TFS Loans Review | www.tfsloans.co.uk
Address: Brook House, 26 Brook Road, Rayleigh, Essex, SS6 7XJ.
Branding: TFS Loans. Also known as: The Finance Store.
FCA Licence: 633979.
From: TFS Loans Ltd (part of The Finance Store Ltd).
Available: Monday to Thursday (9am/7pm), Friday (9am/5pm).
Bad credit considered: Yes.
Manage: No TFS Loans login at www.tfsloans.co.uk.
Offers: Guarantor loans.
Pricing: £475.04/£1000 (24 months).
Sums: £1000 to £12,000 (new) | £12,000 max (returning).
Terms: 24 to 84 months.
Notes: The large sum span does include restrictions. If you for instance went for the top amount (£12k) then you must select from 48 months onwards. The application must be supported by a UK homeowner aged between 18 and 75 with a positive score. The representative APR is 44.9%, but the cost shown is in the late 40s.
– Amounts: The main USP of this service is that giant £12,000 loan sum available to all customers. Funding at this level would suit those looking to consolidate debts or to purchase a newer car.
– Efficiency: There was a time when this process took several days, but it is now paperless and a payout could be received within 24 hours assuming that all details are presented at application. A limitation in this process is the lack of an account servicing facility.
– Eligibility: This lender has always been known to be consider most applicants so long as they can meet the repayments. CCJs, defaults etc are accepted as well as those receiving benefits. They are also happy to take on self-employed applicants. The required age of the guarantors is low, but they do need to be a homeowner.
– Experience: The Finance Store was the earliest competitor to Amigo. The formation year of 2003 shows how experienced they are. It would however be some years before they would launch a guarantor specialised product. Back in those early days they were a popular choice amongst many loan brokers.
– Terms: This is the only company in this field to offer repayment plans as high as 7 years. It would be ideal to see a 12 month option added, but you can settle early anyway.
– Guarantors were previously accepted between 18 and 80.
– Loan amounts previously ranged between £2000 and £10,000 and so there has been a big improvement on this span.
– Pricing for £2000 over 24 months was £878.80. This would split as £439.40 per £1000 that was a little lower than the current cost.
– Terms also stopped at 5 years.