Who can be
My Buddy?

Family, Friends, Colleagues!

A Buddy Loan gives you so much more flexibility than many other types of loans. Suppose you have had credit problems in the past, or perhaps you have no credit and need to establish yourself credit wise... a Buddy Loan can do this for you!

Here at Buddy Loans we believe in lending based on trust so if your family member, friend or work colleague believes in you and that you will repay your loan then so do we! A guarantor is someone who confirms that you will pay your monthly repayments and that in the hopefully unlikely event that you miss a payment, they will step into the breach and make the payment. That obviously absolutely doesn't mean that you don't have to pay your loan, but it gives your application more strength as your guarantor makes a commitment to support it if anything goes a little awry.

Since your good buddy is acting as a guarantor for the loan, there is less risk involved in granting your loan. It also means lower interest rates for you as opposed to the high outrageous interest rates of a payday loan. It also means a more flexible repayment plan, you do not have to repay the loan within 30 days, you can spread the repayments over 12 to 60 months. This allows you to make payments you can afford.

The process is streamlined to be easier for you.

So what does this mean for me as a Guarantor?

In the majority of cases, once you have completed our assessment process this will pretty much be the last thing you should hopefully hear from us. If your borrower maintains all their payments then all you will get from us is an annual statement which we are required to send you, otherwise it's as simple as that.

However, in the unfortunate event that a payment might be missed this is when you will become involved as guarantor and we will contact you. In the first place this will be for support in helping us get in contact with the borrower or for support in making a payment; again if this is caught back up again in quick order again you won't hear anything from us. In the rare instance that payments are not brought up to date quickly then unfortunately it may result in further action being taken against the borrower. If this is the case, then we will require you to make the monthly payment in lieu of your borrower or any arrears that are outstanding. Of course we will talk to you wherever we can and make suitable arrangements with you so this can be paid.

If your loan is not brought back up to date in a timely fashion, then unfortunately there may be other steps which could be taken against both you and the borrower which would impact on your credit score and report making it more difficult to obtain credit in the future and also potential legal action if your loan isn't kept up to date. Clearly we all want to avoid that so we would always urge you to talk to us and keep us informed wherever there might be a problem.

Loan Amount


Loan Term

18 Months

Buddy Loans is the UK's friendliest Guarantor loans website

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.


A representative example of a Buddy Loan

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.
36 repayments of: £158.57.

Terms and Conditions apply. Suitable Guarantor required.
All loans are subject to status and affordability checks prior to approval.
All applicants must be 18 or over

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.