George Banco Loans Review
George Banco Loans may be suitable for certain people living in the UK including some of those that have an adverse credit rating who wish to borrow money over the medium to long term for a variety of purposes. We trust that you find this review of their products of benefit in which we cover things like who can apply online, who can provide a guarantee, how much you may borrow and over what term.
Type of loans?
George Banco offer two sorts of loan: –
• Personal Loan
• Guarantor Loan
The parties to the personal loan are the borrower and the lender whereas in the case of the guarantor loan an additional party is required to provide a guarantee that can be called upon should the borrower be unable to meet the monthly repayments.
Who can submit an application for a George Banco Loan?
You must be a UK resident, over the age of 18, possess a debit card, maintain a bank account in the UK, have a regular income and can meet the repayments. A credit check will be undertaken on you and you cannot be bankrupt or in an Individual Voluntary Arrangement (IVA).
Who is permitted to guarantee the loan?
A guarantor could be a relative or a friend. He or she must be a UK resident, over the age of 25, possess a debit card and have a bank account in the UK, have a good credit rating including not being bankrupt or in an IVA, have a income of at least £1,000 pm net and be able to meet the repayments should the borrower not be able to do so.
How can you submit an application form?
You can apply online for a GeorgeBanco loan with a decision usually forthcoming on the same day. If approved, the monies can often be transferred into either the applicant’s bank account in the case of a personal loan or the bank account of the person providing the guarantee in the case of a guarantor loan within 2 business days of the process commencing.
What amount are you permitted to borrow?
George Banco Personal Loans are available for amounts of £1,000 to £5,000 and George Banco Guarantor Loans can be arranged for £1,000 to £7,500. The maximum sum available on the later type of loan is no doubt because the lender has the comfort of having someone guarantee the loan.
What can the monies be used for?
They can be used for a variety of purposes such as to buy a second hand car, use the money towards purchasing a brand new car or to pay for the repairs to a vehicle that has required significant expenditure to get through an MOT. You may be planning a once in a lifetime holiday to celebrate your 25th wedding anniversary or wish to consolidate a debt for which you have been paying a very high rate of interest.
How many years can you borrow the funds over?
You can borrow the money over 1 to 5 years repaying the loan and interest by fixed monthly repayments. This enables you to know exactly how much you will pay each month throughout the term of the loan.
What rate of interest do you pay?
Personal Loan – A fixed rate of 39.5%. The representative interest rate is 61.8% APR fixed.
Guarantor Loan – A fixed rate of 31.9%. The representative interest rate is 49.7% APR fixed.
There are no upfront application fees.
George Banco Loans may appeal to you if you have been unable to arrange a loan from one of the high street banks as a result of having a poor credit history. You may wish to visit the website of George Banco for further information about their personal loan and guarantor loan products.There are other lenders that provide loans for people that have an adverse credit rating that you may wish to look into.