About George Banco

Founded in 2013 and based in the UK. George Banco is a regulated and well-known lender that provides the citizens of the UK with the ideal solution for borrowing money with an easy to use and very affordable way to repay the debt. They are regulated by and follow the Financial Conduct Authority.

They are one of the highest recognised lenders in the finance market and presumably have the most experienced and deeply qualified understanding of the market. They have been known to provide the best and very clear information and scenarios without any hidden charges or double meanings to the consumer and borrower.

They are committed to giving quotes and scenarios which are fair and affordable to the best of their knowledge. This ensures an enjoyable experience for both the lender and borrower and the consumer will not face any difficulties or stress when it comes to loans and repayment.

Although they offer very similar rates to many other lenders in the market, their customer service and easy to use application beats it all with an extremely high rating on TrustPilot they are focused on customer satisfaction and develop positive learning in the minds of customer who are new to the finance scene.

Products

They have a variety of loans you can apply to which means that there will be flexibility with the interest rate and you can always pick something you can afford.

Car Loans And Car Repair Loans

These provide the customer with the ease of getting to walk away with a car while thinking about that fact that this was not just an impulse purchase and they made an informed decision when buying.

This makes sure the client has gotten what he/she can afford.

Home improvement loans

These are also a great option with George Banco, whether you want to buy an electrical appliance that might cost a lot upfront or you want to refurbish the house to get a new feel to space.

Home improvement loans cover this with easy to manage instalment plans that will not cause you any stress. You can even renovate on the house to maybe put a pool in for the kids, or a remodel in the kitchen or even a whole new looks to your boring bathroom.

Among many other, they have loans so you can release the tension if previously existing debt or take out an education loan to complete your degree or finally get the PhD you wanted or maybe to send your kids to the college you know they deserve.

All these loans come with the lowest interest rate based on your circumstances and customised to fit your requirements.

  1. Personal Loan
  • This loan will let you borrow anywhere from £1000 all the way up to £5,000.
  • This loan will have a time limit of over 12 to 60 months.
  • This loan will let you take out a certain amount of money based on your credit score, and you will not need to have a guarantor or any security.
  • The APR can be as low as 36.9%.
  • Example: You have borrowed £3,500 over a period of 36 months. This has been with a flat rate of 41.4%. This means you will have a monthly instalment payment of £170.56 per month. This will get you to around 49.7% APR.

 

  1. Guarantor Loan
  • This loan allows you to borrow anywhere from £1,000 all the way up-to £15,000.
  • Just like the personal loan this loan has a time limit of over 12 to 60 months.
  • A guarantor loan lets you take out a certain amount of money that you or your guarantor can afford after doing a credit check. This essentially gives you the freedom to get a lower interest rate and a higher amount loan based on your guarantor, and if you miss a payment, your guarantor gets your bill.
  • The APR can be as low as 36.9%.
  • Example: You have borrowed £3,500 over a period of 36 months. This has been with a flat rate of 41.4%. This means you will have a monthly instalment payment of £170.56 per month. This will get you to around 49.7% APR.

How to Apply

Applying for these loans is a quick and simple process that requires you to be eligible for the loan. This basically means you must check all the boxes on the eligibility criteria and voila!

You are approved for the loan. They will also require your personal information including your past addresses, your monthly income, and employment status.

All you need to do is call them at 01225 941 941 during their business hours for new loan applicants, which are 9 am to 5 am Monday to Friday, and 9 am to 3 pm on Saturdays.

You can also get an instant quote to see what you can expect when applying for a loan by logging in to their website at georgebanco.com and just click quote now on the top right corner of the screen.

Eligibility Criteria

  • You need to be 18 years of age or more to be able to qualify to get a loan. This step is important because they want you to be a legally consenting adult to help them with the process and it also provides them with security against lawsuits.
  • You need to have a UK based bank account. This allows them to transfer the money to you and also debit the payment that they need by the due date each month. This is very important as any income you may have will also not be available to them to do a credit check.
  • You must have a valid UK debit card. This is helpful for the consumer as well because this will allow them to withdraw the money when needed directly without having to wait through the entire cheque clearance process. It also provides them with a guarantee of your home address and employment.
  • You should not be subject to bankruptcy or to a current individual voluntary arrangement.
  • They also require you to have a regular income so they know for sure you will be able to pay the monthly instalment in due time.
  • The income that you have needs to be above the monthly payment plan you decide because this ensures you can afford to make the payment.
  • You need to be a resident of the UK. This statement excludes the Isle of man and the Channel Islands.

Pros

  • They have a very quick decision process when you are getting approved so the wait time is next to nothing and you can know what you can get and your offer very quickly.
  • The best part about the loan they have to offer is it has same day payout. This means that if you get approved and you agree with their offer and terms and conditions the money is transferred to your account the same day. So there is basically no waiting period when it comes to taking out a loan.
  • There is no upfront fee. They do not charge any fee for applying or registration. So you will not have to worry about any payment when taking out a loan. All you need to do is verify the eligibility criteria and apply with all supporting documentation to receive your loan. No fuss.
  • The monthly payments you need to make are fixed on the amount of loan you take out and will be agreed upon previously based on your credit score.
  • Paying the payment however small will help you improve your credit score and essentially allow you to get an even better offer from higher lenders when you apply for a loan again.
  • The payment that they make and the interest rate they offer will depend on your credit score, but they consider all circumstances and will try to offer you something that is within your range. This makes the risk of getting rejected very near to none.
  • They offer both types of loans with or without a guarantor so even if you do not have such a friend or family member you will be eligible to get a loan or if you are not willing to pin the loan on your loved ones you can take out a loan discreetly to avoid any  explanations or embarrassment of having to tell you to have money problems.
  • They have an instant quote option on their website, so you cant get a quote whenever you like, and it will not affect your credit score.

Cons

  • George Banco’s website is very difficult to understand so searching for information online is quite difficult for non-tech-savvy consumers.
  • Applying online for a loan is not an option because you need to call them in the appropriate hours.
  • The interest rate can be very high for some consumers depending on their circumstances and loans can get very difficult to repay.
  • Missing a payment will cause the interest rate on your loan to go higher and higher and then paying back the loan will get near to impossible.

 

FAQ’s

What is a Guarantor?

A guarantor a person who can verify that you are a trustable person whom the company can lend money to and that they are financially well of enough to make the repayments on a monthly basis without missing any.

They need to have a good credit history because they would be liable to make your repayments if you cannot.

Can my husband /Wife/ Partner be my guarantor?

Yes, it is possible for your partner to be your guarantor. They assess each application individually. Your guarantor needs to be financially stable in order for them to apply.

If you and your partner have separate financials, separate bank accounts etc., in that case, they may consider it.

It is essential to have a guarantor that would be able to repay your payments if you are unable to do so. If your partner is not financially independent, they would not be able to make the payments from your behalf either.

It would be a strain on both your situations George Banco aims to prevent that when they don’t allow.

What if I miss a payment?

Like any other loan you might take, it’s up to you to meet the payments as best you can. If you are unable to meet the payment on the date given, they will attempt to contact you to solve any issues if you still not able to pay or you are unable to contact your loan repayments will fall to your guarantor.

If you and your guarantor do not make payments that will fall negatively on both your credit score and make it difficult for you to get any loans in the future. Outstanding debts could result in legal action being taken, and they could forward to a debt collection agency.

What are the eligibility criteria for my Guarantor?

  • Must be an adult between 21 to 65.
  • Have a bank account in the UK which is valid along with a debit card.
  • They need a good credit history and good financials
  • Should not have filed for bankruptcy recently.
  • Guarantor needs to live in the UK. This does not include the Isle of Man or the Channel Islands.
  • Should have an income of at least £1000 a month.
  • They should also agree to make the repayments if you are unable to do so

 

Can I change my guarantor?

Yes, you are allowed to change your guarantor if you wish. They will have to do the checks and validation again for the new candidate and this process will delay the payment of the loan as they will require tome to verify the guarantor.

They also provide this time to the guarantor to read and assess the responsibilities of becoming the guarantor. If you have already borrowed and you wish to change your guarantor, then you would be required to pay the loan in full and apply for a new loan with the new guarantor.

You cannot change your guarantor with a loan that you have already taken.

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Company Details
  • Company Name: GEORGE BANCO.COM LIMITED
  • Registration Number: 08804623
  • Incorporation Date: 2013-12-06
  • Status: Active
Loan Details
  • APR 49.7% Representative
  • Loan Amount £1,000 - £10,000
  • Repayment Duration 12 - 60 Months
Contact George Banco
  • via Phone: 01225 941941 Call
  • via Email:[email protected] Email
  • via Post: Epsom Court 1st Floor, Epsom Road White Horse Business Park, Trowbridge, England, BA14 0XF