FAQs*

Will a credit reference be taken before I get my loan?

Every time someone applies either for a loan or a credit agreement the people giving you the loan will want to make sure that you are a good risk and not someone who will spend their money on the 2.30 at Haydock.

They check you out by asking for a credit reference at one of the credit agencies that have compiled information on you from different sources over a period of time. This could be previous credit and store cards, mortgages or other loans that you may have had occasion to make.

If you are borrowing from a lender that you have borrowed from before then it is unlikely that they will run a further credit reference check on you unless you are asking for a substantial amount more. In this case the lender may have to have the loan underwritten by an insurance organisation. What this means is that the lender in effect insures itself against you not paying back the loan. They will in all eventuality add the cost of this insurance to the overall cost of the loan.

A poor credit reference doesn't necessarily mean you wont get the loan but be careful because nine times out of ten you will pay extra as a result.

*Nothing in these FAQs constitutes advice and is intended for general information purposes only. For qualified advice, please speak with UK Personal Loans Limited 08000 196 777.