General Loan Enquiries Before Using Online Brokerage Platform

Finance - Business

Online brokerage platform like BingoLoans have been helping people resolve their financial emergencies through short term loans. If you are struggling with unexpected bills and need relief until your next payday, then all you need to do is complete an online loan application form and submit it along with supporting documents.

What are the eligibility criteria for loan application?

  • Over 18 and a UK resident.
  • A bank-account is a must
  • Active debit card
  • Agree to give accurate details about yourself and financial status
  • Meet credit and affordability norms

Credit checks are not conducted until a loan application form is submitted. The panel of lenders performs their personal credit score check to decide your eligibility.

Do I need a Job? – You need to be permanently employed or receive various kinds of allowances.

How do you notify applicants, if loan is approved or not?

After the loan application is reviewed and decision is made, the applicants are notified via email or text.

How much can be borrowed?

Short term loan amounts range from £ 100 to £ 1500 for time duration ranging from 4 weeks to 12 months.

Why debit card detail is needed?

These details are needed for security and to validate given details.

How much does the loan cost?

Interest rates will depend on the duration of loan repayment and affordability.

Do you offer bad credit loan?

Credit score is not the definition of your personality but there are times where repayments were difficult. As all repayments and defaults reside on your credit reports for six years, it does not mean your situation is same now. There are many lenders on the panel of the brokerage platform, so if one perceives it negatively there are several others who can offer you considering your individual situation.

After conducting an affordability check and reviewing your potential financial situation, if the lender feels confident that you will repay on time then your bad credit loan application also gets approved.

Will late repayments affect credit borrower’s score?

Obviously, delay in repayment will damage your credit score. Default in credit repayment is registered with your credit agency. It is seen by every financial institution, when any type of credit or insurance application is reviewed.

What happens if there is financial crisis?

Every lender is sympathetic, so approach them first to avoid financial situation stress. Talk to them and find a way to reduce this financial stress and come back on proper path without compromising your credit score.

What does ‘account sent for debt collection’ mean?

The brokerage platform engages a 3rd party to collect loans on their behalf. It is the last resort. It is usually considered when the lender –

  • Cannot reach the default customer
  • Are not transferring funds as per the set payment plan
  • Identifies fraudulent activities.

The debt collection agencies are FCA members and help borrowers to set repayment structure that is affordable. If borrowers disagree then there is no choice for the lender but to file a legal complaint and go to court.

Leave a Reply

Your email address will not be published. Required fields are marked *