TrustTwo scores 4.5 out of 5 based on 400 reviews on Feefo. This score puts TrustTwo towards the lower end of the rating spectrum compared to the typical guarantor loan lender.
We've chosen to show the key differences against the "typical" or "average" guarantor lender:
TrustTwo's representative APR is 49.5%, but we have lenders who offer guarantor loans starting at 29.9%. As a broker with access to multiple lenders we may be able to find you loans like TrustTwo's at a lower rate. This calculator uses our representative APR is 39.9% to help you estimate monthly repayments.
Your actual APR will depend on: your loan amount, the lender you choose, if your guarantor owns their home, etc.
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Borrow £3,000 for 36 months. Representative 39.9% APR fixed. Monthly payment £144.16. Annual interest rate 34.05% fixed. Interest payable £2189.76. Total repayable £5,189.76.
Everyday Loans started Duo Loans in around 2014. After Everyday Loans was acquired by Non-Standard Finance PLC (NSF) in late 2015 Duo was rebranded as TrustTwo and the business really started to grow. TrustTwo sits alongside GeorgeBanco in the NSF stable. They are now well established and beginning to generate reasonable borrower reviews.
Borrow £4,000 for 36 months. Representative 49.5% APR fixed. Monthly payment £194.55. Annual interest rate 40.9% fixed. Interest payable £3003.80. Total repayable £7,003.80.
No. Your guarantor can also be a tenant or indeed with live their parents. But a homeowner guarantor is more likely to be accepted simply because they are more likely to have a better credit rating. We have more information about non homeowner guarantors.
No, TrustTwo's interest rate is fixed for the duration of the loan, which can be up to five years. This is good to know because it means you can budget with confidence. Even if general interest rates rise you won't suffer from any increase in you monthly repayments.
The APR is fixed at 49.5% regardless of the amount you borrow or the length of time you borrow it for. TrustTwo's rate is a little higher than some other lenders. We work with some lenders who vary the APR so that it is higher for smaller amounts and lower for large amount. So, it could be that for smaller loan amounts (say £1,000 or £2,000) TrustTwo is a reasonable option. Conversely on larger loans (over £7,500) we could have lenders that offer a lower APR. The lowest APR from any of our lenders in 29.9% for loans over £10,000. If this is of interest then apply here.
Repayments are set up using a direct debit and paid on a monthly basis. The amount you repay will be specified by TrustTwo before you sign any agreement. While you can estimate your repayments using our calculator the TrustTwo APR is 49.5% rather than our representative 39.9% so be careful when looking at affordability. If your monthly payment fails then TrustTwo will always get in touch to help resolve the problem.
As with debt of any kind the first thing to do, if you are beginning to struggle with payments, is to contact TrustTwo. They are duty bound to help look at alternative ways to ease your repayments and make them affordable. You do need to keep in mind though that you have signed an agreement with TrustTwo. If they cannot contact you then they will contact your guarantor to help settle your account.
You will be credit checked before any documents are signed as TrustTwo need to know you are creditworthy. But once the agreement is signed and the borrower starts to make their monthly repayments you should hear nothing from them. However, if the borrower is struggling to make payments and then fails to keep in touch with TrustTwo or defaults then you will be needed to step in. If you fail to help bring the loan up to date then this will be recorded on your credit file too.
Yes, with Trusttwo you are free to reduce or clear your loan at any time. They state that you should get in touch with them if you wish to do this so that you can obtain a settlement figure. It is not clear if there are any fees for early settlement or for additional payments. Generally speaking if you should suddenly be able to pay off a chunk of your loan then that will save you further interest costs and reduce the overall cost of your loan. We'd always recommend doing this if you can afford it.
TrustTwo don't appear to be as fast as some other lenders. They say they aim to get a loan paid out within 3 working days of a successful application, whereas other lenders typically claim they can do it the same day. The time to approve an application will depend on a number of factors. For instance what if any extra documentation is required and if your guarantor is accepted. Once your loan is approved the money is transferred to your guarantor's account who then passes it to you. Money is paid via your guarantor as part of anti-fraud processes.
Well, TrustTwo is not the only lender in town. In fact there are numerous UK guarantor lenders. Our free enquiry service can instantly tell you which of the many lenders we work with could lend to you in principle - and many of these other lenders can offer lower APRs and larger amounts than TrustTwo. If you'd like to maximise your chances of a guarantor loan then use our enquiry service - no fees, and exactly the same deals as going direct!
Typically you need to find someone who knows you well enough for them to trust you - this is a form of "trust-based" lending. So with this in mind your ideal guarantor is likely to be: Parents, Brothers & Sisters - Aunts & Uncles - Sons & Daughters - Grandparents - Boyfriend or Girlfriend - Work Colleagues & Friends. TrustTwo won't allow a spouse to be your guarantor as they are likely to be financially linked to you.
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Tue - Fri: 09.00 - 17.00
Sat: 09.00 - 16.00
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TrustTwo is a trading style of Everyday Lending Ltd, Secure Trust House, Boston Drive, Bourne End, Buckinghamshire, SL8 5YS. Company registration number 05850869.
Everyday Lending Ltd is authorised and regulated by the Financial Conduct Authority with firm reference number 724445.
Everyday Lending Ltd is registered with Information Commissioner, registration number Z9591892.
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Written/Reviewed by: Marcel Le Gouais