Important: George Banco no longer offers personal loans to new customers, but this page has been preserved for historical purposes. You can compare other guarantor loans here.
What is George Banco?
A lender that’s been growing a name for itself since 2013, George Banco has many good reviews online. While it offers personal loans without a guarantor to some people, its guarantor loans have better rates. Having made a number of commitments on customer care, it may not be offering anything special in the rates department, but you can be sure that you and your guarantor will be treated well and staff will be on hand to help if you need them.
What is a guarantor loan?
A guarantor loan is a type of unsecured loan that can suit people in specific circumstances. Having bad or little credit history can be a complete block to getting any financing, but guarantor loans mean that a close friend or family member can help you get that much-needed financial boost. By agreeing to make the repayments themselves if you cannot, they provide the reassurance that your credit history lacks.
Although guarantor loans usually have much higher rates than loans from high-street banks, taking one out responsibly can improve your credit history in the future, making it easier to get a loan next time.
Key features of a George Banco loan
George Banco loans come with a fixed interest rate, which means that the overall amount you pay is set out in your contract, and your monthly repayments won’t change (although you can overpay if you want). There are no upfront fees, and neither the applicant nor the guarantor is required to provide loan security.
Loan type
Unsecured guarantor personal loan
Loan amounts
£1,000 to £15,000
Loan terms
1 year to 5 years
Loan rate type
Fixed
Product fee
0%
Same-day funding available
Same-day funding note
Once George Banco has received your completed application, its underwriting team will review all details and will usually contact you within 2 hours. If your loan is approved, the funds will be sent to your Guarantor's current account – usually within 24 hours of application.
Instant decisions in most cases
Overpay without penalty
George Banco customer reviews
George Banco has received positive reviews from customers, according to review platform Trustpilot. It currently has a rating of 4.5 out of 5, based on more than 7,900 reviews (updated June 2023). Many customers praised the excellent service, though others reported issues with payments being taken out unexpectedly.
Existing customers
George Banco decided to stop offering new loans to customers. This will not impact how they support you if you have an existing loan with them. No further borrowing will be approved, and all existing loans will be paid off at their scheduled maturity dates or early as prepayment.
Frequently asked questions
A guarantor is a close friend or family member who agrees to help you get a loan by saying they will pay any repayments if you can’t meet them.
The payment is made into your guarantor’s bank account on the same day you sign the contract. It is then up to them to pass the money to you.
Yes, you send them written confirmation of the amount and the date you wish to settle your loan. Then they will send you a final settlement figure, including a rebate on the interest you haven’t accrued.
No, payments are fixed for the duration of your loan.
You should always contact your loan provider before a problem occurs. George Banco will always try to come to an arrangement with you before contacting your guarantor, but if one can’t be reached, your guarantor is liable for the payments and will be contacted.
George Banco has a track record as a trusted loan provider and is regulated by the Financial Conduct Authority as a trading name of Everyday Lending (FCA reference no. 724445).
No, a person can only be a guarantor on one George Banco loan at a time.
Many guarantor loans are not given to people whose guarantor is a cohabiting spouse. However, George Banco will consider spouses as long as they have demonstrably separate finances.
No, George Banco considers you for a loan as long as you can demonstrate that you can make the payments.
Yes, as long as it is not a current bankruptcy, your application will be considered. However, your credit history is taken into account, so it might still work against you.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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