No Credit Check Loans: Frequently Asked Questions

Applicant and Guarantor FAQs

• Questions about No Credit Check Loans? See below
• Questions about becoming a Guarantor? Click here
• Read Our Blog for lots of further information including comments from real applicants

No Credit Check Loan FAQs

If you have a question about your loan application our FAQ section below should contain the answer you need. There is also more information on the "How It Works" page.

1. Can you accept applications from people with a bad credit history?
   • Our lenders consider all applicants regardless of their credit history. However in all cases a guarantor is required to back your application.
2. Do you credit check me?
   With a guarantor backing you there is only a simple check to ensure that you are not currently bankrupt or on an IVA. This is done by looking at your credit report, but you are not credit scored - no other information on your report is relevant to the lending decision.
3. Why do I need a guarantor?
   • Given your personal circumstances the use of a guarantor means it is possible to lend to you where traditional lenders will not. As long as you keep to the agreed repayment schedule, your guarantor should not be required to do anything more than sign the initial agreement form.
4. How much can you lend?
   • Up to £3000. The exact amount will be decided on following receipt of your enquiry. After 12 months of successful repayments it is possible take a top-up loan which means you could borrow up to £5,000 in total.
5. You have offered me less than I would like, can you help with a larger amount?
   • All applications are individually considered. The amount that can be offered will be the largest amount that it is felt can be lent to you at this time. However once you have successfully made repayments for a number of months your credit limit can be reconsidered.
6. Can I make overpayments?
   • You have absolute freedom to make overpayments as you wish - to either reduce your payment period or skip payments in the future. The only thing is that you must make at least the normal monthly payment agreed to on your application form. By making overpayments you can take advantage of the fact that the interest on the loan is calculated on a daily basis. You can reduce the overall cost of the loan by paying it off early.
7. Can I settle my agreement early?
   • Yes, you may settle the loan agreement at anytime. There are no penalties for doing this unlike the situation with other loan companies.
8. Have you received my loan application, as I have not had confirmation of a decision yet?
   • When your credit agreement has been received you will be assigned a dedicated case worker who will aim to process your agreement within 48 hours.
9. What forms of identification do you accept?
   • Our lender does not require any documentation from you to prove your identity or that of your guarantor. Also, you'll be glad to hear that they do not require any financial documents from your guarantor (e.g. bank statements).
10. Why do I need a debit card?
    • Lenders currently use debit cards in some cases to collect repayments. This is the fastest and easiest way for them to collect money from customers and provides more security for you.
11. I don't have a debit card, what can I do?
    • That's not a problem. With the correct documentation and permission you can use your guarantor's debit card.
12. I have been asked for an employers reference. Why do you need this?
    • To protect their customers our lenders have an obligation to ensure that the customers will be able to meet monthly repayments easily. This also protects you from identity fraud which is an increasing concern within the UK.
13. I have been accepted and received my loan agreement form, what do I do next?
    • Please read the documents, sign and return your loan agreement with any other documents that may have requested in the pre-paid envelope provided. You may also have the option of providing some of this information online.
14. I have applied for a loan but want to change some of the details. How do I do this?
    • If you have received confirmation that your loan is with a caseworker please contact them on their direct number. They will then be able to make the changes you need.
15. How long will it take to be paid out?
    • Our lenders aim to pay out on your no credit check loan within 48 hours of receiving your application.