As part of a personal loan application, we’ll look at your credit rating before we make a decision, but it’s not the only thing we think about.
We also consider factors like:
• Existing and/or previous borrowing or finance agreements and how you’ve handled them
• How often you’ve applied for new credit
• The amount you’ve asked us for, and the time you have to pay it back
• Monthly income and outgoings
• How you’ve managed any accounts you have with us
Those are just some of the things we consider. We want to make sure you can afford the loan, as a responsible lender we don’t want to put you in a situation where you’d end up with bigger financial problems in the long term.
What that means is that it’s difficult to say why your application wasn’t successful. But it might help you to ask our credit reference agencies — Experian and TransUnion (formerly CallCredit) for copies of the information they have about you. You have a legal right to a free copy of their reports, and it makes good financial sense to check them to make sure all the information is correct. If there are any errors on your report, get in touch with them immediately - they could be having an effect on your credit score.
If you think there are special circumstances related to your application that should make us think again, please get in touch with us.