For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Accuracy 'vital in personal loan applications'
Consumers who are looking to take up personal loans must ensure their applications are as accurate as possible, according to an expert.
Kate Murphy of Moneysupermarket.com has claimed that as providers are still cautious over lending, applications must be completed in full to ensure they can check it alongside other information.
Writing in a column for the Independent, she added that any aspects of the application that do not add up could delay the loan.
"In the worst case scenario, your application could be declined," she explained.
"A 'footprint' is left on your file each time you apply for credit and if you have a number of applications declined it can negatively impact your credit score, thus further reducing your chances of obtaining a loan or credit card."
Recent research from Moneyfacts suggested that personal loan rates currently stand at a nine-year high, despite the bank base rate standing at an all-time low.