LendFair @ www.lendfair.co.uk


LendFair is a direct guarantor lender based in Harlow that launched at www.lendfair.co.uk in late 2013. They offer between £500 and £5000 and have a wide range of repayment terms in place. This starts from just 6 months and it heads as far as 60 months. If you were to take out a £1000 loan over the complete year then the charge would be set at £228.68 with their APR being fixed at 48%. Based on this example, they are a few pence more expensive than UK Credit (£228.44), but they are a little cheaper than Amigo Loans who would ask for £236.72.

The guarantor must be a UK homeowner and they must be aged between the range of 18 and 75 to qualify. The LendFair guarantor loans can’t currently be managed online through www.lendfair.co.uk. They do secure all applications though and they also offer interest rebates for early settlements. The process can be delayed since documents may be required that can take a few days, although they state that in most cases you can obtain the funds within the period of 48 hours. Their office hours are from Monday to Friday from 9am to 6pm and so this is when all such applications will be processed.

It is interesting to see this company offer terms from just 6 months, since most of their rivals require a minimum yearly term. The introduction of this brand adds a further competitive edge to the guarantor loans sector. The demand from the public for this type of loan is relatively small and yet more lenders are springing up on a frequent basis. More recently in 2014 we saw the launch of George Banco who offer a product that accepts tenant backings. It has been no surprise to see so many new entries pop up since the sector default rates are low that creates minimum risk to those that lend.