Glo Guarantor Loans, a part of Provident Personal Credit Ltd., brings loan options to borrowers who may be turned away by traditional lending institutions. The aim is to provide lower cost lending options to those who may otherwise have to turn to payday loans for assistance. By requiring borrowers to provide information on a guarantor, the interest rates offered can be more competitive for long-term borrowing.
Loans are available ranging from £1,000 to £7,000. There are no fees, aside from standard interest payments, associated with the loan as long as repayment efforts are timely. The monthly payment date can be adjusted to suit the borrower’s needs, allowing them to be coordinate with their regular salary payments.
Repayment terms are based on the amount of the loan and ranges from as few as 12 months to as many as 60 months. The interest rate associated with the loan varies slightly depending on the length of time the funds are borrowed. Interest is calculated daily.
Unlike with some other lenders, it is possible to get a loan through Glo even if you are on benefits. As long as other affordability checks are cleared, and certain issues are not present in your credit check, you can qualify for a loan. Also, the guarantor does not need to be a homeowner and does not even need to be currently working. As long as the guarantor has an appropriate income, they will be considered.
If the borrower misses a payment, Glo will attempt to resolve the issue directly with the borrower first. If those efforts are unsuccessful, the guarantor will be contacted regarding repayment. Glo does not require a direct debit be on file for the guarantor, but an appropriate contact method is required.
- Website https://www.glo.co.uk
- Address 1 Godwin Street,