Frequently asked questions

• They must be 21 years of age
• They must be a UK resident
• Homeowners or tenants are accepted
• They need to have a UK bank account and with a UK debit card
• They need to have a good, clean credit history
• They must not be subject to a current Individual voluntary arrangement (IVA), bankruptcy order or Scottish equivalents
• They must be in full-time employment and be able to demonstrate the last 3 months' income or self-employed and able to provide the last set of company accounts or VAT return
• No benefits are included in affordability assessment
• They can be any relative or friend who meets the above criteria

• You must be a UK resident

• You must be at least 21 years old

• You need to have a person who has agreed to be your guarantor and meets our minimum criteria

• You need to be employed, or if self employed be able to demonstrate stable income

• Have a UK bank account and with a debit card

• You must not be in an IVA, Debt Management Plan or declared Bankrupt

• You must pass Angel Loans affordability and creditworthiness assessment

Certainly, your parents can act as your guarantor, provided they pass our affordability and creditworthiness assessment.

Unfortunately, Angel Loans may have to decline a guarantor's application if their personal details do not comply with a list of mandatory requirements, or they have not passed our affordability and creditworthiness assessment.

If this occurs, the borrower can nominate a different person to act as their guarantor.

Yes, all Angel Loans applications will require a guarantor who meet our criteria and approved following an affordability and creditworthiness assessment. 

Yes, we are a direct lender.  We accept applications directly from a borrower or through selected credit brokers.

Angel Loans will never charge a fee if your application is submitted via a loan comparison website or credit broker. Additionally, the rate and amount of interest you would pay will be identical, irrespective of whether you apply directly or through a credit broker.

Although Angel Loans only works with credit brokers who agree not to charge the borrower a fee, please review the broker’s terms and conditions before signing to confirm. Angel Loans cannot refund any broker fees paid to a third party.

In accordance with the terms and conditions of our broker/affiliate agreement, Angel Loans will remit a commission to the introducer or affiliate for each successfully completed loan transaction. As previously stated, the amount paid by Angel Loans to the credit broker will not affect the rate and amount of interest you would pay, compared to if you applied directly.  The amount of commission paid for an individual loan is shown in the contractual paperwork.

No, Angel Loans do not charge any application or set up fees.

No.  Angel Loans is unable to accept any borrower or guarantor in an IVA (individual voluntary arrangement) or Scottish equivalent. 

No.  Angel Loans is unable accept any borrower or guarantor if they are bankrupt or the Scottish equivalent.

Yes.  Angel Loans will consider applications from borrowers whose income includes benefits, provided that the benefits constitute no more than 25% of the total income. However, any loan approval is contingent upon successfully passing the affordability and creditworthiness assessment.

You have the right to cancel the agreement within 14 days.  If you cancel you must return any money borrowed within 30 days of notifying Angel Loans in writing or by phone, plus accrued interest up to the date on which repayment.  Please call 0333 577 2000 or email accounts@angelloans.co.uk.

You can settle your loan early penalty-free at any time.  You can request a settlement figure at any time, and it will be valid for 28 days.  If you settle the loan early, you will only pay interest for the time you hold the loan, including the 28-day notice period. 

Angel Loans are committed to ensuring successful payments for our borrowers.  We will collaborate with you to select a convenient date each month for your payments.

You have the flexibility to change your payment date up to three times within a 12-month period.  Please note that a minimum notice period of 14 days is required for any changes to your payment date.  To request a change, please call us at 0333 577 2000 or email accounts@angelloans.co.uk.

No.  However, all borrowers and guarantors will be required to complete an online ID authentication to confirm their identity and address.  Acceptable proofs include a passport, driving licence plus utility bills and bank statements.

In the event that the borrower misses a loan repayment by 3 days, we will send notification to both the borrower and the guarantor, specifying that the outstanding amount must be cleared within 14 days.

If the arrears remain unresolved after the 14-day period, on the 15th day, we will initiate a Continuous Payment Authority against the guarantors debit card, to clear the arrears.

Upon successful payment, both the borrower and guarantor will receive notification via email and text SMS.

However, if there is a second missed monthly repayment, the above actions will be followed again, and if still unsuccessful the account will be transferred to our overdue collection team for further actions, which may include legal recovery.

We understand that a borrower’s situation may change from time to time.  Call us immediately, we are here to help.  In addition, assistance may be obtained from debt advisory charities, the details of some are available below or  you can refer to the Angel Loans debt advice page www.angelloans.co.uk/debt-advice   

Once a loan has been approved for pay-out, Angel Loans will transfer the funds to the borrower's bank account and inform the guarantor.

No, Angel Loans is unable to provide funds when either the borrower or guarantor are residents of the Channel Islands.

Yes. Angel Loans will consult with and report to credit reference agencies or similar organisations. Plus, we look at your personal circumstances, using our standard affordability checks, in order to come to a lending decision.

When a borrower fails to repay a loan, the guarantor is responsible for making the payment. Here’s a simplified breakdown of the process and responsibilities:

1. Nomination and Agreement:
   • The borrower nominates a guarantor (usually a friend or family member) who agrees to take on this role.
   • The guarantor provides their name and contact details and signs a Guarantee and Indemnity form, promising to meet the borrower's obligations if they fail to do so.
2. Financial Responsibility:
   • The guarantor is legally obligated to repay the loan, including any default charges and accrued interest, if the borrower defaults.
   • This is a significant financial commitment and should be considered carefully
3. Assessment and Approval:
   • The lender conducts a detailed assessment to ensure both the borrower and guarantor can afford the repayments.
   • The loan is only approved once both parties are deemed capable of meeting their financial obligations.
4. Repayment Methods:
   • The borrower usually provides a Continuous Payment Authority (CPA) using their debit card for automatic repayments.
   • The guarantor must also provide their debit card details and a CPA for automatic payments if the borrower fails to pay.
5. Payment Collection Attempts:
   • The lender makes an initial attempt to collect the repayment from the borrower's account on the scheduled date.
   • If unsuccessful, they contact the borrower to discuss the missed payment and may try again within one week.
   • If the borrower still does not pay, the lender contacts the guarantor, notifying them of the missed payment and requesting repayment.
6. Guarantor’s Payment:
   • The guarantor is given at least 5 working days' notice before the lender attempts to collect repayment from their account using the CPA.
   • If the payment attempt from the guarantor’s account fails, the lender may continue to make weekly attempts, notifying the guarantor each time.
7. Communication and Forbearance:
   • Throughout the loan’s arrears period, the lender makes reasonable attempts to contact both the borrower and guarantor to resolve the issue.
   • The lender exercises forbearance, especially if financial difficulties are communicated.
8. Changes in Circumstances:
   • If the guarantor's financial situation changes, they should contact the lender immediately to discuss available options.
   • The lender may refund repayments if the guarantor's priority debts (like rent or utilities) are impacted by their repayment attempts.

By understanding these steps, the guarantor can be prepared for their responsibilities and the processes involved if the borrower defaults.

• Must be 21 years of age
• Must be a UK resident
• Homeowners or tenants are accepted
• Have a UK bank account and with a debit card
• Have a good, clean credit history
• Not be subject to a current Individual voluntary arrangement (IVA), bankruptcy order or Scottish equivalents
• Must be in full-time employment and be able to demonstrate the last 3 months' income or self-employed and able to provide the last set of company accounts or VAT return
• No benefits included in the affordability assessment
• They can be any relative or friend who meets the above criteria

It's important for the guarantor to understand that by agreeing to the loan, they are committing to cover the full repayment if the borrower is unable to do so.

Before agreeing to be a guarantor, ensure you're financially capable of repaying the loan in case the borrower defaults.  Such circumstances may strain relationships with the borrower, whether they're a friend or family member.

Furthermore, failure to repay the loan as a guarantor can negatively impact your credit rating.  Both the guarantor and the borrower would be held responsible for repaying the entire loan amount, including interest, capital borrowed and any associated collection costs.

Certainly, your parents can act as your guarantor, provided they pass our affordability and creditworthiness assessment.

Unfortunately, Angel Loans may have to decline a guarantor's application if their personal details do not comply with a list of mandatory requirements, or they have not passed our affordability and creditworthiness assessment.

If this occurs, the borrower can nominate a different person to act as their guarantor.

Angel Loans will never charge a fee if your application is submitted via a loan comparison website or credit broker. Additionally, the rate and amount of interest you would pay will be identical, irrespective of whether you apply directly or through a credit broker.

Although Angel Loans only works with credit brokers who agree not to charge the borrower a fee, please review the broker’s terms and conditions before signing to confirm. Angel Loans cannot refund any broker fees paid to a third party.

In accordance with the terms and conditions of our broker/affiliate agreement, Angel Loans will remit a commission to the introducer or affiliate for each successfully completed loan transaction. As previously stated, the amount paid by Angel Loans to the credit broker will not affect the rate and amount of interest you would pay, compared to if you applied directly.  The amount of commission paid for an individual loan is shown in the contractual paperwork.

No.  Angel Loans is unable to accept any borrower or guarantor in an IVA (individual voluntary arrangement) or Scottish equivalent. 

No.  Angel Loans is unable accept any borrower or guarantor if they are bankrupt or the Scottish equivalent.

No.  However, all borrowers and guarantors will be required to complete an online ID authentication to confirm their identity and address.  Acceptable proofs include a passport, driving licence plus utility bills and bank statements.

In the event that the borrower misses a loan repayment by 3 days, we will send notification to both the borrower and the guarantor, specifying that the outstanding amount must be cleared within 14 days.

If the arrears remain unresolved after the 14-day period, on the 15th day, we will initiate a Continuous Payment Authority against the guarantors debit card, to clear the arrears.

Upon successful payment, both the borrower and guarantor will receive notification via email and text SMS.

However, if there is a second missed monthly repayment, the above actions will be followed again, and if still unsuccessful the account will be transferred to our overdue collection team for further actions, which may include legal recovery.

Once a loan has been approved for pay-out, Angel Loans will transfer the funds to the borrower's bank account and inform the guarantor.

No, Angel Loans is unable to provide funds when either the borrower or guarantor are residents of the Channel Islands.

Yes. Angel Loans will consult with and report to credit reference agencies or similar organisations. Plus, we look at your personal circumstances, using our standard affordability checks, in order to come to a lending decision.

When a borrower fails to repay a loan, the guarantor is responsible for making the payment. Here’s a simplified breakdown of the process and responsibilities:

1. Nomination and Agreement:
   • The borrower nominates a guarantor (usually a friend or family member) who agrees to take on this role.
   • The guarantor provides their name and contact details and signs a Guarantee and Indemnity form, promising to meet the borrower's obligations if they fail to do so.
2. Financial Responsibility:
   • The guarantor is legally obligated to repay the loan, including any default charges and accrued interest, if the borrower defaults.
   • This is a significant financial commitment and should be considered carefully
3. Assessment and Approval:
   • The lender conducts a detailed assessment to ensure both the borrower and guarantor can afford the repayments.
   • The loan is only approved once both parties are deemed capable of meeting their financial obligations.
4. Repayment Methods:
   • The borrower usually provides a Continuous Payment Authority (CPA) using their debit card for automatic repayments.
   • The guarantor must also provide their debit card details and a CPA for automatic payments if the borrower fails to pay.
5. Payment Collection Attempts:
   • The lender makes an initial attempt to collect the repayment from the borrower's account on the scheduled date.
   • If unsuccessful, they contact the borrower to discuss the missed payment and may try again within one week.
   • If the borrower still does not pay, the lender contacts the guarantor, notifying them of the missed payment and requesting repayment.
6. Guarantor’s Payment:
   • The guarantor is given at least 5 working days' notice before the lender attempts to collect repayment from their account using the CPA.
   • If the payment attempt from the guarantor’s account fails, the lender may continue to make weekly attempts, notifying the guarantor each time.
7. Communication and Forbearance:
   • Throughout the loan’s arrears period, the lender makes reasonable attempts to contact both the borrower and guarantor to resolve the issue.
   • The lender exercises forbearance, especially if financial difficulties are communicated.
8. Changes in Circumstances:
   • If the guarantor's financial situation changes, they should contact the lender immediately to discuss available options.
   • The lender may refund repayments if the guarantor's priority debts (like rent or utilities) are impacted by their repayment attempts.

By understanding these steps, the guarantor can be prepared for their responsibilities and the processes involved if the borrower defaults.

You can settle your loan early penalty-free at any time.  You can request a settlement figure at any time, and it will be valid for 28 days.  If you settle the loan early, you will only pay interest for the time you hold the loan, including the 28-day notice period. 

Angel Loans are committed to ensuring successful payments for our borrowers.  We will collaborate with you to select a convenient date each month for your payments.

You have the flexibility to change your payment date up to three times within a 12-month period.  Please note that a minimum notice period of 14 days is required for any changes to your payment date.  To request a change, please call us at 0333 577 2000 or email accounts@angelloans.co.uk.

In the event that the borrower misses a loan repayment by 3 days, we will send notification to both the borrower and the guarantor, specifying that the outstanding amount must be cleared within 14 days.

If the arrears remain unresolved after the 14-day period, on the 15th day, we will initiate a Continuous Payment Authority against the guarantors debit card, to clear the arrears.

Upon successful payment, both the borrower and guarantor will receive notification via email and text SMS.

However, if there is a second missed monthly repayment, the above actions will be followed again, and if still unsuccessful the account will be transferred to our overdue collection team for further actions, which may include legal recovery.

We understand that a borrower’s situation may change from time to time.  Call us immediately, we are here to help.  In addition, assistance may be obtained from debt advisory charities, the details of some are available below or  you can refer to the Angel Loans debt advice page www.angelloans.co.uk/debt-advice   

Duplicate payments will be refunded within a maximum of five working days to the original card or account from which the funds were debited.

Once a loan has been approved for pay-out, Angel Loans will transfer the funds to the borrower's bank account and inform the guarantor.

If either the borrower or the guarantor expresses dissatisfaction with the service provided by Angel Loans, we kindly ask that you notify us promptly. Your feedback is invaluable, and we are dedicated to promptly addressing any concerns you may have. Please contact us by calling 0333 577 2000 or emailing info@angelloans.co.uk.

All loan-related communications will be acknowledged within 3 working days and responded to within 8 weeks, typically much sooner.  If our response does not meet your satisfaction, Angel Loans will provide you with details of the Financial Ombudsman Service, to which you may refer your complaint.

When a borrower fails to repay a loan, the guarantor is responsible for making the payment. Here’s a simplified breakdown of the process and responsibilities:

1. Nomination and Agreement:
   • The borrower nominates a guarantor (usually a friend or family member) who agrees to take on this role.
   • The guarantor provides their name and contact details and signs a Guarantee and Indemnity form, promising to meet the borrower's obligations if they fail to do so.
2. Financial Responsibility:
   • The guarantor is legally obligated to repay the loan, including any default charges and accrued interest, if the borrower defaults.
   • This is a significant financial commitment and should be considered carefully
3. Assessment and Approval:
   • The lender conducts a detailed assessment to ensure both the borrower and guarantor can afford the repayments.
   • The loan is only approved once both parties are deemed capable of meeting their financial obligations.
4. Repayment Methods:
   • The borrower usually provides a Continuous Payment Authority (CPA) using their debit card for automatic repayments.
   • The guarantor must also provide their debit card details and a CPA for automatic payments if the borrower fails to pay.
5. Payment Collection Attempts:
   • The lender makes an initial attempt to collect the repayment from the borrower's account on the scheduled date.
   • If unsuccessful, they contact the borrower to discuss the missed payment and may try again within one week.
   • If the borrower still does not pay, the lender contacts the guarantor, notifying them of the missed payment and requesting repayment.
6. Guarantor’s Payment:
   • The guarantor is given at least 5 working days' notice before the lender attempts to collect repayment from their account using the CPA.
   • If the payment attempt from the guarantor’s account fails, the lender may continue to make weekly attempts, notifying the guarantor each time.
7. Communication and Forbearance:
   • Throughout the loan’s arrears period, the lender makes reasonable attempts to contact both the borrower and guarantor to resolve the issue.
   • The lender exercises forbearance, especially if financial difficulties are communicated.
8. Changes in Circumstances:
   • If the guarantor's financial situation changes, they should contact the lender immediately to discuss available options.
   • The lender may refund repayments if the guarantor's priority debts (like rent or utilities) are impacted by their repayment attempts.

By understanding these steps, the guarantor can be prepared for their responsibilities and the processes involved if the borrower defaults.