I miss the days where cheap and cheerful were prevalent, it didn't matter if you had the latest phone or not, and now it seems like we all have to keep up with the Jones' and take out a loan to pay for it ☹
Sorry for the negativity, but I don't see how this is a good thing. Whichever way one looks at it, borrowing money is credit which equals DEBT and still has to be paid back.
Calling ratesetter giffgaff's "mate" is totally wrong. They will want their money. They are not friends, they won't say "don't worry if you can't pay us back mate" they are a creditor who will (understandably) want their money back
Best go into it with ones eyes open and not sleepwalk into it thinking is okay because it's endorsed by giffgaff.
I don't trust any of it, originally the APR borrowing rate looked competitive at "from 6%" but it's already increased before this new venture has gotten off the ground