What Happens to My Application for Finance?
What is the process? First of all your application will come through to us and we will take a look at your profile, then one of our underwriters will review your application and see which kind of lender will suit you best this gets decided by looking at your credit profile.
There are many lenders to suit different individuals so if your credit isn't the best this does not mean that you will be rejected.
We will then send you down to one of our lenders, once you have been approved we will then discuss the agreement with you to see if you are happy with your acceptance.
The things we will look at are your credit history this will tell us what kind of customer you are and which lenders criteria you meet.
If you don't really have any credit it would benefit you if you were to get a credit card as this will help us see what you're like with your payments and if you pay them regularly or are you behind on your payments.
Don't worry if you are this doesn't mean you cannot get accepted there are lenders for individuals that don't have the best credit history which we call sub prime lenders.
Prime Lender? Prime lenders look at customers that have good credit profiles.
This is what every lender would like to have as this shows that you pay all your payments and are a reliable customer.
Prime lenders also offer lower rates to keep your payments low.
When looking a prime deal we will first look at the customer's age, if the customer is young this can give them a low credit score due to lack of credit.
An underwriter will then look at the customers address history.
How long has the customer been at the address proposed? If this is for a long period of time this can increase the customer's credit score.
If a customer is a home owner this will also score higher than a person that is a tenant or living with parents.
We also look at your employment details to check whether you are full time/part time etc.
If you are in full time employment then you will score higher.
We will then look at your search this will show the underwriters whether you pay all your outstanding credit on time.
We will then look at your affordability e.
g.
are you paying all outstanding credit on time and if you are then this will increase your credit score.
What are sub prime lenders? These are lenders that will look at customer that don't have the best credit history.
The differences are that the rate will be much higher, so your payments are higher, as they are taking a higher risk due to the customers credit.
Also more proofs may be requested for example bank statements, payslips for proof of income to make sure you can afford the monthly payments.
When looking at sub prime customers the underwriters will be looking for when you missed your payments and how many you've missed.
Do you have an CCJ(s) or IVA(s) this will score you lower as you will be seen as a risky customer.
The underwriters will also look to see how many defaults you made or do you miss a lot of your payments, and do you have any arrangements on your credit profile, if so this will make your credit score lower and your payments are more likely to be higher.
There are many lenders to suit different individuals so if your credit isn't the best this does not mean that you will be rejected.
We will then send you down to one of our lenders, once you have been approved we will then discuss the agreement with you to see if you are happy with your acceptance.
The things we will look at are your credit history this will tell us what kind of customer you are and which lenders criteria you meet.
If you don't really have any credit it would benefit you if you were to get a credit card as this will help us see what you're like with your payments and if you pay them regularly or are you behind on your payments.
Don't worry if you are this doesn't mean you cannot get accepted there are lenders for individuals that don't have the best credit history which we call sub prime lenders.
Prime Lender? Prime lenders look at customers that have good credit profiles.
This is what every lender would like to have as this shows that you pay all your payments and are a reliable customer.
Prime lenders also offer lower rates to keep your payments low.
When looking a prime deal we will first look at the customer's age, if the customer is young this can give them a low credit score due to lack of credit.
An underwriter will then look at the customers address history.
How long has the customer been at the address proposed? If this is for a long period of time this can increase the customer's credit score.
If a customer is a home owner this will also score higher than a person that is a tenant or living with parents.
We also look at your employment details to check whether you are full time/part time etc.
If you are in full time employment then you will score higher.
We will then look at your search this will show the underwriters whether you pay all your outstanding credit on time.
We will then look at your affordability e.
g.
are you paying all outstanding credit on time and if you are then this will increase your credit score.
What are sub prime lenders? These are lenders that will look at customer that don't have the best credit history.
The differences are that the rate will be much higher, so your payments are higher, as they are taking a higher risk due to the customers credit.
Also more proofs may be requested for example bank statements, payslips for proof of income to make sure you can afford the monthly payments.
When looking at sub prime customers the underwriters will be looking for when you missed your payments and how many you've missed.
Do you have an CCJ(s) or IVA(s) this will score you lower as you will be seen as a risky customer.
The underwriters will also look to see how many defaults you made or do you miss a lot of your payments, and do you have any arrangements on your credit profile, if so this will make your credit score lower and your payments are more likely to be higher.