The email starts – “Apply now for a guarantor loan up to £15,000 from the UK’s leading guarantor loans company”.

 “48.9% APR Representative”.

Can you believe that? – basically a 50% interest rate. One hundred times the Bank of England base rate

It goes on – “Wouldn’t it be great if you could borrow money based on the relationships that you have instead of your credit history? With a TFS Guarantor Loan you can do just that. A guarantor loan is an alternative way to borrow that can provide you with an affordable loan for any purpose based on trust instead of your credit score”.

“Everyone’s considered – providing you can afford the payments and have a guarantor who is a homeowner aged 18 – 78”.

So, you can borrow money as long as you have someone willing to pay the loan if you cannot. And if they cannot pay the loan then the company takes their home to sell off instead.

This is perfectly legal but morally quite wrong.

Don’t go for things like this.