Compare UK Secured Loans
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When you make an application for any type of personal loan, it is not simply a matter of the lender approving or declining you on a whim - it is all a question of your credit rating.
Your credit score is a financial reflection of your credit risk - specifically, whether a lender should give you a personal loan or should not, all decided by whether you are considered a favourable or unfavourable risk. Your credit report - which is held by all the major credit record agencies, for instance, Equifax and Experian - outlines whatever credit you have had in the past (going back as far as six years), as well as existing credit.
When you apply for credit, the loan provider will do a credit search - and will appoint you a credit score drawn from the data found in your credit record. Should you have numerous debts - and in particular if you have lapsed on repayments or have been late with them - you will end up with an unfavourable credit rating.
The lesser your credit score, the fewer the possibilities for being given credit because a smaller score is interpreted as a high risk of you not paying your debt back on time.
It also confirms whether you are on the electoral roll and any financial associations. If you are absent from the electoral roll, it can be detrimental for your chances of being given credit, as your address is not 'confirmed'. A financial association is a person with whom you have been financially linked, now or in the past. It could be a past partner, your mother or father, or possibly anyone who lived at your address previously and has not been eliminated from your record.
If the individual or people included as a financial association are no longer associated to you - i.e. you don't have any joint financial responsibilities and the person is not living with you - then you may ask that the credit reference agency correct the wrong information.
Leaving them on your file - especially when they have had financial difficulty at some time - can have a damaging impact on you obtaining any credit.
When considering approving a personal loan, lenders will also determine what else you are paying out on other debts - if you have lots of them, they might well refuse you a personal loan, even if your rating is not so bad. This is because they might consider you to be financially overburdened with another debt to cover.
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