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Frequently asked questions..

Find out the answers to some of the most commonly asked questions about iLoans services and arrangements

Frequently asked questions..

Find out the answers to some of the most commonly asked questions about iLoans services and arrangements

How much can I borrow?

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You can request to borrow between £100 and £5,000. However, the rate and amount you're eligible for will depend on your circumstances.

Am I eligible to apply?

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To be eligible for our service, you must be over 18 years of age, employed with a regular income, and a UK resident with a UK bank account.

What can I use the loan for?

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We generally don't place restrictions on what you can use the money for. However, as with any credit product. these types of loans should be used responsibly.

Is iLoans a lender or a broker?

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iLoans is a licensed and FCA regulated broker. We do not make money from our customers, only from the lenders we work with.

How can I apply for a loan?

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If you go to our applications page, you will be directed to fill out the necessary details. This includes what you need the loan for, your personal information, and financial details. Your application will then be sent on to one of our lenders.

When will I get the money?

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It usually takes just 15 minutes to process your application. From there, it depends on the lender and your bank as to how quickly it arrives in your account.

What are the criteria for applying for a loan?

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There are a few criteria that you must meet to be successful:

  • You must be over 18 years old and a UK resident.
  • You must provide a mobile number and email address to confirm your agreement, and so the lender can contact you.
  • It's necessary for you to have a debit account where the funds can be transferred to and repayments collected from.
  • You should be in full-time or part-time employment and earn at least £500 each month. Loan applications are usually rejected for those who are currently unemployed.

How does iLoans find me a lender?

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All of our lenders are FCA authorised, and your application will be automatically sent to a panel of them for review. We try to match all applications to the lenders who are most likely to approve them. We know that it's important that you be approved, and you can rest assured all lenders adhere to FCA regulations on lending.
Our systems will use a number of metrics to determine which the most suitable lenders are for you, and you can usually expect a decision within a few minutes.

What checks will be carried out on me?

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As is usual with applications for credit, lenders will need to carry out standard background checks to assess your eligibility. This usually includes a credit rating check, provided by a credit reference agency (Equifax, Experian, or TransUnion). With this process, a small footprint will be left on your credit record.
Employment status and salary will also be considered during the application process, and you may be asked to provide proof of these. Similarly, lenders may wish to confirm your contact and address details by contacting you directly.

What happens if my loan application is declined?

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There could be a few reasons for your application being rejected. If you fail to meet the criteria outlined above or have an existing and pending application with a lender, they may decline you. Similarly, if you have outstanding loans or are unemployed, you may not be successful.
There are other options that we may present to you, and you could also consider other lines of credit.

Will my credit score be affected by applying?

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Whenever you apply for a personal loan, it will appear on your credit report. This includes short-term and payday loans. As such, it is imperative that you make your repayments on time.
If you find you are unable to make a repayment, you must contact the lender immediately. Failing to do so could have a negative impact on your credit report. As a result, your ability to obtain credit in the future could be affected.

How do I repay my loan?

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During the application process, you will have to provide details of your UK debit account. The money will be paid into here, and your repayments will go out of it. Lenders can automatically collect the money from your account, saving you the need to set up a direct debit.
Lenders can only request access to your debit account a maximum of twice. It's therefore vital that you have sufficient money in your account on your repayment date.

Can I repay my loan early?

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This depends somewhat on your lender. However, most of the lenders we work with are happy for you to discuss your options on early repayment.
It often works out cheaper to pay off your loan early, as you will only be charged the daily interest rate for the duration you've had the loan.

What happens if I have problems repaying my loan?

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When you apply for a short-term loan, it is advisable that you should first calculate your ability to make repayments on it. A non-payment of a loan can incur a fee up to a maximum of £15.00, but it can also negatively affect your credit score. Details of penalties differ between lenders can be found in your loan agreement.
If you feel you may struggle to meet an upcoming payment deadline, we advise that you contact the lender directly. You can also visit MoneyAdviceService.org.uk for further advice.

How does iLoans make money?

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We are an FCA regulated credit broker and therefore do not take money from our customers at any point. Instead, we make our money from sending customers to our lenders.

Why is the APR so high?

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APR stands for annual percentage rate and is the rate if you were to have the loan over the course of a year. We offer short-term loans that are usually repaid by your next payday. We suggest carefully reading the charges and costs of any loans you are offered.

What is continuous payment authority?

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As mentioned above, lenders can automatically withdraw the repayment amount on the agreed date. If the funds are not available, they can automatically try again at a later point. This continuous payment authority can be cancelled with either the lender or your bank.

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