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Challenger bank launches Trusttwo Guarantor Loan PDF Print E-mail
Wednesday, 18 March 2015

Secure Trust Bank, the established UK challenger bank, has launched Trusttwo, a new guarantor loan offer, through its subsidiary, Everyday Loans.

With a representative APR of 39.9% and a fast and efficient application process, Trusttwo is a serious alternative to established guarantor loans currently available to consumers.
Everyday Loans was established in 2006 and is owned by AIM listed Secure Trust Bank. Supported by this long established and well-respected organisation, Trusttwo is a welcome additional choice for those who struggle to access mainstream lenders for an unsecured loan in their name alone, usually due to a poor or a very limited credit rating.
Offering loans from £1,000 to £7,500 over terms of 12-60 months, Trusttwo provides those with a poor credit rating the ability to access credit. However, crucially, it also opens an avenue for these individuals to build their credit score by making their repayments on time, thereby improving their chances of accessing products from mainstream lenders in the future.
In order to be accepted for a Trusttwo loan, applicants must be able to afford the repayments as well as arrange a guarantor who is willing to take responsibility for loan repayments should the borrower fail to pay. Trusttwo accepts homeowners and tenants with good credit as guarantors.
The application process, whilst an efficient and fast process using eSign technology, is robust. Rigorous underwriting and affordability rules are applied to both the borrower and the guarantor. Borrowers must be over 18 years old, a UK resident and able to afford repayments. The guarantor can be a family member, a friend or a work colleague, but not the applicant’s partner or spouse. Guarantors need to be aged 25-74 with a good credit history. This protects all parties within the agreement.
Danny Malone, Chief Executive of Personal Loans and Mortgages at Secure Trust Bank PLC, said: “We are delighted to launch Trusttwo – until recently, customers looking for a guarantor loan have had fairly limited choice. Our Trusttwo offer means greater choice for customers. Trusttwo will provide those unable to access credit from mainstream lenders with a way to secure the funds that they need, while working to improve their credit rating for the future. Trusttwo also offers them a stepping-stone on the path to build a robust credit rating for themselves – and, importantly, we do this at an extremely competitive rate.”
He continued: “Trusttwo customers also benefit from the fact that we’re part of Secure Trust Bank, one of the UK’s challenger banks. The bank is a well-established and well-respected organisation, so our customers can be sure that they are in good hands.”

(Source - Secure Trust Bank Press Release)


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