TFS Loans

TFS loans are one of the first lenders we ever featured on our website and have maintained their great reputation of being a transparent, personable and responsible lender.

The Essex-based company was established in 2003 and has become one of the leading guarantor lenders in the UK. As a direct lender, your application will be processed by their in-house team and all future correspondence will be with them directly and not through any brokers or middlemen. You will not be charged any upfront fees for applying or for getting a loan, nor will your details be passed onto several companies – so you will not receive any unwanted third party emails, text messages or phone calls.

To apply, simply click on the link here and you will be taken directly through to their website where you can choose how much you wish to borrow, how long for and fill in the basic application form. Their website states an application only takes 5 minutes to complete.

What is different about TFS Loans?

With a passion for great customer service, customers that apply here through TFS will receive a phone call from a member of staff within seconds of applying. Their dedicated team is on hand to talk you through the entire loan process and put your mind at ease.

As part of their commitment to responsible lending, they will use affordability measures to match up how much you wish to borrow with what you can afford to repay. These checks will include looking at your monthly income, expenses, outstanding debt and your guarantor’s criteria to asses how much you can afford without causing financial difficulty.

However, what makes them different is that TFS will only let you borrow the amount you have requested and even if you can afford to borrow a few thousand pounds more, they will not up-sell you.

What is the application criteria with TFS Loans?

• Aged 17-78
• Have a regular income
• Your guarantor is a homeowner or tenant

The TFS website mentions that borrowers can have a history of bad credit, no credit score, defaults and CCJs – all they want to see is that you can afford repayments via a regular income.

TFS believe in ‘trust based lending’ so if you have a guarantor with a strong credit rating and they are willing to trust you enough to guarantee the loan, well TFS can trust you too! Having a guarantor that is a homeowner offers extra security because it means that should the customer default, they are likely to recuperate their repayments because a homeowner is more likely to have good credit history (in order to be approved for a mortgage in the first place) and be able to raise finance if need be (second mortgage, sell home, rent out home). However, TFS are also willing to accept guarantor loans for tenants.

What does my guarantor have to do?

TFS explain that once you have found your guarantor, which could be a parent, family member, friend or work colleague, they will be required to do the following:

• Speak to the customer service team over the phone and confirm their details.

• Sign the loan agreement, highlighting the terms and conditions of the loan, either online or by post.

Provided that both parties have passed the identity, credit and affordability checks, the funds can be transferred within 24 hours and will be transferred to the guarantor’s bank account. This is a standard fraud verification technique to ensure that the guarantor is genuinely involved in the application process. The guarantor then has the choice to pass on the funds to the main borrower or they can decide to withdraw from the loan agreement and send the money back to the lender within a two-week cooling period at no extra charges.

How the repayments work

Customers required to pay in equal monthly instalments for the loan duration. The borrower will always be required to make the loan repayments and even if they miss a repayment, the main borrower will always be contacted first for a certain period and the guarantor will only be approached if the individual fails to respond to any communication.

If the borrower finds that they are in a better financial position during the course of the loan (after all, a lot can change in 7 years), they can repay their entire loan early and they will save a lot of money by doing so as you are charged a daily interest. So the shorter the loan is open for, the cheaper it is.

Customers can repay early by calling up, emailing or logging into the my account section of the website and clearing their account.

Extra Information

TFS Loans is Registered in England No 6542065.

Credit License Number 633979.

Registered with the Information Commissioner’s Office Z2022318.

Registered office address: Broom House, 39 – 43 London Road, Hadleigh, Essex, SS7 2QL