FAQs

A guarantor loan is a personal loan backed by a second person, think of them as your back-up. We call this person a guarantor. They agree to pay the loan if the borrower can't. Every Tutu loan works this way.

With most loans, we only check your own finances. With a Tutu loan, we check two people. That's you, the borrower, and your guarantor. This means we can say yes to people who might need a bigger loan amount at a lower rate. We still lend responsibly.

We ask for a guarantor as this means we can offer loans that we wouldn't usually be able to say yes to. The guarantor gives us extra confidence the loan will be repaid, just in case something unexpected happens.

No. A guarantor does not guarantee you'll be approved. We still check that you can afford the loan on your own. We also check that your guarantor can afford to step in if you can't pay. Both checks must pass first.

A guarantor must:

• Be a UK resident
• Be over 18, and no older than 70
• Have a UK bank account and debit card
• Have a good credit score and ideally be a homeowner
• Have a minimum monthly income of £1,250

They also need to be able to pay your loan if you fall behind. A guarantor is often a parent, a family member, or the most reliable of friends.

No. Your guarantor must complete their own part themselves.

That's okay, it happens. It doesn't affect your own application. Just have a think about who else could back you up instead.

No. If you pay on time each month, your guarantor pays nothing, although they can step in to help at any time. We'll let them know if you're late with your payments. They only need to step in if you miss a payment and don't put it right.

If you miss a payment, we'll let your guarantor know straight away, so there are no surprises for them. If you don't sort it out with us, we'll then ask your guarantor to cover it. If you fall badly behind with your repayments, they will need to pay the full amount you owe, not just part of it. The guarantee is in place for the length of your loan. It's a serious step, so make sure your guarantor fully gets it before you apply.

Paying on time and in full can help build a good credit history over time. Missing payments can do the opposite.

Your guarantor can only back your loan if they're happy to. If they're unsure, tell them to ask us first. We'd rather they say no than agree to something they don't fully get. If they change their mind before the loan completes you can nominate another guarantor.

You can apply if:

• You are a UK resident aged over 18, and no older than 70
• Have a UK bank account and debit card
• You are employed with a minimum monthly income of £1,250

Every loan needs a guarantor. This is someone who agrees to pay if you can't. We check that you can afford the loan. We also check that your guarantor can afford to step in if needed.

Yes. Every Tutu loan needs one. Your guarantor is usually someone you trust, like a family member or close friend. They also need to be happy to cover your repayments if you ever fall behind. They will be liable for the full amount owed if you can't pay.

Here's how it works, step by step:

• Tell us about yourself
• Tell us about your income and expenses, so we can check the loan is affordable for you
• If approved, your guarantor completes their details in the same way
• Once you're both approved, you e-sign your credit agreement and we pay out your loan to your guarantor who will transfer it to you

We'll be in touch if we need anything else from you along the way.

You can borrow between £1,000 and £10,000.

Your loan term depends on how much you borrow:

• £1,000 to £1,500 — 12, 18, or 24 months
• £1,501 to £2,000 — 12, 18, 24, 30, or 36 months
• £2,001 to £2,500 — 18, 24, 30, or 36 months
• £2,501 to £4,000 — 24, 30, or 36 months
• £4,001 to £6,500 — 24, 30, 36, 42, 48, 54, or 60 months
• £6,501 to £10,000 — 30, 36, 42, 48, 54, or 60 months

We can't say yes until we've checked your details and your guarantor's details. We look at both of you carefully. This helps make sure the loan is right for you both.

A decline just means you don't meet our criteria right now. We can't share every reason. We look at each case with care. You are welcome to reapply in the future.

Once you and your guarantor are approved, the money is sent to your guarantor's account for them to pass on to you.

Yes. We run a soft check on your credit file, and a separate soft check on your guarantor's file, each one private to the person it belongs to. If you take the loan, we run a full search, which other lenders can see on your file. This will not be added to your guarantor's credit file unless you fail to repay. Too many full checks in a short time may affect your score.

Yes. Once your loan is settled, you're welcome to apply again. We'll look at your new application fresh, just like the first time.

Your loan offer shows the exact interest and the amount of each payment. We charge a Representative APR of 49.9% (daily interest rate 0.11%, fixed). There are no late payment fees.

We charge interest each day. Pay off your loan early, and you'll pay less interest overall.

Representative example: Given a Representative APR of 49.9%, if you borrow £2,500 over 18 months at 41.2% p.a. (fixed), you would owe 18 equal repayments of £188.46. You will repay £3,392.28 in total.

Each payment you make has two parts:

• Principal — the amount you borrowed
• Interest — the daily interest charged

Early on, more of your payment covers interest. Later on, more of it pays off the principal.

None, beyond the interest on your loan. There's no fee to apply, no fee to run your account, and no fee if you repay early. We don't charge a late payment fee.

Log in to your Tutu account. There, you can see your latest payment and your full payment history.

• Log in and select "Make a payment"
• Choose how much to pay
• Pick a payment method (Google Pay, Apple Pay, or debit card) and enter your details

You can also pay by bank transfer. Use your Tutu account number as the reference, so we can match your payment quickly.

Bank name: Barclays
Account name: TUTU
Account number: 63404285
Sort code: 20-19-90

Yes. Log in, choose the option, and your payment will show within minutes, no digging around for your card down the sofa.

Yes.

• Log in and go to "Useful links"
• Select "Update my debit card"
• Set a new default card, or pay once with a different card

Never send card details by email. The card must be in the account holder's name.

Yes, any time you like. Log in, check what you owe, and pay online. You'll pay less interest, and there's no fee. Paying early is one of the few times being keen actually pays off.

If your circumstances have changed for good, we may be able to move your monthly payment date. Get in touch and we'll see what we can do.

We don't charge a late fee. But interest keeps building the longer a payment is overdue, so your loan may cost more. A missed payment also goes on your credit file, and may make it harder to get credit later.

We'll let your guarantor know if you miss a payment, so there are no surprises for them later. We'll only ask them to pay if we can't sort things out with you directly.

If you're struggling, please tell us early. We're here to help, and so is your guarantor.

Please contact us as soon as you can. The sooner we know, the more we can do. We'll work with you to find a fair, affordable plan that fits your situation.

Any plan we agree needs to stay affordable for you and reflect what's left on your loan. If you can still afford your normal payments, we'd expect you to keep paying as usual. This stops arrears building up or your loan term stretching out.

You can also get free, independent advice from MoneyHelper, a government-backed service. Visit moneyhelper.org.uk or call 0800 138 7777.

Let us know if you need extra help, whether it's a health issue, a sudden change, or something else. We'll do our best to support you. Please get in touch through our Contact Us page.

You can also reach MoneyHelper at moneyhelper.org.uk or 0800 138 7777.

We run a soft credit check when you apply, and again for your guarantor. If you take the loan, it's recorded on your file only, and other lenders can see it. Too many checks in a short time may affect your score. We also update credit agencies each month with how the loan is being repaid.

You can view your credit report free at CreditKarma.co.uk and ClearScore.com.

We store some information about you to manage your account. Each month, we tell credit reference agencies how your payments are going.

You can ask us at any time to see what information we hold. Do this through our Contact Us page, by making a Data Subject Access Request. Our full Privacy Policy explains how we use your data.

We'll never ask you to pay an upfront or processing fee. Get a suspicious call? Hang up and call us on 0203 991 6175.

Never share your details — instead, contact Report Fraud on 0300 123 2040, or through their online form https://www.reportfraud.police.uk/reporting-a-fraud/

Log in to your account and go to "My Profile" to make changes. You can also call us on 0203 991 6175, or chat to us once you're logged in.

To make a complaint, log in and chat with us, use our Contact Us page, or call 0203 991 6175. We'll confirm we've received it within five days, and reply within eight weeks.

Not happy with our reply? You can contact the free Financial Ombudsman Service at financial-ombudsman.org.uk or 0800 023 4567.

You can also download our full complaints handling procedure.

• Go to the Tutu website and select "Sign In"
• Enter your email address
• Choose to get your one-time code by email or text
• Enter the code to log in. No code after 20 seconds? Select "Resend code", or try the other option

Still stuck? Contact us through our Contact Us page, or call 0203 991 6175.

Take your time with this. Being asked means someone believes you'll help them take a real step forward. It's a big ask, so it's not something to decide on the spot.

Before you agree, make sure you understand what's involved (read on below), check you're comfortable with the risk if things don't go to plan, and ask us anything you're unsure about. Then it's your choice, and either answer is a fair one. Grab a cuppa and take your time — we'll still be here.

Being a guarantor means agreeing to repay the loan if the borrower can't. It's a real, legal commitment, not just a formality, so it's worth taking your time over.

If the borrower pays on time every month, you won't need to pay a penny. But if they can't keep up, and fall badly behind with their payments, we'll ask you to repay everything that's left on the loan, not just the missed payments.

We'll tell you in advance if we think this might be about to happen, to give you time to do something about it.

If you don't make this payment, this may make it harder to get credit in the future. Legal action may be taken against you.

Only agree if you fully understand what you're taking on. Only agree if you're at ease with it too. Take your time. This is your choice, and it's fine to say no.

It's fine to say no. Being a guarantor is a big money promise, not a small favour. A good choice for you both is one you're truly at ease with. It should not be a yes just to dodge a hard chat. A real friend will get that.

If you do say 'no' we won't tell the borrower that you made the decision. That will be private between you and us. We'll just say we could not go ahead. We know these conversations can be awkward sometimes. We won't put you in a difficult situation.

If approved, we pay the loan into your account. You then pass it on to the borrower straightaway. It's worth adding them as a payee on your online banking first, that way, the transfer is quick. We strongly recommend sending it by bank transfer, so you both have a record.

No. We won't demand you pay if there's just one missed payment. But we'll always keep you up to date if payments are late so you can choose to step in if you want to. It's important to remember that if the borrower falls 90 days behind with their payments, or tells us they are insolvent, you must pay the full amount left on the loan. Not just the missed payment. Please think this through before you agree.

It lasts for the whole loan term. Tutu loans run from 12 to 60 months, depending on how much was borrowed. Check the loan term before you agree, so you know how long you're committed for.

If the borrower pays on time each month, you won't pay a penny. But if they can't pay, you must cover it. Only agree if you're ready for both.

If the borrower becomes insolvent, we will ask you to pay the full amount that's left to pay for the loan straight away, not just the missed payments. There are different types of insolvency. It can include Bankruptcy, Individual Voluntary Arrangements (IVA), Debt Relief Orders (DRO) or a Trust Deed (if the borrower lives in Scotland).

Yes, if you meet our eligibility rules. We'll check you can truly afford to cover the loan if we ever ask you to. If you're on a fixed income, take extra care and think about what this could mean for your money.

You can be a guarantor if you:

• Be a UK resident
• Be 18 or over, and no older than 70
• Have a UK bank account and debit card
• Have a good credit score and are ideally a homeowner
• Have a minimum monthly income of £1,250

No. There's no fee, no catch, and no small print tricks. You only pay if the borrower can't keep up with their repayments.

We run a soft search only when you apply. If the borrower pays on time, there'll be no record on your credit file. If we have to ask you to pay and you do, there'll also be no record on your file. The only time there would be an entry on your credit file is if the borrower gets badly behind with payment, and we ask you to pay, and then you don't pay.

We'll let you know as soon as a payment is missed, so you're never caught by surprise. That doesn't mean we're asking you to pay yet. We'll only ask you to step in if it isn't sorted out with the borrower directly.

If we ever need to collect a payment from you, we'll take it from the debit card you decided to give us. We'll only collect payments direct from you if you ask us to. There won't be any surprises. You can also pay us yourself at any time, outside of this, if you'd rather.

Yes. You can always see what's happening in the online account. That way, there are no surprises.

Once you've agreed to be a guarantor and we've sent the money, you won't be able to change your mind (even if you fall out with the borrower) or pass your responsibility to anyone else. So, it's important to be sure before you say yes.

You can get free, independent advice from MoneyHelper. Visit moneyhelper.org.uk or call 0800 138 7777. You can also contact us with any questions before you agree to anything.