Our Loans Process
What happens when you apply for a loan using our secure online application?
On receipt of your completed application form you are allocated to one of our highly experienced loans officers. It is their job to underwrite your application and find you the best rate.
Using their experience and expertise, the loan officer responsible for your loan will evaluate your application and then look to shortlist the best lenders where your credit profile and loan requirement fits within their criteria and requirements. Most of the loan plans are now listed on computer systems, so matching your requirement to the best plan is made a lot easier and ensures that you get the best rate available.
Once they have identified what is available they will then call you back to discuss their findings. They will explain to you all the details of the best one or two of the loans that you qualify for, costs, options loan terms etc. They will also discuss with you any other benefits or alternatives that are available.
Assuming you are happy with the quote they will then send you copies of the loan documents and credit agreement by post along with a completed loan application form for your signature. There will also be a list of any supporting paperwork that the lender may require.
You will now have a 14 day 'cooling off period' After 7 days, you will be sent the credit agreement and loan documents that will this time require you to sign them in the presence of a witness. You will then need to return these documents to the loan officer along with the signed loan application. You do not have to wait for the cooling off period to finish before you return the documentation, but be aware that the loan officer will not be able to contact you during the cooling off period.
Once you have returned the credit agreement and other documentation to our loan officer, he will then arrange for any supporting evidence that the lender may require. For example, a valuation of your property may be required, and also references may be required to be taken up. All of this will be arranged and paid for by your loan officer. You will not be asked to pay for anything upfront.
A cheap loan can offer you.....
- Lowest interest rates
- Borrow up to 80% of property value
- Plans available for self employed with no accounts.
- Loans from £5,000 to £100,000
- No repayments for 6 months on some plans
- Bad credit history is no problem
- No upfront fees
Referral to the Lender
On receipt of your credit agreement, loan application and supporting documentation, the loan officer will then compile your application along with all of the supporting documentation that the lender requires, Once the application is complete, your application will be sent to the lender for pay out. When the lender receives the application, they will go through it and evaluate the application. Because the loan officer works within the guidelines of the lender, it is usually a formality that the lender checks everything over. Once the lender is satisfied that the application fits their criteria, the loan application is passed through to be paid out. Quite often, the lender will contact the client just to confirm that the client is totally happy with everything. Once everyone is happy to proceed, the lender will make the bank transfer and transfer the loan money into your bank account.
In some circumstances, it may be a requirement of the lender that an existing loan is cleared. In order to ensure that this actually happens, the lender may clear the loan on your behalf using funds from the loan.
Because of the 2 week cooling off period, organising a property valuation and getting all of the required documentation in place, the whole loan application process can take around three to six weeks. On average, it is about a month. Things can be made quicker by returning documents promptly to the loan officer, but there are certain things that just have to run their course.
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