is very much the case here. CCJs, defaults etc should be fine so long as the repayments can be met with ease and the right support is there through the backing. On the topic of guarantors, it is impressive that they accept backers at the age of 18 and there is no need for them to own a property.
– Operations: This was the only guarantor lender open on Sundays, but they have now scrapped 7/7. They do at least stay open on Saturdays for 8 hours.
– Ownership: Provident Financial Plc is the original subprime specialist. Their roots can be traced back to the year 1880. They have no experience in this niche, but they have proven their worth in the subprime credit card and doorstep sectors. Satsuma has also been growing quickly as a payday loan alternative. Their owner has the capability to run mainstream ad campaigns that should enable them to compete with Amigo and other major players. However, to date they have struggled to gather much momentum with just 4000 customers.
– Creation of this new brand took place in late 2014. They had started out as Tandem in summer 2013 (around the time that Satsuma was launched).
– Operations are now extensive (7/7) that has been a big change on the older times at Tandem. Back then this was Monday to Friday (9am to 7pm) and Saturday (9am to 1pm).
– Pricing at the original company was £318.74 and so the new cost of £233.48 has took on a massive reduction.
– Sunday has been removed and Friday has been cut back an hour. They previously operated from Monday to Friday (9am/8pm), Saturday (9am/5pm) and Sunday (10.30am/5pm).