TFS stand out from the crowd due to their maximum loan value of £12,000 which is significantly larger than all their competitors. For this reason, to maintain affordability of the repayments, their loans are available for up to six years rather than the standard five year term.
Since 2013 they have been able to offer a full online service thanks to their e-signature technology. Applicants are therefore able to submit all the requested information online and then sign the required documents. This means applications can be dealt with quickly and efficiently and the money can be available faster.
Loans are available from £1000 to £12,000 for between one and six years and the current APR is around 49.4%.
TFS offer a traditional service where every deal is underwritten manually. This enables them to be more flexible when looking at the background of both the applicant and their chosen ‘backer’; a friend or family member who is prepared to step in and make repayments in the event that the borrower is unable. The emphasis is always on the affordability of the monthly repayments.
In order to apply for a loan you must be at least 18 years old, have a UK bank account as well as an email address and mobile phone (so you can be contacted at all times). Your backer should be between 18 and 75 years of ages and must be a homeowner receiving a regular income. They must also have a good credit history as they are the person who will be credit scored, not the applicant.
There are no arrangement fees and the loan can be paid off at any time during the term at no extra cost.
TFS can be contacted through their call centre from Monday to Thursday between 9am and 7pm and until 5pm on Fridays.