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Since 2003, TFS Group has been providing UK borrowers with consumer finance products. TFS Group offers guarantor loans and caters to clients who may have recently been turned down by high street banks. By providing unsecured personal loans, TFS comes to the assistance of consumers who may be dealing with unexpected financial hardships for a wide variety of reasons including illness, reduced hours at work, appliance or vehicle malfunction, and more. TFS Group is headquartered in Haleigh, Essex and regulated by the Financial Conduct Authority.
APPLICATION REQUIREMENTS:
To apply for a TFS loan, borrowers need to be employed UK citizens with UK bank accounts. They also need to have a guarantor or individual who is willing to sign for the loan and be responsible for repaying it off if they are unable. Guarantors must be employed UK homeowners between the ages of 18 and 78. Guarantors need to go through an affordability assessment before the loan can be approved.
LOAN AMOUNT AND CHARGES:
Loans amounts given by TFS can be as little as £1,000 and as much as £12,000. The APR on a TFS loan will depend on a variety of factors including how much is borrowed. These guarantor loans have a representative fixed APR of 39.9%. As an example, a loan of £6,500 taken out over a period of 48 months will be paid off in 48 monthly payments of £249.71. Over the life of this loan, the borrower would pay back a total of £11,986.08. This loan would have an APR of 39.9%.
PROCESS:
Borrowers need to fill out an online application to apply for a TFS guarantor loan. They’ll need to provide information regarding their address, employment status, and bank account. They’ll also need to provide information regarding their guarantor, including the guarantor’s address and employment status. After submitting the application, the borrower waits for a response and a loan offer. If he or she decides to accept any loan offer received, loan funds will be deposited into his or her account in as little as 24 hours.
PAYMENT:
Borrowers will pay back the same amount each month over the life of the loan. They don’t need to pay any upfront fees. They can make payments online, and these payments can be automatically charged to their debit accounts. If desired, borrowers can pay off their loans early to reduce their interest charges.
TFS Loans Ltd has gone into administration, with Allister Manson and Trevor Binyon of Opus Restructuring LLP appointed as Joint Administrators. While the company will continue to operate, no new loans will be issued. The administrators are working closely with the Financial Conduct Authority to ensure fair treatment of customers and collection of outstanding loan balances.
2. Should existing customers continue making loan repayments?
Yes, it is crucial for existing customers to continue repaying their loans as per the agreed terms. Maintaining regular payments can have a positive impact on their credit scores. Customers should not be deterred by the administration process and should fulfill their obligations.
3. How can I contact TFS Loans Ltd for queries or repayments?
For any queries or to make a repayment, customers can contact TFS Loans Ltd's customer service team. They are available Monday to Friday from 9am to 5pm. Customers can reach them at 01268 740 755 or via email. The team will assist customers in the usual manner.
4. Will TFS Loans Ltd ask for bank details over the phone?
No, TFS Loans Ltd will never ask customers for their bank details over the phone. Customers should be cautious of unexpected cold calls or conversations requesting such information. It is important to treat such requests with suspicion and not disclose any personal or financial details.
5. What are the responsibilities of the Administrators?
The Administrators act as agents of TFS Loans Ltd and do not have personal liability. Their role is to oversee the administration process and ensure compliance with relevant regulations. They work in collaboration with the company and the Financial Conduct Authority to protect the interests of customers and manage the outstanding loan balances.
UK (Rayleigh, Essex) based business - established in 2003 - providing guarantor loans. Website includes details of services provided, testimonials, details of awards won, blog, FAQs, full contact details including company registration number. Company is regulated by the Financial Conduct Authority.
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Company established in 2003
Company is regulated by the Financial Conduct Authority.
Company address
Broom House 39-43 London Road Hadleigh Benfleet Essex SS7 2QL United Kingdom
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