FAQ

Frequently Asked Questions

Do United Kingdom Loans charge a fee for the service provided?

To operate this service United Kingdom Loans receive commissions from Noveau Finance Ltd. It is important to recognise that we are a broker not a lender.

A unique algorithm to match customers’ requirements is submitted to a panel of lenders which is based on the application details, applicant preferences, and the lenders product, but does not include the commission paid by the lender to us. We therefore DO NOT charge our customers a fee for this service.

What is an instalment loan?

Unlike a short term loan the instalment loan product is usually a higher value loan typically £400 to £2000. The money is paid back over longer periods of between 3 and 18 months.

Can I apply for an Instalment loan?

If you are over 18 years of age, are a UK resident, in employment and receive a regular wage paid into a UK bank account then you can apply for a loan. We cannot however guarantee you will be accepted.

How do I apply for a loan?

You can apply 24 hours a day 7 days a week. If you are approved you will automatically be transferred to your individual lender’s website to complete the process. You then sign your loan agreement online and receive the money direct from the lender into your bank account.

Why is the APR so high?

The rules and regulations that govern companies like ours state that we must show you the Annual Percentage Rate(APR) and these are calculated based on paying a fixed amount of interest annually. The shorter term loans are normally taken over a maximum term of 60 days and therefore the APR is not the best way to measure how competitive our rates are.

How do I pay back my loan?

Instalment loan repayments will be taken by direct debit on the same agreed date each month.

When can I get my money?

The length of time it takes to get paid will be based on the lender you have been matched with and the loan type you have applied for.  If your bank does not support Faster Payments, in most cases the funds will be paid into your bank account the same day as approval.

Do you use credit agencies or credit scoring?

When you submit your application you will consent for lenders to run a  formal credit check, so, YES credit agencies will be informed and the application may adversely impact your credit rating.

Can I apply with bad credit?

Having bad credit will not impact on your application. Many of the lenders will accept instalment loan applications from people who may present with an adverse credit history.

How will I get my money?

The loan amount you have applied for will be paid into the bank account you inputted on your application.

If you have any questions that weren’t answered here please email support@unitedkingdomloans.co.uk.

I can’t repay the Loan, what should I do?

If you are struggling to repay the loan contact the lender in the first instance. They will be able to offer you support, help and advice around how to repay your debt.  If you need the contact details of the lender you have entered into an agreement with contact us at support@unitedkingdomloans.co.uk

There are several, free debt and money management charities you can contact, including:

Step Change – 0800 138 1111

National Debt Line–  0800 138 1111.