glo is a UK-based, online guarantor loan business.

The brand glo, short for The Guarantor Loan Option, was developed and pilot launched in November 2014. glo aims to offer customers who may struggle to get credit on their own, for example as a result of a poor credit record, access to larger loan amounts over longer periods: £1,000 to £7,000 over 1 to 5 years, with the support of a guarantor.

glo loans are designed to meet the needs for more significant purchases, for example: buying a car, simplifying finances, or home improvements etc.

There are no set-up fees or early repayment fees and repayments are made monthly by direct debit. Interest is calculated daily and applied to the account monthly. 

How a glo loan works

There is a short online application form for borrowers to complete, after which a glo expert will speak to the borrower over the phone to check they can afford the loan and its repayments and that the loan meets with their needs. Only after the borrower’s loan has been approved do we ask them to forward a link to their proposed guarantor.

The guarantor goes through exactly the same application process as the borrower, completing a short online form and then speaking with a glo expert to check their understanding of their role and to confirm they are able to afford the repayments in the event the borrower cannot repay the loan.

Once the borrower and their guarantor have each applied and both have been approved, the money is transferred directly into the borrower’s bank account.

glo does not automatically set up repayments from the guarantor at any point in the application process and only requests payment from the guarantor after the borrower has defaulted on their agreement. 

A customer-centric approach

glo is an online business but it recognises the importance of speaking with all borrowers and guarantors as financial matters are not always straightforward and borrowing between £1,000 and £7,000 is a significant decision. There is even a diagram on the glo website to help the guarantor decide if this is the right decision for them:

In the event that the borrower encounter difficulties in making repayments, then glo experts will work with the borrower to understand their situation and respond appropriately.

glo promises to keep both the borrower and guarantor informed about the conduct of the account so that there are no nasty surprises along the way. Maintaining a relationship with the guarantor is of equal importance to glo.

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