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Glo is the guarantor loans brand name for Provident Personal Credit, who have been providing personal loans since 1880 (you did read correctly, they have been around for over 130 years).
The Glo brand (guarantor loan option) was launched in 2014, as a new guarantor product offering from Provident, who to date have specialised in doorstep loans (£100 - £1500 loans with APRs from 272 – 299% where an agent makes home visits to receive weekly payments). You may also have heard of Satsuma Loans, another Provident brand, which is their short-term high-cost loans.
Since their launch they have invested heavily in TV advertising and are quickly becoming one of the largest players in the market, and while they may be fairly new to the guarantor market, their long heritage as a lender makes them a good quality option to consider.
See representative example
Glo offer loans from £1000 to £7000 over periods of one to five years; see our table below which summarises some of the features, benefits, and things to watch out for:
- Credit Rating – Glo accepts those with a poor credit rating
- Non homeowner – your guarantor does not need to own their own home, Glo are happy with tenants so long as they have a suitable income
- Non-Working – you guarantor does not need to be in employment, so long as they have a suitable income, such as a pension
- Daily Interest – interest is calculated daily so if you make extra payment you only pay interest on what you owe
- Fixed Interest Rate – one interest rate making their loans nice and simple
- Benefits – so long as you can afford the repayment, benefits are counted as suitable income
- No Fees – no fees for setting up the loan, missing a payment, or settling early
- Direct Debit – Glo do not insist on setting up a Direct Debit for you
- Guarantor – unfortunately if you have no guarantor you will not be able to get a loan from Glo
- Repayments – if you are unable to keep up with repayments, then your guarantor will be required to make these for you.
- Affect Credit Rating – if you do not make the loan repayment, and neither does your guarantor, then this will negatively affect both of your credit ratings.
The basics ✍️
- UK Residency – you and your guarantor need to be residents of the UK
- Your Age – at the time of applying you need to be between 18-75 years old
- Guarantor Age – needs to be 21 to 69 years of age
- Affordability – you and your guarantor need to be able to show that you can comfortably make the loan repayments
- IVA – if you are in an IVA, unfortunately you cannot get a loan, however if the IVA is completed than you can apply.
- Bankrupt – if you are bankrupt you cannot get a loan with Glo
- Financially Independent – you need to be completely financially independent from your guarantor
Before making a loan application we would recommend comparing loans and looking at other options
Glo Representative Example
£3,500 loan repayable over 36 months. 36 monthly payments of £170.41. Rate of interest 49.5% p.a. fixed. Representative 49.5% APR. Total amount payable is £6,134.76.
Companies House Info
- Co Reg No 00146091
- Address No. 1 Godwin Street, Bradford, West Yorkshire, BD1 2SU
- FCA Ref No 002529
- Firm Name Provident Personal Credit Limited
- Principal Place of Business Provident Financial No. 1 Godwin Street Godwin Street Bradford, BD1 2SU
Data Protection Info
- ico Reg No Z5227544
- Data Controller Provident Personal Credit Limited
- Address 1 Godwin Street Bradford West Yorkshire BD1 2SU
Glo – The Guarantor Loan Option