The Loan Shop

Good:
If you can get to their office with your documents you can get your money the same day

Bad:
You can only apply if you are currently in full or part-time employment

Verdict:
Only available to residents of Guernsey who have good credit - low interest rate loans up to £5,000 paid out in one hour

The Loan Shop is a loan company in Guernsey town centre that are there to serve the local community. They can lend between £500 and £20,000 (up to £25,000 for a boat or car purchase) for any purpose! They are a very transparent and open lender. Their interest rates are competitive but may change depending on your personal circumstance. Just make sure you know exactly what rate you are going to pay before you agree to the loan.

To apply, you must complete their online application form. Your application is then sent straight to their office where they will have a look at it. A representative will call you to discuss the loan and will explain that they are going to credit check you. Once they have credit checked you, they will be able make a final decision on whether they can lend to you. If you are accepted, you need to go to their office to sign the documents and loan agreement. The representative will then go around to the bank to pay the cheque into your account which can take about 3 hours to clear.