Soft Search Loans
What is a soft search?
If you apply for a personal loan in the UK, the lender will always do a credit check. If your loan application is rejected, this information will be added to your credit file and unfortunately could count against you the next time you apply for any kind of credit.
However, some lenders now offer you an initial eligibility check, commonly referred to as a soft search or a soft credit check, before you apply for a loan with them, to see whether you would be likely to be approved. This eligibility check does not impact your credit score.
Why does a soft search not show on your credit file?
A soft search is an initial look at certain information on your credit file and not a full examination of it.
If a lender does a soft search on your credit file this is not visible to any other companies in future. So even if on this occasion the soft search indicates that you would not be accepted for credit, this would not appear anywhere on your credit file and would not influence other lenders.
What are the advantages of a soft search loan?
Many people with poor credit history are nervous about applying for a loan. They fear that if a credit check is done, and their application is rejected, this will just make things worse.
So the main advantage of a soft search, where the eligibility check is done before you apply, is that you will have a good idea whether or not you will be accepted and your credit file will not be impacted.
What is the eligibility for a Loans 2 Go loan?
To be eligible for any loan with Loans 2 Go, you need to be:
- At least 21 years’ old;
- Currently employed with a regular income;
- A UK bank account holder with a debit card;
- Resident in the UK – as a homeowner, tenant or living with your parents.
We also need to be confident that the loan is affordable for your current financial circumstances.
Does Loans 2 Go do a soft search?
Yes. We want to ensure that we are being transparent and fair with everyone who is interested in applying for one of our loans. So for all our loans we offer you the initial eligibility check, as explained further below.
This ensures that you will only proceed to the loan application process itself if we are confident that you will be accepted. It is in both our interest and yours that this is the case and that your credit file is not adversely affected by having your loan application rejected.
What is the application process?
As explained earlier, the first stage is for us to do a quick eligibility check on you. This is a soft search and not a credit check, and will not appear on your credit file, whatever the outcome.
To enter the eligibility check you need to:
- Click the Get Started tab below;
- Specify how much you would like to borrow;
- Enter some basic information about yourself.
If you are eligible you can then choose to complete the loan application form and submit it to us. We will then do a full credit check on you and give you an instant decision.
If your loan is approved, we aim to get the money into your account the same day (subject to working hours).
Personal loans | 18 or 24 months
Life is full of ups and downs, and sometimes things just don’t go to plan.
£250 - £2,000
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FAQ
We do not charge any set up fees when you take a loan with us.
There are various reasons for applications being declined, such as the affordability of the loan, negative credit history information, fraud or identity warnings, a legal or policy issue, existing account history (where applicable).
We are very flexible and provide repayment options of weekly, fortnightly, or monthly.
Representative example: If you borrow £550 over 18 months at a flat rate of 168% per annum (fixed) with a representative 679% APR you will make 18 monthly payments of £107.56, repaying £1,936.08 in total. The rate and / or term you are offered is dependent on your individual circumstances.
Warning: Late repayment can cause you serious money problems. For independent help, please go to www.moneyhelper.org.uk
