Unsecured Loans
Criteria:
Anyone over the age of 18 can apply for an unsecured loan from any of the many banks, building societies, specialist lenders and credit card providers. To be accepted for a personal loan each business uses their own underwriting scorecard to assess your credit worthiness.
Most businesses use a similar rating table although their weightings are different. This score reflects the likelihood you will repay a loan in full without any defaults or periods in arrears over the course of the loan. To produce this score (which will typically need to be above 500 points) they will take into consideration
- Personal details
- Age
- Area you live by postcode
- Marital status
- Status
- Homeowner
- Occupation
- Partner's occupation
- Dependents
- Financial Details
- Current level of outstanding credit
- Credit history over the last six years
- Number of recent credit searches
- Household income
- Loan details
- Loan amount
- Loan term
- Previous loans with this lender
- Previous loans with a related lender
The outcome of this rating will produce an immediate accept / reject or referral for manual underwriting. This manual underwriting may produce a lower level advance.
Use our FREE Credit Report to see if Remortgage is the right solution for you.
Unsecured loans: Main
Unsecured loans: Criteria
Unsecured loans: Considerations
Unsecured loans: Costs
Unsecured loans: Merits