Familio

Familio is the first in a new generation of UK lenders, fully authorised by the FCA. They offer unsecured personal loans of between £1000 and £5000 which can be repaid over 1 to 5 years. Familio have created its loans to be accessible to as many people as possible, with the aim being to offer an affordable alternative to high-cost short-term credit. The minimum criteria you will be required to fulfill in order to be considered for a Familio loan is that you are a UK resident, aged between 18-28 years old, have a UK mobile and email address, have a regular monthly income paid into your bank and can comfortably any repayments.

Familio specialise in providing loans to customers who haven't had much history of successfully obtaining credit in the past and therefore, due to their low credit score, are unlikely to access credit from the high street banks. Rather than relying purely on a credit score to make their lending decision, Familio utilise the latest Open Banking technology to get an updated view of your incomings and outgoings to calculate if a Familio Loan is suitable and if so, how much you can safely afford to borrow. Another key difference between Familio and other providers in the market, is that Familio are a social enterprise. Unlike some other lenders, Familo invest all profits back into the business. This allows them to constantly improve their service and product offerings.