Questions

Finding the answer to your question can be tricky, but don't worry. We have listed the most common questions that others have asked from the point of view of borrowers and Guarantors.

If you still need help, just use the Contact Reloan page for more help.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.
Representative Example: Borrowing £4000 over 36 months, repaying £159.04 per month, total repayable £5,725.41. Interest rate 25.0% (variable).

Before You Apply

What is ReLoan?

Reloan is a lending product that enables customers who are already engaged in a Guarantor time loan agreement with companies such as Amigo Loans, Glo and others. These customers will normally have been placed on loans with an APR of around 50% APR.

What we do, pay off their debt with these lenders and move them to Reloan which charges half the APR of their original lender.

For example if a borrower has an APR of 49% Amigo, they can move their loan to us and we will only charge 24.5%

How Much Can I Borrow?

We have an upper limit of £7500. This means that we will clear off your existing loan up to this amount. If your existing loan is over this amount, we regret that we will not be able to approve your application.

How Long Does The Application Process Take?

The application process can be completed within 24 hours so long as the applicant has the relevant details to hand. The guarantor has to agree to the loan been transferred to us. Typically though, 24 hours is the average time it takes to complete the process and send the money off to your existing lender.

Your existing lender will normally close your account within a week after that.

Do I Have To Keep The Same Guarantor?

 

Yes, we would only offer a ReLoan if the same Guarantor is listed on the agreement. 
Can You Pay The Money Directly To My Bank Account?

Reloan is a lending product that enables customers who are already engaged in a Guarantor time loan agreement with companies such as Amigo Loans, Glo and others. These customers will normally have been placed on loans with an APR of around 50% APR.

What we do, pay off their debt with these lenders and move them to Reloan which charges half the APR of their original lender.

For examples if a borrower has an APR of 49% Amigo, they can move their loan to us and we will only charge 24.5%

Why Should I Move To ReLoan?

Reloan is a lending product that enables customers who are already engaged in a Guarantor time loan agreement with companies such as Amigo Loans, Glo and others. These customers will normally have been placed on loans with an APR of around 50% APR.

What we do, pay off their debt with these lenders and move them to Reloan which charges half the APR of their original lender.

For examples if a borrower has an APR of 49% Amigo, they can move their loan to us and we will only charge 24.5%

I Have Only Just Taken Out A Loan With Amigo, Can I Switch To ReLoan?

Reloan is a lending product that enables customers who are already engaged in a Guarantor time loan agreement with companies such as Amigo Loans, Glo and others. These customers will normally have been placed on loans with an APR of around 50% APR.

What we do, pay off their debt with these lenders and move them to Reloan which charges half the APR of their original lender.

For examples if a borrower has an APR of 49% Amigo, they can move their loan to us and we will only charge 24.5%

Does My Guarantor Have To Know?

Yes your guarantor will have to know that the agreement is moving towards from your existing lender. They will also have to sign a new agreement which confirms their happy for this to happen.

In our experience most guarantors will automatically agree to this because it means that the borrower - the person they are guaranteeing - will be making much cheaper repayments without any further risk to themselves.

Can I Apply For A Non Guarantor ReLoan?

No unfortunately we do not provide any types of non-guarantor loans on this site. We do have other sites on our network that may be able to help you with the more standard non guarantor type of loan. These do not require someone to guarantor your loan.

You may wish to try our partner site Quick Loans

Will My Existing Lender Allow You To Pay Off The Loan?

We will need the applicant and guarantor to sign an authorisation letter that we will send to the original lender in order for us to pay off the debt.

There is no legal reason for them to not accept a payment to your account from us.

The principal of another lender paying money to another lender in order to close an account has been established in the Credit Card industry with balance transfers - it happens every day. 

As a Borrower

What if I miss a repayment?

If you miss a repayment, you will receive a text message alerting you to the fact that you have missed a schedule repayment. If payment is not received within a further 24-hour period, we would contact your guarantor and asked for payment from them.

We can only provide the rates we do if our customers (both guarantor and borrower ) work with us to make repayments on time.

Whose Credit Score is Effected?

If you miss a repayment, you will receive a text message alerting you to the fact that you have missed a schedule repayment. If payment is not received within a further 24-hour period, we would contact your guarantor and asked for payment from them.

We can only provide the rates we do if our customers (both guarantor and borrower ) work with us to make repayments on time.

Can I Alter My Repayments?

If you miss a repayment, you will receive a text message alerting you to the fact that you have missed a schedule repayment. If payment is not received within a further 24-hour period, we would contact your guarantor and asked for payment from them.

We can only provide the rates we do if our customers (both guarantor and borrower ) work with us to make repayments on time.

How Do I make repayments?

Repayments can be made via Direct Debit on a chosen date, of they can be made via a continuous repayments authority setup linked to your debit card. Payments will be taken on a set day each month.

Being The Guarantor

What Is My Role As Guarantor?

The role of a guarantor is to provide security for the debt should the borrower default in anyway. We would ask that guarantors think long and hard about the implications of being the guarantor because there are clear negative consequences to be in a guarantor.

We need to make this absolutely clear, the guarantor will be held liable if the repayments not made on time the borrowers unable to repay very other reason.

Will I Have To Make Repayments For The Borrower?

Yes, that is as simple as we can make it.

If the borrower does not maintain repayments, ReLoan would ask you as Guarantor to make repayments on their behalf. If you did not make repayments as agreed when you became their Guarantor, it would eventually escalte to Court Action against you.

We don't want to be overly alarmist about this but it is important that you are fully aware of where this could go.

Whose Credit Record is Effected?

The guarantors credit record will not be effected, unless the account falls into such arrears that court action against the Borrower and Guarantor are required. Only after a judgement is obtained from a court would the credit record of the Guarantor be effected.

Our aim is to try and retrieve our funds, not to punish a guarantor for trying to help their friend or familiy member.