FAQ

FAQ

How does this web site work?

This web site is a loan brokerage website and provides a service that makes your life easier by helping to find you an established lending institution that agrees in principle to offer you a loan. The web site introduces you to a broad range of loans products available on our lenders websites. You just fill in the application form and we forward you to the first lender who agrees in principle to offer you a loan. The loan amount offered will be based on your needs and circumstances.

What do I need to have before I apply for a loan through this web site?

To apply for a loan through this web site, you should be a UK resident with a UK bank account and an active debit card linked to that account. You should have a regular income too, and we’ll need your address details. Each of our lender partners will have different requirements. As part of the application process you will be required to complete a creditworthiness and affordability check.

Do you run a credit check when I apply?

This web site does not run a credit check when you apply, but you may be redirected to a lender who does.

What if I have bad credit?

It depends on how you define ‘bad credit’. Our partner lenders each have different conditions for accepting loan applications, and this web site does the legwork in matching your application to prospective lenders’ requirements. In other words, a poor credit rating doesn’t necessarily mean you can’t get access to much-needed funds, so don’t let this put you off using our service. Please remember, short-term loans aren’t designed to help you repay or manage existing debt. They are simply there to help you cover unexpected or urgent expenses. If you are experiencing any problems with debt you can visit one of the following websites for advice:

NationalDebtLine.org
CitizensAdvice.org.uk
StepChange.org

How quickly can I get a loan?

This web site processes your application as soon as you have submitted it. The loan will be issued by the lender directly provided they are satisfied with your profile. Most of the time you can have the money transfered into your bank account within a few hours or the same day but please be advised that it could take up to 2-3 days depending on your bank, the lender you go through and the day you apply on.

How much does it cost?

Our service is completely free of charge for you. The costs for your loan will depend on the lender providing it.

What if I’m self-employed?

Our partner lenders often lend to people who are self-employed.
As long as you can prove you have a regular income, we can try and find you a loan.

How much can I borrow?

The amount you can borrow depends on the lender so it will vary.

I live in rented accommodation – does this matter?

Lots of people in the UK rent their homes, and most loan providers don’t see it as a reflection of a customer’s ability to repay. If you rent, it shouldn’t be a problem.

Do I need a UK bank account?

Yes, and in most cases you will need an active debit card for that account so you can make automated repayments.

Do I have to tell you why I need a loan?

You probably have a reason, but we won’t ask you for it but the lender will. We encourage responsible borrowing, and suggest to all our customers that they consider the alternatives first – like a bank loan or overdraft extension – or if you can, wait till you next get paid. Remember, short-term loans aren’t designed to help you repay or manage existing debt. They are simply there to help you cover unexpected or urgent expenses.

What if I make a late payment or miss a payment?

When you take out a loan with one of our lenders, you’re entering into an agreement with them and committing to meet your repayments. So it’s important you make every effort to do so. Each lender has their own policy and set of terms and conditions and we suggest you carefully read them on the lender’s website before you enter into a loan agreement with them.

If you know that you will be late with a repayment, the best thing to do is to get in touch with the lender and try to rearrange your payment. The lender will help you get a more manageable payment plan in place.

Details of the revised terms and additional costs should be provided by the lender, we suggest that you always read and check them carefully before you decide whether or not you wish to agree to the new arrangement.

What is Auto Decisioning? 

Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction, for more information please contact your lender or see their privacy policy.

What happens if I don’t pay my loan?

When you take out a loan with one of our lenders, you’re entering into an agreement with them and committing to meet your repayments. So it’s important you make every effort to do so. Each lender has their own policy and set of terms and conditions and we suggest you carefully read them on the lender’s website before you enter into a loan agreement with them.

If you don’t meet the repayments that you have committed to in your loan agreement, you can incur charges for non-payment, and you will still be paying interest on the loan. The exact amount of charge depends on the specific lender you have been matched with, so check their website for details.

If you miss a payment, the lender will try contacting you, the lender will also continue to try and recover the funds using your debit card or a direct debit arrangement. The lender will also almost certainly fine you for being late. If you have a problem, the best thing to do is to talk directly to the lender.

All our lenders are reasonable, so wherever possible, they will aim to reach an agreement with you on how you can repay the loan. However, if it is not possible to reach an agreement and you continue not to pay, they will pass your debt to a debt collection agency.

Outstanding debts will affect your credit status, and you may not be able to get credit in the future. You probably won’t be able to borrow from the lender again if they have problems recovering your loan and the related interest and charges.