Guarantor Loans from £1,000 to £7,500
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 a great deal 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.
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
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
Maximum APR 49.9%
Arrangement fee: £0
Early repayment fee: £0
Late payment fee: £12
Top 3 loans by score, reviews and cost
Compilation of Buddy's online reviews
4.8 out of 5 from 1,389 online reviews
Excellent service and friendlyNatalie
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 are certainly a lender with many happy customers, and one to be trusted.
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:
- 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
- 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
- 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.
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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