TFS Loans Guarantor Loans

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  • The TFS Group launched in 2003 as a specialist lender for borrowers that had been turned down by high street banks.
  • Compare the current interest rates for their guarantor loans in the table below.
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Last updated on 09 November 2020.

TFS Loans Guarantor Loans FAQ

Who is TFS Loans?

TFS is a direct lender that was established back in 2003. It offers several different loan types but specialises in guarantor loans. It is registered with the Financial Conduct Authority and is based in Essex.

Who might want a TFS Loans guarantor loan?

Guarantor loans are popular with borrowers who have been unable to secure a loan through the traditional routes as a result of having a poor credit rating. Guarantor loans enable a close friend or family member, who knows and trusts you, to vouch for your ability to repay a loan, while also committing to repaying the loan on your behalf should you run into financial problems and are unable.

What do guarantor loans cost?

The interest rates and charges vary from provider to provider and the rate you will pay will depend on your financial situation and the amount you want to borrow, along with the repayment term of your loan. Generally speaking, the quicker you repay a loan, the less it costs you. With a guarantor loan, the credit rating and financial status of your guarantor will also have an impact on the rates you will be quoted.

What can I spend a TFS Loans guarantor loan on?

You can spend the money on almost anything, but most people take out guarantor loans for things like home renovations, large essential purchases or for debt consolidation. It’s sensible to consider all your options when looking into loans as guarantor loans may come with higher interest rates than personal loans or overdrafts, for example.

How much can I borrow through a TFS Loans guarantor loan?

The amount you will be offered will very much depend on your requirements, your financial situation and that of your guarantor. The most TFS will offer is £15,000 over 60 months, but most people will be looking to borrow less than this over a shorter period of time.

Will I need to have a good credit score to get a TFS Loans guarantor loan?

No. Guarantor loans, such as those offered through TFS Loans, are aimed at people who have less-than-perfect credit scores, so people with in types of financial situations are considered. However, the lenders do often want to see that you will be able to afford the repayment plan set out for you. In addition, your guarantor’s financial situation and income will be looked at, as well as their credit score, in many instances.

Can my spouse be my guarantor?

TFS Loans and most other lenders will not accept a spouse as a guarantor if they live with you or are in any way financially linked to you. Guarantors are, however, often close family members such as parents or siblings. Other people to consider are close friends. Remember, if you fail to make a payment, the guarantor must step in and cover the cost.

Services offered by this provider may change over time. Always check Ts&Cs.