Who provides loans?
Banks and building societies are the obvious places to get loans but supermarkets and other surprising sources are getting in on the game.
You can visit them in person, get on the phone to them or most have websites where you can apply online.
Loan brokers advertise in the press and usually have call centres or websites. Be careful of who you deal with though. There are plenty of loansharks waiting to gobble up the unsuspecting.
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What's the process?
You'll have to fill out an application form. If you've
applied for an unsecured loan you'll be "credit
scored".
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Credit Scoring
A detailed credit check is carried out whenever you apply for most types of financial product. This will be via one of the major credit reference agencies, Experian or Equifax.
The reason you're applying for the loan will be studied ie is it sensible or silly.
Your financial position will be looked at ie your income and outgoings. This will probably be confirmed by the credit refernce agencies.
Despite being extremely thorough, the process should be fairly quick.
Credit scoring is different to credit checking in that it's a way the lenders rate you as borrower.
If you want to apply for a loan which doesn't involve being credit scored click here
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