Representative Example
Credit £3,250 for 36 months
Interest (fixed at 41.16%): £2,464.57.
Total amount payable of £5,714.67.
Representative 49.9% APR.
36 repayments of: £158.57.
Representative Example
Credit £3,250 for 36 months
Interest (fixed at 41.16%): £2,464.57.
Total amount payable of £5,714.67.
Representative 49.9% APR.
36 repayments of: £158.57.
High street lenders are making it even harder to get finance - especially if your credit file isn't quite up to scratch.
We want to help - whether you've missed a few payments in the past or have no credit history at all.
With Buddy Loans, you could borrow up to £10,000 - even with bad credit. And you can spend the money on (almost) anything you like!
We understand that life can sometimes get in the way of finances. And keeping a perfect credit score can be easier said than done.
That's why Buddy Loans doesn't focus solely on your credit score. We focus on whether you can repay the loan, and whether you have a suitable guarantor.
For us, it's about friends helping friends. Lending the old fashioned way - the way it should be.
Find a guarantor
Complete our simple application
Approved? Start spending!
If you have a good buddy by your side, you could be eligible for a Buddy Loan. Your guarantor can be a friend, family member, or a work colleague - someone who trusts and supports you! They just need to:
It's that easy! So what are you waiting for?
Buddy Loans is a direct lender
£1000-£10000
+441618504141
Alexandra Court, Carrs Road, Cheadle, SK8 2JY
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Yes, Buddy Loans don't base approval solely on your credit score. Loan approval is based on whether you can afford the loan repayments, and whether you have a suitable guarantor.
A guarantor co-signs the loan with the borrower. They're responsible for covering payments if the borrower can't.
Your guarantor could be a friend, family member, or even a work colleague - someone who trusts and supports you. They need to:
No, your guarantor does not have to be a homeowner. Although it may (in some cases) strengthen an application if they are. An ideal guarantor just needs to:
No, a guarantor cannot have bad credit. Guarantors should be able to cover any repayments the borrower can't - a bad credit score suggest they might not be able to.
Guarantors are expected to meet any loan repayments the borrower is unable to.
However, we'll do what we can to get payment from the borrower before turning to a guarantor. By agreeing to be a guarantor, you're really helping your buddy out. And we want to help you too.
If you can't meet your loan repayments, your guarantor will be contacted to make these payments for you. You'll go back to making the payments once you're able to.
Going to your guarantor for payment will usually be our last resort. If you're struggling to meet your repayments, get in touch. We'll do what we can to help set up a payment plan that suits you.
A Buddy loan can be used for almost any purpose! For example, you could:
Good repayment habits - paying on time, as agreed with the lender - could improve your credit score. However, any late or missed payments, could negatively affect your credit.
Yes - you can use your Buddy loan for almost any purpose, including financing a car!
A Buddy loan can put you in a similar position to a cash buyer. You'll know your exact budget, you can more easily negotiate on price, and you can avoid the dealer's finance office.
No, the car will not be repossessed. Buddy loans are unsecured - you don't have to put down an asset as collateral.
Yes - your guarantor can be your partner, or a friend or family member. They'll just need to:
Buddy Loans is a guarantor lender. You won't be eligible for a loan without a suitable guarantor.
Yes - you can pay your loan off early - without any additional fees or charges! You'll just pay interest for the time you have the loan.
There are a few key differences between payday loans and guarantor loans.
Payday loans are short-term loans - you repay them (in full) on your next payday. They're usually for lower amounts of between £100-£200, and carry very high interest rates - sometimes up to 2,000%.
Guarantor loans, like a Buddy Loan, can be for larger amounts with more flexible terms. For example, you could borrow up to £10,000 and repay it over a term of 1-5 years - whatever suits you. Plus, interest rates are usually lower.
There are a few key differences between payday loans and guarantor loans.
Payday loans are short-term loans - you repay them (in full) on your next payday. They're usually for lower amounts of between £100-£200, and carry very high interest rates - sometimes up to 2,000%.
Guarantor loans, like a Buddy Loan, can be for larger amounts with more flexible terms. For example, you could borrow up to £10,000 and repay it over a term of 1-5 years - whatever suits you. Plus, interest rates are usually lower.
If you change your mind before the loan is approved, just let us know . We can cancel your application.
If you change your mind later on, we might not be able to cancel the loan. Equally, a guarantor cannot usually back out once the loan has been signed and the money sent out.
If you currently have a Buddy loan and have changed your mind, get in touch on 0161 850 4141.
Yes - you may be eligible for a Buddy loan even with no credit history. Loan approval is based on whether you can afford the loan, and whether you have a suitable guarantor - not just your credit score.
Yes - we base loan approval on whether you can afford the repayments, and whether you have a suitable guarantor. Neither you nor your guarantor have to be homeowners.
Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.