George Banco Loans
Yes - Direct Debit Facility Accepted
Guarantor must have good credit history
Same Day Transfer Available
Yes - Funded within 24-48 hours
Loan Value Available
£500 - £7,500
1 year to 5 years
Credit License Number
Somerset-based George Banco offer guarantor loans and personal loans in the UK. Customers can borrow from £500 to £7,500 and repay in monthly instalments over 12 to 60 months. George Banco is a direct lender with no upfront fees and successful loan applications can be funded within 24-48 hours.
George Banco offer personal loans with a representative APR of 29.9% and these loans do not require a guarantor as part of the application. Guarantor loans are also available at a representative APR of around 49.9% and applicants will be required to involve a family member, friend or colleague as a guarantor.
Guarantor loans require the extra person to ‘guarantee’ repayment of the loan if the main borrower defaults on monthly repayments. This type of loan is popular for borrowers who have a poor credit rating or no credit history and need the help of another person with a better credit score to be approved. If your guarantor has a good credit history, it will increase your chances of being accepted as lenders like George Banco consider it less risk and easier to recover debt.
Representative Example: Borrowing £3500 over 36 months, repaying £170.56 per month, total repayable amount (including admin fees and interest) £6140.16. Interest rate 31.9% (fixed). Representative 49.7% APR (fixed)
How Does The Application For George Banco Loans Work?
The application for George Banco is processed entirely online. As a direct lender, you can enter your details on their website, speak to the lender on the phone and have the funds directly transferred to your account with no middlemen involved.
The main borrower will be required to enter their contact, income, employment and bank account details online. In addition, they will be required to enter similar details that belong to their guarantor. If the guarantor changes their mind, they can always login and enter the details of a different guarantor, although applications will expire within 45 days.
Both the borrower and guarantor will have a series of checks carried out prior to approval. George Banco works with a credit reference agency to check the credit history of the applicants. This gives the lender an idea of the customer’s repayment performance over the years and whether they have any other loans outstanding. Further affordability checks will be carried out including a review of pay-slips and bank statements to confirm income and employment. Such measures are required by George Banco to see whether the applicant is eligible for a loan and to confirm how much they can borrow.
The borrower and guarantor will be required to sign a pre-contract electronically using an SMS code and email link. There will also be a phone call to both parties to confirm their details and so they understand how a guarantor loan works including the responsibility of the guarantor to be able to cover repayments.
What Is The Criteria For George Banco Loans?
Applicants that apply for a loan must have the following criteria:
-Over 18 years of age
-No IVA or bankruptcy order
-Employed with regular income
To be accepted as a guarantor, George Banco requires the following:
-Over 25 years of age
-Good credit history
-No IVA or bankruptcy
-Minimum income of £1,000
Both parties are required to have a working mobile phone so that they can be contacted and can verify their loan agreement electronically. Above all, the applicants must have a working UK debit account so that they can receive funds to their account and be able to make collections automatically.
Useful Information About George Banco
Company Number: 8804623
Interim Permission Number: 039056
Data Protection Number: ZA034249