Glo is an online loan provider for borrowers with poor credit ratings

Country: UKglo1

Year: 2014

Concept

  • Glo is a online loans provider for retail customers who are either new to credit or have an unstable or unpredictable income
  • Users can borrow between £1000 and £7000 through the platform available over 1 to 5 years with a typical APR of 49.5%
  • Each borrower must have a guarantor (a relative or friend of the borrower), someone who can guarantee the repayment should the borrower be unable to repay. The guarantor should ideally have a good credit history but does not necessarily need to be a homeowner
  • The loan application process includes a call with both borrower and guarantor to discuss their needs and the ability to repay the loan
  • If a borrower misses a repayment, Glo encourages the borrower to contact Glo to discuss and rearrange repayments before informing the guarantor
  • Glo loans are available to UK residents who are over 18 years of age but will not lend to users who are bankrupt or currently in an IVA (Individual Voluntary Agreement) or Trust Deed
  • The Glo platform is provided by Provident Personal Credit Ltd

Consumer Benefits

  • No fees: Glo does not charge users for setting up, settling early or missing a loan. Additional interest may be incurred if a user misses a loan repayment
  • Fast: Glo can lend money in as little as 24 hours providing the borrower and guarantor can be easily contacted
  • Financial inclusion: unlike other lenders, Glo lends to users who have poor credit scores or
  • Built on trust: Glo emphasises the need for trust between borrower and lender, with Glo suggesting that if the guarantor wouldn’t lend the borrower their own money, then they should not act as a guarantor for that person

How To Use
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