Unlike similar UK direct lenders, George Banko specialise in providing small loans to applicants who can provide a backer that isn’t a homeowner.
It is possible to borrow between £1000 and £7500 over a period of up to five years. The APR is slightly higher than some other lenders owing to the fact that a large proportion of their applicants are people who have asked a non-homeowner to guarantee the loan.
They have a good customer services department and offer a full online service. Customer services are available between 8am and 8pm from Monday to Thursday and until 5:30pm on Fridays.
Loans are available to UK residents who are in employment, students or those with a regular income even if you have a poor credit history.
As you make repayments your credit score will rise thereby enabling you to increase your chances of better credit in the future.
George Banko offer a unique ‘rate dropper’; this means the APR of the loan will reduce after year two and then year three of the term of the loan as long as repayments have been made on time. Rates start at around 60% and then should fall to around 29.9% over the course of the loan.
In order to apply for a loan you will need a backer; a friend or family member who is prepared to be named as the person who will make payments should you be unable to do so. This person should be at least 25 years old, have a UK bank account and a good credit history. They will also need to be a UK resident and have a minimum income of £1000 per month after tax. They must not be subject to a current IVA or bankruptcy order.
In most cases the loan is paid out the same day and there are no hidden costs.
