Buddy Loans £1,000 to £10,000

Buddy's online reviews from TrustPilot, Redies & ReviewCentre

Update: due to Corona Virus Buddy is slowing its lending to new customers, click Get Quotes to find available loans

Updated by Jon Edward at

Recent reviews for Buddy

4.6 / 5 from 3,045 online reviews

Buddy Loans is a relatively new lender in the guarantor space, but in a relatively short space of time is creating waves due to a large number of very positive reviews by their customers online.

Buddy was set up by Nicholas Zapolski and Guy Mackenzie in 2013 and is the trading name for Advancis Limited.

Both have a rich background within the financial services industry and have created a company which in a short space of time is getting plenty of positive reviews by its customers online.

While you could be mistaken in thinking that Buddy is just the same as all the other lenders, their differentiating factors include online customer accounts and no fees for fast pay-out or early redemption.

We certainly, therefore, think that Buddy should be worth serious consideration.

Loans from £1,000 - £10,000
Term 12 - 60 months
APR 49.9% representative
See representative example
Rating 58.9 / 100
Time to Apply 2 min 35 secs

Customer Reviews

4.6 out of 5 from 3,045 online reviews

Read Reviews

Loan Highlights

Good option for those with bad credit

Online portal for easy management

Approval decision within the hour

No paperwork to complete, 100% online

Your guarantor does not need to be a homeowner

More features

Minimum Criteria

Your guarantor must be aged between 18-75

Your guarantor must have a good credit score

Your guarantor must have a minimum income of £1,000pm

Your guarantor must have a UK bank account

Fees

Maximum APR 49.9%

Arrangement fee: £0

Early repayment fee: £0

Late payment fee: £12

Frequently asked questions

1

How long does it take to get a loan from Buddy?

Their aim is to have the loan approved in 24 hours 👍

  • This depends on the documentation that's needed, and how quickly it's supplied.
  • Once the loan has been approved, the money is transferred to the Guarantors bank account within hours.
2

How does the application process work?

  • Select the amount you wish to borrow and over how long.
  • Provide personal information so they can start the assessment process.
  • Nominate your Guarantor.
  • Our team will give you and your Guarantor a call to talk through your loan application.
  • They'll chat through income, expenses, and affordability for you and your Guarantor
  • Loan approved?
  • Then their payout team will give you a call to talk you through the final details, do final security checks and get the funds paid out.
3

Can the loan be paid off early?

Yes 🙂

  • You can make overpayments every month.
  • You can also pay off in full, all without a penalty 👍
4

Are there any upfront fees?

No 😃

  • Buddy charge zero upfront fees.
  • This website is free to use and charges no fees.
  • If you goto Buddy from this website, the costs are the same as if you went direct 👍

Pros and Cons

Buddy offer loans from £1,000 up to £10,000, the following summarises the main features.

Pro's 👍

  • Quick approvals with money paid out in as fast as 24 hours
  • Online customer accounts, so you can make payments etc.
  • No fees for fast pay-out or early redemption
  • Good number of positive online reviews
  • Interest is charged on a daily basis, so if you do pay off early you only pay for the money outstanding
  • Non homeowner guarantors acceptable
  • Your credit file can be poor

Con's 👎

  • You need a guarantor with a clean credit history
  • The APRs are at the upper end of the guarantor market place
  • An administration fee is charged which is added to your loan
  • A guarantor is required, and if you stop making the payment, they will need to step in

The basics ✍️

  • Both your guarantor and you need to be residents of the UK
  • You also both need a valid UK bank account
  • You and your guarantor need to comfortably be able to make the monthly repayments.
  • Your guarantor needs to be between 18 and 75 at the time you take out the loan
  • Your guarantor needs a minimum monthly income of £1,000.
  • You need to be solvent, and not in an IVA or Bankrupt
  • You have a 14 day cooling off period, so if you of your guarantor changes your mind you can return the loan.

We feel that Buddy Loans are one of the best guarantor loans lenders, though we would always suggest looking at your other options before applying for a loan.

My Verdict

By Jon Edward

Rating - 58.6 / 100

  • Buddy loans are a relatively new guarantor lender and are based in Cheshire.
  • With a representative APR of 49.9% which is the same as many other lenders, they are not targeting customers with price.
  • Buddy offer many of the features that are now standard in the guarantor loans industry, such as ‘no fees for fast pay-out or early redemption’.
  • With over 2,000 online reviews, the majority very positive, Buddy is certainly a lender with many happy customers, and one to be trusted.
Apply to Buddy Loans

Company Info

Company Info

FCA Registration

  • FCA Ref No 718849
  • Firm Name Advancis Limited
  • Principal Place of Business Alexandra Court, Carrs Road Cheadle Cheshire SK8 2JY

Data Protection Info

  • ico Reg No Z3239423
  • Data Controller Advancis Limited
  • Address Alexandra Court Carrs Road Cheadle Cheshire SK8 2JY
  • Other Names Buddy Loans  INCOMEADVANCE.CO.UK

Buddy Representative Example

Borrowing £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.