No Credit Score Loans: Frequently Asked Questions

Applicant and Guarantor FAQs

• Questions about no credit score loans? See below
• Questions about becoming a Guarantor? Click here

No Credit Score 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 lender considers all applicants regardless of their credit history. However in all cases they require a guarantor to back your application.
2. Why do I need a guarantor?
   • It is because it is not possible to lend you the amount that you require based on your personal circumstances. 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.
3. Do you credit check me?
   Because you provide a guarantor we only need to check that you are not currently bankrupt or on an IVA. We do this by looking at your credit report. No other information on your report is relevant to our lending decision. So, we don't need to credit score you either!
4. How much can you lend?
   • Depending on your circumstances our lender can lend anything from £500 to £3,000. After 12 months you will be allowed to 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 our lender can offer will be the largest amount that they feel they can lend you at this time; however once you have made repayments for a number of months they can re-consider your credit limit and top up your loan.
6. Can I settle my agreement early?
   • Yes, you may settle the agreement at anytime. Our lender does not impose penalties for this unlike a number of other loan companies.
7. Can I make overpayments?
   • Our lender is completely flexible about this issue. You can make overpayments and either reduce your payment period or skip payments in the future. The only thing they insist on is that you make at least the normal monthly payment agreed to on your application form. Because 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.
8. Have you received my loan application, as I have not had confirmation of a decision yet?
   • Credit Agreements received by post will normally be dealt with within 24 hours of being received. If you are accepted your case worker will normally also contact you by telephone, or text to introduce themselves.
9. What forms of identification do you accept?
   • Our lender will accept your passport, driving licence, certified photo from a professional, e.g., doctor, solicitor, teacher etc, as well as your birth certificate, citizens' card, police force ID card, armed forces ID card, Prove It card, national identity card, NHS ID card or local council authority card.
10. Why do I need a debit card?
    • Our lender currently uses 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. Do I need to send you my original documentation, or will copied documents be acceptable?
    • Photocopies of personal documentation such as driving license, debit card and bank statement are acceptable. Our lender does however need the original credit agreement returned, signed and completed. They cannot take responsibility for any items that go missing in the post.
13. I have been asked for an employers reference, why do you need this?
    • To protect their customers our lender has 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.
14. 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 the lender may have requested in the pre-paid envelope provided.
15. 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.
16. How long will it take to be paid out?
    • Our lender aims to pay out on your no credit score loan within 1-4 working days from receiving your application