| There are many ways of making
a personal loan application in the UK and most lenders will allow you apply either
by post, over the phone or online. Your loan application will be assessed by the
lender and they will decide whether or not the loan that you have applied for
is suitable for you, and whether you will have the necessary funds to pay the
loan back. Often these assessments can be made with speed, and you will get a
decision shortly after your loan application.
Credit scoring and credit reference agencies will be used to ascertain your
suitability for the loan. Credit scoring will analyse your personal statistics
to decide which category of borrower you fit into whilst credit reference agencies
will analyse your financial status. They will have access to information on the
electoral roll and details of any County Court Judgements (CCJs) or Scottish Decrees
against you or of any bankruptcy. For a small fee you can request a copy of your
credit file, which might be of use to you if you are refused a UK loan application,
whether the loan application is online or otherwise.
Remember, every UK lending organisation has different criteria for credit assessment,
so if you are unable to obtain a loan with one company you are still likely to
be able to do so with another.
If your UK loan application is refused then the loan provider is not legally
obliged to admit the reason for your refusal. However, you may ask the lender
for the name of the credit reference agency which they used for assessment, and
can procure a copy of your report for a fee.
The two main UK credit reference agencies are Experian
and Equifax.
Visit their sites for further information on credit scoring and their variety
of services.
Learn more about UK loans and how to
get the right quote.
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