If you have ever used an automatic loan check you`ve probably spent some time sat with your finger poised over the start button wondering if you`re using a loan checker with no footprint. If you haven`t worried ever about it then you may want to read on because you may be harming your chances of getting the best loan and finance deals. When you talk to our experienced UK based loan team at My Sort of Loan we will firstly establish what you would like to do and see if we can help. Then, with your consent, we can check your credit file using a soft footprint search. The good news is this enables us to quickly see which of our lenders loan plans you qualify for but does not affect your credit rating.
If you want to use our free quote loan checker with no hard footprint simply call us now on freephone 0800 0159 108 or dial 0330 0536001 (mobile friendly). Alternatively complete our short no obligation form to find out how much you could borrow and what your monthly repayments would be - without affecting your credit score. These UK loan plans have very competitive rates, can be used for any purpose, range from £5000 to £150,000 and can be spread over 36 to 240 months to keep your repayments affordable.
Now, at this point you may be wondering how all this is going to affect your credit rating and how the loan team at My Sort of Loan can use a soft foot print credit search to arrange a free quotation for you without having an impact on your credit rating. Allow us to explain; when you speak to our team and we establish we are very likely to be able to help you, we will then carry out what we call a soft footprint credit search.
A soft footprint credit search differs from a hard footprint in so far as we could carry out a soft footprint search as many times as we either needed to and nobody except for you (and us) would know that we`d ever been looking. If on the other hand you go to a loan company who uses a Hard Footprint search a record of the enquiry will be recorded on your credit file. Having a hard footprint credit may not in itself be much of a problem, after all you apply for a loan you get your money and you move on with your life - but there are those times when it really doesn`t help. Particularly if you have multiple hard credit searches and no actual loan or credit in place to show for them. This could be because you did not like the resulting loan figures offered or you were refused a loan by the lenders you tried.
My Sort of Loan only use Soft Footprint Searches - we can check your credit file as many times as we need without impacting upon your credit score.
One call to access multiple lenders - My Sort of Loan have access to a wide panel of lenders who offer many products that are not available direct to the public and we check them all with one call.
Getting in touch with M Sort of Loan has never been easier call us for free on 0800 015 295 or on our mobile friendly number 0330 053 6001. Better still use our Free Online Quote enquiry form and we`ll call you back at your convenience
We respect that your personal finances can be a sensitive topic of discussion - that`s why any discussions you have with us are treated as confidential.
The short answer is 12 months…. and so what you may ask? You took a loan out and the search that the underwriter (this is a financial services term for a person who assesses loan applications) used to decide if you were eligible stayed on your credit file for a whole year. That`s no biggie, is it, really? Well if you see the rate you want, apply for the loan, get the loan and move on with life then no, it`s no big deal and it`s not going to hinder you. But what if you like to shop around and rack up multiple searches. This can look to potential lenders like you have been refused by multiple loan companies. The domino effect can then kick in, meaning other lenders may decline you because they believe you did not get approved for the previous loans you have applied for. If you choose to get My Sort of Loan to check your credit file against our comprehensive range of products, we will endeavour to give you the best loan choice from our extensive panel of UK homeowner loan lenders.
You see if it`s just one or two `footprints` on your credit report an underwriter might just put that down to a bit of misguided shopping around in the wrong places, there may even be an algorithm in place in a lender`s automatic checking system that will ignore a couple of hard footprint credit searches. If however you clock up too many credit searches in a short space of time it might make somebody who is checking out your credit file wonder why that is. Could it be that there is something that isn`t right about your application? Are you really the person who is applying for the loan or have you stolen an identity? Has everyone else that searched you spotted something or been privy to some important information that has so far the new lender has missed? At best it may just delay your application, at worst it might lead to an underwriter steering clear of your application altogether….
To make matters even harder there are an increasing number of credit providers who use complicated algorithms to examine your credit report without a human being even being involved in the process and you may find that your application receives a simple, `computer say no.` decline. An alternative is to use one of our qualified UK loan advisers to fit you to the right product. Then carry out a soft footprint search and use the information to arrange your loan with most appropriate lender on your behalf. In simpler terms let My Sort of Loan find the right sort of loan for you, your credit score could even be better off for it down the line.
It`s fair to say that if you`ve had a tough time and you`re trying to get back on your feet the last thing you need to do is cause yourself any further problems by racking up a lot of hard footprint searches by companies who were never going to offer you a loan in the first place. At My Sort of Loan we will use a soft footprint search to navigate a way through the maze of lenders homeowner secured loan products to find the most suitable deal for you with the minimum impact on your credit file.