Consollo offer loans of between £1000 and £7500 over a period of between one and five years. To be eligible for the maximum loan your backer must own their own home but if they do not you can still borrow up to £2500.
Loans are available to people with even very poor credit scores as long as they can provide and friend or family member who is prepared to guarantee the loan (the backer). In the event that the borrower cannot make the repayments the backer will be required to do so on their behalf.
For the duration of the loan the credit score of the applicant will improve as they make their regular repayments. They will therefore come to the end of the loan term in a better financial situation than when they started. Loans decisions are made on a case by case basis and as long as you and your backer are deemed able to make the repayments your application should be successful. Consollo will look carefully at your monthly income to decide whether they believe you will be able to make the repayments without stretching yourself too much financially.
There are no hidden fees; the repayments are outlined per month for your chosen amount over your chosen period. The typical APR is less than 50%. This compares favourably with other types of short term loan such as payday loans which can have APRs of up to 1000%.
Anyone can act as your co-applicant, or backer, as long as they are aged between 21 and 75 and have a good credit rating.
While Consollo try to make funds available the same day they do say that it can take a few days especially if additional documentation is required.
Their customer services are available from Monday to Thursday between 8am and 8pm and until 5:30pm on Fridays.