When you apply for a loan, a credit reference agency search will be carried out and a credit score will be calculated based on the information you enter and your credit reference information. This will determine if we’re able to offer you a loan and you’ll receive one of the following decisions:
- Approve – We’re happy to offer you a loan. If it's just you applying you may be offered the ability to sign your loan agreement digitally, we’ll then use Faster Payments to send the money directly to your bank account. Faster Payments can take up to 48 hours and the money can be withdrawn as soon as the funds reach your account.
- Approve in principle – We may be able to offer you a loan, but need a bit more information from you before we can fully approve your loan.
- Refer – In some circumstances we may need some more information from you before we’re able to make a decision. We'll contact you, if necessary.
- Declined – We're unable to offer you a loan. If you've been declined as a result of a Credit Reference Agency search, we recommend you obtain a copy of your credit file and check the information on it before reapplying or applying for credit elsewhere.
If your application is approved or approved in principle:
- You’ll receive some important documents within five days, which you’ll need to check, sign and return to us.
- We may also request some additional documents to support your application, such as proof of your identity or address. You must send these with your signed loan documents.
- Once we receive your signed loan documents, with any supporting documentation we requested, we'll make some final checks.
- Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account.
If you are referred, it may take between 5 – 10 days for us to check everything is ok. As we try to do this as quickly as possible, we do not send an acknowledgment email or letter, but will inform you as soon as a decision has been made. Once your returned agreement is processed, we use Faster Payments to send the money to your account.
Please note: your loan offer is valid for 30 days from the date you applied, so it's important you return your documents to us before your offer expires.