Discretionary Commission Arrangements - Compaints and refunds

George Banco

George Banco is a trading name of Everyday Lending Limited. It offers Personal Loans (no guarantor) and Guarantor Loans.

The Personal Loans charge an interest rate of 49.1% fixed and that is an APR of 61.8%. 

The guarantor loan charges an interest rate of 41.4% fixed which gives and APR of 49.7%.

In order to get a quote you need to provide them with a lot of personal information and you have to agree to not only its Terms and Conditions, Privacy Policy, agree to them sharing your information with credit agencies and “other companies” (that seems pretty wide to me), but you also have to agree to them selling you as a lead to other loan companies. That is really not good.

So just to be clear, in order to get a quote you need to agree to them selling your details to other loan companies….

On Trust Pilot George Banco has a trust score of 4.8. 90% of reviewers gave them an Excellent and only 2% gave them a Bad, so they must be doing a lot right.

However, the Bad comments are really bad with customers complaining about being bullied and treated poorly. I did think it was unfair of reviewers to give a bad because the money from the loan did not arrive in their bank account quickly enough.

George Banco is very open about the rate charged, which is good.

We have found the when we make George Banco complaints they are very quick to reject and we have to take the cases to the FOS

Update

George Banco is a loans company based in the UK that was founded in 2012. It offered a range of personal loans. The company is a member of the NSF Group, which is a group of companies that provide financial services to consumers and businesses in the UK.

The NSF Group was founded in 2003 and offers fiance solutions in the UK financial services industry. It makes a strong claim about commitment to responsible lending and customer service. 

George Banco and the NSF Group are regulated by the Financial Conduct Authority (FCA) in the UK, which regulates to ensure that they operate in a fair and transparent manner. The group is also a member of the British Bankers' Association (BBA), which is a trade association for the UK banking industry.

The group has decided to close the business and undertake a run-off process. They have been working with George Banco to ensure that the company's existing customers are well-served during this transition.

During the business run-off process, George Banco will continue to operate as normal and will continue to provide financial products and services to its existing customers. Customers will be able to access their accounts and make payments as usual.

The NSF Group has stated that it is committed to supporting George Banco during the business run-off process and will work closely with the company to ensure that its customers are well-served during this transition.