Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
The rate you are offered will depend on your individual circumstances.
All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount.
Representative APR example: for comparison purposes 12.9% APR Representative Fixed based on a loan of £10,000 repayable over 60 Months. Monthly payment of £223.43 total amount repayable £13,405.80.
Lenders perform a credit check on a borrower’s profile when they apply for a loan to assess the loan eligibility and to calculate the chance of default. The credit check they conduct gives them a detailed history of all your past personal finance management. How many loans have you availed, lenders who had declined your loan request in the past, how many times have you failed to make any repayment, such details are recorded by the Credit Reference Agencies on your report. The lenders access these details as this helps them to take a clear decision.
Generally, a lender or credit provider requests any of the Credit Reference Agencies to send in the examined details of a borrower’s credit history. The inquiry made by the lender or credit provider is recorded on the report and it impacts the credit score.
There are 2 different types of credit searches – hard credit check and soft credit checks. Both the checks have their set of pros and cons and they both have different processes for a check.
A soft credit check allows a lender to conduct a formal review of your credit report without impacting your credit score. That means the inquiry made by them is not visible when other lenders check your credit report. If a lender conducts a soft credit check on your report and then another lender does the same, the latter one will not be able to see the footprint of the first one. This check doesn’t leave any footprint on your record and hence, your score is not damaged.
Soft credit check loans are not any specially designed credit product. The short-term loans for which the lenders run a soft credit check to offer an initial quote are known as soft credit check loans.
A hard credit check allows a lender to perform a complete and thorough review of a borrower’s credit profile. Multiple hard enquiries in a short period of time can become an alarming concern for the lenders. This type of credit check always impacts the borrower’s credit score. All the enquiries are recorded on the report and hence, any lending agency reviewing your profile may see where all had you applied for a loan and how many lenders turned your loan application down.
Just before the final approval, lenders carry out a hard credit check as mandated by the FCA to gauge the financial behaviour of the borrower before lending any money.
If you do not have a spotless credit history, then borrowing a loan with a soft credit check may prove to be beneficial for your financial health. There are many associated benefits of using a short-term loan with a soft credit check and they are listed below:
Please note that Lenders do not consider a credit score as the only deciding parameter for loan approval. They prefer to assess the borrower’s creditworthiness before giving any approval. For people with a bad credit history, the lenders assess their loan eligibility and then make the decision regarding the application. Soft credit check done by brokers/lenders won’t leave any imprint on your credit report.
The financial regulator of the UK – the Financial Conduct Authority (FCA) has made it mandatory for its authorised firms to run credit checks on the borrower’s profile to promote responsible lending. You may avail a soft credit check loan with bad credit, the lender will offer you soft quotes, if you agree to go ahead with anyone out of them, then before the final approval, a hard credit check will be conducted by the lender.
A credit score doesn’t improve overnight. If you decide to borrow a payday loan with a soft credit check, and you repay the loan amount on time regularly, the lender will report this to the Credit Reference Agencies and once the agencies receive the reports, your credit score will improve.
We offer a range of personal loans and help borrowers to meet the right lenders for their credit requirements.
Oyster Loan is an FCA registered credit broker that operates across all the major cities of the UK. All the lenders that we deal with are also licensed by the Financial Conduct Authority. We promote responsible lending to maintain standard industry practices – that is fair and transparent.
Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.