Buddy Loans

Visit Site

Company Information

  • Company Name:
    Buddy Loans
  • Website Address:
  • Business address:
    Metropolitan House, Station Road, Cheadle-Hulme, Cheadle, SK8 7AZ
  • Phone number:
    0800 788 0088

Buddy Loans (BuddyLoans.com) is an online UK lender that specialises in guarantor loans. The lender offers loans to people who have a bad credit history or no credit record at all, and those who have been turned down by their bank for a loan. Because the interest rates available from Buddy Loans are far lower than that of a payday lender, where many borrowers would usually turn for a bad credit loan, it can be a good alternative for those who have a guarantor willing to back them up.

Buddy Loans has guarantor loans on offer from £1,000 up to £7,500. The loan can be repaid over a term of one year to five years, depending on how long you need. The interest rate will vary according to the amount you need to borrow and your personal circumstances, but loans paid over a shorter time will incur less overall interest, making them more affordable for most customers.

In order to make the lending process less risky for the company, Buddy Loans asks all of its customers to find a guarantor to sign the loan agreement with them. A guarantor can be anyone you trust who is willing to meet the loan payments if you are unable to do so. They must be between the ages of 23 and 75, and meet certain eligibility requirements. They will need to be a UK homeowner, have a positive credit score, have a UK bank account and a minimum income of £800 and not have any other financial links to you.

Buddy Loans is free to apply for with no hidden fees- the only charges you will encounter will come as a result of late repayments or defaulting on the loan, so make sure that your guarantor is ready and willing to meet these payments on time if you are not able to do so.

46 Reviews of Buddy Loans have been submitted - read the latest 3 below

When Buddy Loans approved my guarantor loan I don't know who was more relieved me or my mum who was acting as the guarantor. She'd been worrying that she might not be considered suitable because she had had some financial difficulties herself over recent years. But on paper she fulfilled all the required criteria that Buddy Loans were asking of her and to be honest I was far more worried about my own credentials. The most important thing I had in my favour was my well paid job and the fact that I had managed to pay off most of my debts. My credit score was slowly improving and I think Buddy Loans took all these factors into consideration before saying yes to this loan. We'd both been worrying for nothing but I've got my loan now and mum is as happy as I am now. Thank you Buddy Loans.

Review posted by Hannah Crofton, Belvedere

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

I knew I would have trouble trying to get a loan by the usual means, most of the high street lenders had already refused me a loan. But luckily I didn't have to go down the bad credit loan route because my brother has very kindly offered to act as a guarantor and because of that I have been able to get this fairly decent loan from Buddy Loans. The interest is a lot more than I'd be paying on a regular loan but it is a lot less than I would be paying with a bad credit loan so I am more than happy with what Buddy Loans have arranged for me. I may not be needing another loan for a while and I am hoping to get my credit rating up so that I will be able to get a regular loan in the future but for the present I will be making the best of this loan from Buddy Loans and would definitely recommend them to anyone looking for a decent guarantor loan.

Review posted by T. Monckton, Stevenage

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

My parents are helping me buy a new car by acting as guarantors for this loan with Buddy Loans. I had trouble trying to get a regular loan from my bank and the car finance deals the dealerships were offering were not ideal. My dad suggested the guarantor loan and helped me choose Buddy Loans. The rates Buddy are charging for the 7K loan I needed were not too bad at all and the monthly repayments won't be a problem for me. I don't expect dad to have to step in and make the repayments for me because this loan is more than affordable for me. He is insisting on coming with me to choose my new car though so I hope he doesn't do his usual by insisting on looking under the bonnet even though he knows absolutely nothing about car engines!

Review posted by Kris A., Telford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money