What sorts of loans are available from George Banco?
The George Banco Personal Loan is arranged in the name of the applicant who is liable for repaying the amount borrowed plus interest on a monthly basis.
The George Banco Guarantor Loan is also taken out in the name of the applicant who is responsible for repaying the liability. However, a guarantee is provided by a friend or relative who could potentially be held responsible for meeting the repayments if the borrower was unable to afford to do so.
It is worth noting that the interest rate is lower with the later type of loan as the risk to the lender is not as great. This means that the monthly repayments will be lower with the guarantor loan.
What criteria must the applicant fulfil?
In order to apply, the applicant must be at least 18 years of age, live in the UK, have a UK bank account with a debit card and be able to afford the monthly loan repayments from their income. Applicants are credit checked but may be considered even with an adverse credit history although they cannot apply if they have an IVA or are bankrupt.
What criteria must the guarantor fulfil?
In order to provide a guarantee, the person concerned must live in the UK, be at least 25 years of age, be in receipt of a net monthly income of a minimum of £1,000, have a UK bank account with a debit card, be capable of meeting the loan repayments if called upon to do so and have a good credit history. A friend or relative may act as guarantor.
How do you apply for a George Banco loan?
The application process is done online meaning that you can apply 24/7. This makes it extremely convenient as well as being simple and quick.
What is the purpose of these loans?
You can borrow funds for almost anything as long as it is legal! For instance, you may wish to repay a credit card debt, buy a car, carry out some home improvements or pay for a holiday.
If you have a credit rating that is less than satisfactory, then you may wish to consider one of the George Banco Loans that can be used for many different things. And by agreeing to get someone to provide a guarantee, they have the added benefit of reducing the interest rate and your monthly repayments.
Perhaps you might like to visit our TrustTwo Guarantor Loans Review Page instead?