Buddy Loans

Buddy Loans were a guarantor loan provider that entered into administration in September 2021. They provided loans of between £1,000 and £10,000, to be repaid over one to five years at a fixed monthly rate. Their Representative APR varied slightly, depending on your individual circumstances and the loan amount you applied for.

Guarantor loans are typically aimed at those who have previously had difficulties with credit, and may have a low credit score as a result. The idea is that you include a guarantor on your application, who agrees to make repayments should you be unable to for whatever reason. Your guarantor will generally need to have a fairly good credit rating, and earn at least £1,000 per month.

With lenders like Buddy Loans, even those with bad credit are considered. Keeping up with the due repayments can actually help boost your credit score, as you’ll be demonstrating that you can manage your money responsibly.

Last Updated: November 2021

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