Buddy Loans gets FCA approval

Greater Manchester-based Buddy Loans has received full accreditation from the Financial Conduct Authority (FCA), enabling the guarantor loan provider to give more consumers access to credit.
 
The Cheadle company was set-up in 2013 by entrepreneurs Guy Mackenzie and Nicholas Zapolski, to provide consumers who have been refused loans from mainstream lenders with affordable credit.
   
Buddy Loans has also secured an investment of £10m to increase lending.
 
Director Mackenzie said: “Our ambition when we set up Buddy Loans was to plug the gap that mainstream lenders have failed to fill, by offering a large section of the population access to the finance they need to live their everyday lives.
 
“We estimate that there are about two million people currently underserved by mainstream lenders who are in a position to borrow from a responsible lender because they either don’t have a credit history, or they have had some hiccups in life that have affected their credit record.

“We understand that things happen in life and we look at each customer as an individual so they can get access to credit to buy a car or consolidate their lending to make payments more affordable.”