Discretionary Commission Arrangements - Compaints and refunds

Buddy Loans


Buddy Loans is a guarantor loan lender as well as stating that they will lend money as:

Bad Credit Loans, Car Loans, Debt Consolidation loans, Business Loans and Wedding Loans.

They appear to charge exactly the same regardless of which one you select, so I think that might be just a marketing ploy.

Buddy Loans charge a representative APR of 49.9% APR and that appears to the one and only interest rate they charge regardless of purpose, loan size or loan length.

Great care should be taken when taking out a loan as the cost of the loan will be very expensive and Buddy Loans is no different:

Borrow £10,000 over 60 months (5 years) and you will pay £395.25 per month and pay back a total of £23,722.86. That means that the interest will be £13,722 and that is £228.71 per month interest.

So out of the monthly payment of £395.25, £228.71 is an interest payment and only £166.54 is paying off the actual loan.

Buddy Loans is actually a trading style of a company called Advancis Limited. In its 2018 results it says that it has a debtor (maybe its loan book) of £21,773,437 and has almost a million pounds in cash, in the bank.

On its site it displays a big section on its Trust Pilot rating and says it has a Trust Pilot Trust Score of 9.4. 

Pretty good I would say, except that is not its true Trust Pilot Score. It is actually 4.7. As you can see below.

The reviews left for Buddy Loans gave interesting reading. It seems that customers either love them or hate them.