George Banco is the second largest loan lender in the United Kingdom. It was established by Marc Howells, a veteran in the consumer lending business. Their strength lies in being a customer-oriented lending company with a flair for satisfying the needs of their customers. Their loan amount is usually between £1,000 and £7500 with repayment spanning between 12 and 60 months.
George Banco Loan Types
George Banco offers two types of loans which are:
- Personal loans: This loan can be any amount from £1,000 to £5,000 at an APR of 61.8%. The repayment period is between a year and five years.
- Guarantor loans: Guarantor loan is between £1,000 and £7,500 with an APR of 49.7%. Guarantor loans share the same repayment time with Personal loans.
These loan options are available for customers to consider what suits their needs. This is quite different from having a loan type regardless of your financial needs.
Your eligibility for the loan is determined by your ability to meet the basic requirements set by the company. These are:
- The prospective borrower must be more than 18 years old.
- He must have a good credit history with no current bankruptcy claim or IVAs.
- He must be a UK resident.
- Monthly income for the guarantor must not be less than £1,000, either from pension or employment. This gives the company the assurance that you can repay the loan.
- A UK bank account is a must have.
- If you want to take a Guarantor loan, the credit history of the guarantor must be examined to determine his ability to make the repayment if you fail to meet up with the payment for whatever reason.
- While the company accepts poor credit, you must be free from bankruptcy and IVA.
What they offer
Fast payment: There is no delay in payment as you are guaranteed of payment within 24 hours.
Customer oriented: The Company is out to ease the financial burden of its customers. Therefore, all the policies of the company are designed to give any customer a relief.
Bad credit is no issue: This is good news for people with bad credit and who are in need of financial assistance. While most lending companies frown at people with less than perfect credit history, George Banco welcomes these people and lends them loans if they are eligible.
Extra charges: George Banco charges some fees which include £100 arrangement fee. They don’t charge customers for early repayment.
The application process is very simple and fast. After filling an online form indicating your desire to take a loan, the management will go through your application and decide on it. The decision is prompt and you will be notified of the loan agreements shortly after that. A copy of the agreement will be forwarded to your guarantor too. Upon the approval of your application, the money will be transferred to the account of your guarantor in less than 48 hours.