About Tfs loans ltd
TFS Loans Ltd: A Comprehensive Guide to the Company
TFS Loans Ltd is a UK-based financial institution that specializes in providing unsecured personal loans to individuals. The company was founded in 2003 and has since then been offering its services to customers across the country. However, TFS recently went into administration, which means that it will no longer be making any new loans.
Despite this setback, TFS will continue to operate and serve its existing customers. The company's administrators, Allister Manson and Trevor Binyon of Opus Restructuring LLP, have assured customers that their loans will not be affected by the administration process.
In this article, we'll take a closer look at TFS Loans Ltd - its history, products and services offered, customer reviews and ratings - as well as what led to its recent administration.
History of TFS Loans Ltd
TFS Loans Ltd was established in 2003 with the aim of providing affordable personal loans to people who may have been turned down by traditional lenders such as banks or building societies. The company's founders believed that there was a gap in the market for unsecured personal loans for people with poor credit histories or those who were self-employed.
Over time, TFS grew steadily and became one of the leading providers of unsecured personal loans in the UK. Its success was largely due to its flexible lending criteria which allowed it to cater for a wide range of borrowers with varying credit profiles.
Products and Services Offered by TFS Loans Ltd
TFS offered two main types of loan products: guarantor loans and homeowner loans. Guarantor loans are unsecured personal loans where a friend or family member acts as a guarantor for the borrower. Homeowner loans are secured against property owned by the borrower.
The amount borrowed could range from £1,000 up to £15,000 depending on individual circumstances such as income level and credit score. Repayment terms were flexible, ranging from 12 months up to 60 months.
TFS also offered debt consolidation loans which allowed customers to consolidate their existing debts into one manageable monthly payment. This was particularly useful for people who had multiple debts with different lenders and were struggling to keep up with repayments.
Customer Reviews and Ratings
TFS Loans Ltd has received mixed reviews from customers over the years. Some customers have praised the company for its flexible lending criteria, fast application process and excellent customer service. Others, however, have criticized TFS for its high interest rates and aggressive debt collection practices.
On Trustpilot, a popular review site, TFS has an average rating of 4 out of 5 stars based on over 1,000 reviews. Many customers have praised the company's friendly staff and efficient service. However, some negative reviews highlight issues such as high interest rates and poor communication from the company.
Reasons for Administration
In March 2021, it was announced that TFS Loans Ltd had gone into administration due to financial difficulties caused by the COVID-19 pandemic. The administrators appointed were Allister Manson and Trevor Binyon of Opus Restructuring LLP.
The administrators stated that TFS would continue to operate as normal but would no longer be making any new loans. They also assured existing customers that their loans would not be affected by the administration process.
Conclusion
TFS Loans Ltd is a UK-based financial institution that specializes in providing unsecured personal loans to individuals who may have been turned down by traditional lenders such as banks or building societies. Despite going into administration recently due to financial difficulties caused by COVID-19 pandemic; it will continue serving its existing clients without making any new loan offers.
While TFS has received mixed reviews from customers over the years; many people appreciated its flexible lending criteria which allowed them access credit when they needed it most.
If you are an existing customer of TFS Loans Ltd, you can rest assured that your loan will not be affected by the administration process. However, if you are looking for a new loan provider, it may be worth exploring other options given TFS's current situation.
tfsloans.co.uk
