How do I apply?
Loan institutions offer a number of ways to take out a loan. Most will allow you to take out a loan in person, by written application, over the phone, or on-line.

How long will the assessment take?
The initial assessment for a loan application are generally made quickly. However, in the case of regulated loans (loans under £25,000) the borrower must be given a seven day consideration period so that they are aware of the implications of taking on a homeowner loan.

How is the assessment made?
The lender will collate together your income and financial committments to ascertain if you can afford to take on the loan. They will also check for adverse credit or mortgage arrears. In the case of a secured loan they will also check for the amount the amount of equity you have in your property. They will also assess how suitable the loan is for its intended purpose. In the case of married couples lenders all insist on both couples being named on the application. The lenders use two methods to assess your suitability. Firstly they use credit scoring facilities which score your personal statistics, for instance age and occupation. From this they determine which category you fit into. Secondly lenders use credit reference agencies to ascertain your financial position. They provide, in particular, details of any county court judgements (C.C.Js) which you may have, details of any previous credit searches against you, and details held on the electoral role about you.

What can I do if my application is refused?
If your loan is refused and you wish to enquire about your credit file, you may apply to the credit reference agencies directly for a copy of your file. You can obtain their details from the lender. This service is not free, however, and a small fee will be charged.