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 |
Personal loan customers 'must check credit scores'
People who are keen to take up personal loans should always consider their credit score beforehand, it has been suggested.
Writing for Moneysupermarket.com, Felicity King-Evans said that all bank or credit card companies will take a look at a consumer's history before approving any application for a loan or other financial product.
She explained that the file will shed some light on how consumers have coped previously when borrowing and whether they are suitable for a product.
"It's a good idea to get hold of your file before you start applying for a loan or card; that way you can see if you're likely to qualify or not," she added.
"Applications for credit leave a footprint on your file that can temporarily harm your credit score and make it harder to get credit elsewhere if you're rejected."
Moneysupermarket.com recently suggested that customers looking to take out new personal loans could end up paying more by staying loyal to certain providers.