TrustTwo Review | www.trusttwo.co.uk
Address: Secure Trust House, Boston Drive, Bourne End, SL8 5YS.
Branding: TrustTwo. AKA: Trust Two.
FCA Licence: 588546.
From: Everyday Lending Ltd (part of Arbuthnot Banking Group Plc).
Launched: 2014 (unknown as Duo).
Related: Everyday Loans, Moneyway.
Available: Monday to Friday (9am/6pm), Saturday (9am/12pm).
Bad Credit Considered: Yes.
Manage: TrustTwo login provided via www.trusttwo.co.uk.
Offers: Guarantor loans.
Sums: £1000 to £5000/£7500 (new) | £7500 max (returning).
Terms: 13 to 60 months.
£484.16 /£1000 (24)
Notes: No 12 month term available unless you repaid early. The interest for the above example is 49.9% APR. There are some minor term restrictions. For instance, only amounts of £3500 or below can receive a 13 month repayment. The guarantor requirement age sits between 25 and 74 and so they start higher than most. This backer can’t be a partner. Tenants can stand in, but they would need to have a top profile score. In this scenario, a £5000 limit would be enforced with the max amount requiring homeowner backers. This rebrand took place in late 2014. We are unaware of when Duo was launched as it was available on Everyday’s website as a side option. Little info is presented on circumstances accepted (CCJs, defaults etc). Rate is 39.9% APR.
– Amounts: As well as the competitive pricing one of the standout features is the high sum at £7500 that can be received by those who use homeowners to support the application. Most lenders in this sector tend to stop at £5000.
– Operations: They are active for just 3 hours on Saturdays, but it should at least be possible to get the wheels in motion when getting the application in early.
– Ownership: Secure Trust Bank Plc is a prominent financial group formed in 1954. This particular company will benefit the most from the experience and skills developed through Everyday Loans. They are the UK’s only subprime personal loan lender with a store presence (with close to 30 outlets). Secure’s owner is Arbuthnot Banking Group Plc.
– Duo was served alongside the main Everyday product on the same domain. It was important in our view for them to differentiate these 2 products. Duo itself was pitched at the same price as TrustTwo with the only difference (other than the name) being that they previously offered a smaller maximum sum of £5000.
– New domain was registered in July 2014 and there was a late update in November that looks to have been when the full launch went ahead.
– The pricing has been hiked up. The TrustTwo loans were the cheapest in the guarantor space at 39.9% APR, but this has now been increased to 49.9%. This turned their 2 year cost of £391.76 into £484.16. More recently, UK Credit have lowered their price down to 39.9% for homeowner backings and so they are now the cheapest solution.