Buddy Loans
Guarantor Loans from £1,000 to £7,500

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Updated by Jon Edward at
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 offering £1,000 to £7,500 loans at a 49.9% representative APR, their differentiating factors include

  • online customer accounts
  • no fees for fast pay-out or early redemption.

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

Loans from
£1000 to £7,500
For
12 to 60 months
Representative APR
49.9% representative
See representative example
Lending rating
58.6 out of 100
Time to Apply
2 minutes 35 seconds

Customer Reviews

4.7 out of 5 from 1,435 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

Top 3 loans by score, reviews and cost

Score

Amigo Loans82.9 / 100
George Banco72.5 / 100
Bamboo71.3 / 100

Reviews

Amigo Loans
4.7 out of 5 from 20,198 customer reviews
Bamboo
4.9 out of 5 from 4,934 customer reviews
George Banco
4.9 out of 5 from 2,811 customer reviews

Cost

UK Credit39.9%
1+1 Loans47.8%
Guarantor My Loan48.9%
Compare All Guarantor Loans

Compilation of Buddy's online reviews

 
4.7 out of 5 from 1,435 online reviews

Buddy has many reviews online, on Trustpilot, Reviewcentre and Readies; however the majority of these are on Trustpilot:

  • 1,369 reviews
  • Excellent - 86%
  • Great - 12%
  • Average - 1%
  • Poor - 1%
  • Bad - 1%

We have compiled below a selection of these reviews, both good and bad.

 

Very easy company to use

 Nathan
  • Amazing service
    June 8, 2018
    Via Trustpilot

    Extremely friendly workers, trustworthy and very easy steps to get through to getting the loan.

    Amazing service !

     Carolyn Tremaine
  • Great service. Highly recommended
    June 8, 2018
    Via Trustpilot

    All the staff at buddyloans we’re such a great help! After most places declined us, buddyloans were the ones to accept us! Great service and highly recommend!

     Lindsey
  • I would recommend this company
    June 7, 2018
    Via Trustpilot

    I would recommend this company

     Andrew
    •  

    My verdict of Buddy Loans

    By Jon Edward

    Lender performance rating 58.6 out of 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 Amigo Loans they are not targeting customers with their 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’. For more information see our loan description below.

    With over 1,000 online reviews, the majority very positive, Buddy is certainly a lender with many happy customers, and one to be trusted.

     
    Apply to Buddy
     

    Loan Description

    Buddy offer loans £1,000 to £7,500 over repayment periods of 12 to 60 months. Please see below a summary of their features and benefits:

    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:
    Other Guarantor Lenders
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    Representative Loan Example

    The following is representative example of a Buddy Loan

    Amount of credit £2,500 for 24 months. Interest (fixed at 41.16%): £1,250.17. Total amount payable of £3750.17. Representative 49.9% APR. 24 repayments of: £154.54.

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    Company Information

    Company Info

    • Co Reg No 08089541
    • Website buddyloans.com
    • Telephone 01618 540 640
    • Address Alexandra Court, Carrs Road, Cheadle, Cheshire, SK8 2JY

    FCA Registration

    • FCA Ref No 651272
    • 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
    Apply to Buddy