What are the interest rates or APR?
APR is the rate of the total charge for credit expressed as an annual percentage of the total amount of the credit. We will show you typical repayments and representative APRs but the final figures will depend on the lender, the specific terms of your loan, and your individual financial circumstances.
Do you take a fee?
123Loan does not require a fee for its services. Please note, however, that you may be referred to a lender or a broker who charges a fee so you should check with them carefully
Is my loan guaranteed?
All applications are subject to status and checks will be undertaken. These may include credit and fraud prevention searches to find the right product for you and for your protection.
How do you find me a loan?
We will search our panel of lenders using the information you supply when you make your application. We match this against the criteria used by lenders to accept customers. Using this information, we can match you with the provider who offers the most appropriate loan for your personal circumstances.
Why have I been made a different final offer from the one provided in your quote?
This could happen if the information you have provided is not correct or if a lender's additional checks have shown a lower than average credit score. We are happy to obtain your credit records for you or you may wish to contact the major credit reference agencies (Experian, Equifax or Callcredit) for additional information. There may be some anomalies on your credit report which are hindering your search for a loan.
What do we do?
We are a credit broker and not a lender. With large number of lenders in the market, finding the right loan to match your circumstances can be difficult. We do the legwork for you.
I have completed the application. What happens next?
If your application is accepted by a lender, you will be provided with login details and instructions on how to proceed.
How long will it take me to get a loan?
Once you've completed your application, we will present you with the best loan options to suit your circumstances. We like to show you the range of loan types for which you may be eligible. If your loan application is approved by one of our lenders funds can be transferred on the same day. Please note, however, that Guarantor and Logbook loans can take longer to process after approval as lenders may need to gather more information through affordability checks or valuations of vehicles. Please ask your lender directly about timescale variations.
Do I need a guarantor?
Only if the loan offer is a Guarantor Loan a guarantor is required. A guarantor is someone who agrees to back up your guarantor loan and steps in to make repayments if you don’t. Guarantors are usually friends or family members as these are the people who know you best.
Do I qualify for a loan?
Every situation is different and so is every loan. The eligibility criteria varies by lender. There are, however, standard criteria requirements that you will be expected to meet in order to apply.
- You are at least 18 years of age
- You are actively employed or have regular income
- You have a UK bank account with a debit card
- You are a UK resident with a verifiable address
What is Auto Decisioning?
What is a loan broker?
A licensed loan broker is an individual or company whose function is to match lenders with those needing funds. As a credit broker we introduce you to one of our panel of lenders who, subject to approval and affordability checks, will provide you with a loan.
I have a query/complaint. What are my next steps?
If you have a query or compliant regarding your loan or the loan agreement, then you should contact your lender directly. If you have a query or complaint about this website, you should use our Contact Us page. If you remain dissatisfied with our response to a complaint, you should contact the Financial Ombudsman Service. Further information is available at www.financial-ombudsman.org.uk
I am getting this loan to consolidate my debts, is there anything you can do to help?
If you are thinking of consolidating existing borrowing you should be aware that it may involve repaying a higher rate of interest, extending the terms of the debt and increasing the total amount you repay.
If you're struggling to repay your current credit commitments or you cannot get approved for a more affordable consolidation loan, we would recommend you seek independent debt advice from one of the debt charities. See www.stepchange.org and www.Nationaldebtline.org for more information
I am in debt. Is a loan the best option for me?
Depending on your circumstances, a loan may well be the right option. If you are already struggling to get by and using this loan to cover other debts, however, you may want to look at other non-lending solutions such as Debt Management Plans or Individual Voluntary Arrangements. We would recommend that you seek independent debt advice from one of the debt charities. See www.stepchange.org and www.Nationaldebtline.org for more information.