George Banco is a direct lender offering personal loans and guarantor loans in the UK. Based in Somerset, they are proud to offer a fast application process and an immediate payout for successful applications.
Customers can borrow between £1,000 and £7,500 and repay in equal monthly instalments over 12 to 60 months. The personal loans available have a representative APR of 29.9% and the guarantor loans are offered at a representative APR of 49.7%.
George Banco’s website states that there are no upfront fees for applying and once the applicant has filled in their details, they can receive an instant decision with no impact to their credit score. As a credit broker, we are able to provide information about George Banco and applicants can apply here to be taken directly to their website and begin the process. We may receive an introductory fee for referring you to the lender.
Borrowing £3,500 over 36 months, repaying £170.56 per month, total repayable amount (including admins fees and interest) £6140.16. Interest rate 31.9% (fixed). Representative 49.7% APR (fixed)
What is the criteria for borrowers for George Banco?
For borrowers to be eligible, they must over 18 years of age, living in the UK, no IVA or bankruptcy and employed with a regular income.
Whilst lenders like George Banco are used to working with customers with less than perfect credit scores, they do not accept those with a history of CCJs or Individual Voluntary Arrangements.
Applicants are also required to have a working mobile phone and email address so that they can verify their identity and be contacted in the future. Customers should also have a debit account, as this is where collections will be made on their scheduled repayment dates.
What is the criteria for guarantors for George Banco?
Guarantors are required to be 25 years or over to reflect the increased responsibility of being a guarantor and also because being slightly older, they are likely to have more credit and financial history that can be assessed.
The guarantor should be a UK resident and not living in the country temporarily or with plans to leave. They are expected to have a good credit rating and a history of paying other loans and credit in the past with a minimum record of default. If a guarantor has a good credit file, the lender feels confident that they will be able to repay the loan if the main borrower cannot. Therefore, any guarantors with a history of IVA, CCJ or bankruptcy are unlikely to be accepted.
George Banco request guarantors to be earning a minimum income of £1,000 per month either through their employment or pension, and they will need disposable income in case they have to settle a repayment on the borrower’s behalf.
The guarantor is typically a spouse, sibling, parent or close friend – someone who you see regularly and can discuss your financial situation with. We appreciate that the first guarantor you pick might not be a perfect match, which is why George Banco allows you to pick another guarantor after. You are able to keep finding a suitable guarantor for up to 45 days until your application expires and you have to reapply.
For more information, visit our guide on who could be my guarantor.
How does the application work?
The application is submitted completely online and can be accessed by desktop, mobile and tablet. The form takes just a few minutes to complete and requires you to fill in information about yourself, your contact details, the reason for your loan and how much you wish to borrow.
You will receive an instant decision and if provisionally accepted, a verification code will be sent to your mobile phone which you will use to electronically sign your loan agreement.
There are two main agreements: the loan pre contract and fixed loan sum agreement. The loan pre-contract contains the risks and terms and conditions of your transaction whereas the fixed loan sum agreement outlines the terms of your loan.
Using Worldpay, the debit cards belonging to you and your guarantor will be verified by checking that there is 10p in your account. The lender will simply take 10p from your accounts and put it back and this simply mirrors the funding and collection process. So provided this works as planned and you have passed any further credit and affordability checks, your loan can be funded immediately.
Funds are sent to the guarantor’s debit account
If your application is successful, the funds will be transferred to your guarantor’s debit account first. This is a final security check to confirm that there is definitely a guarantor involved and all being well, they will transfer the monies to the borrower in one lump sum or instalments if they wish.