Moneyfacts launches pre-approved loans service
The service allows users to enter their personal details and immediately see specifically which lenders they are eligible to apply with – all without impacting their credit score.
Moneyfacts said the new service features a range of lenders, all of which can meet the needs of a variety of borrowers and circumstances.
A pre-approved loan means a lender has offered you a loan, pending full approval. They will have completed some checks to establish you are eligible for a loan but not gone as far as a full credit score. This protects your credit score as you don’t need to make multiple applications to check which lenders will consider your loan application.
However, you should note that pre-approval is not a guarantee that you will be offered the loan. The lender carries out further checks and it is possible that your application could fail on these or if the information supplied for pre- approval is incorrect.
Michelle Monck, head of digital at Moneyfacts.co.uk, said: “This new loan service gives our site visitors the chance to complete an easy application process and immediately see which lenders would accept their application. This will save our visitors time in searching for a loan and prevent their credit score from becoming adversely affected due to multiple loan applications. “
“We chose Loans Warehouse to provide this service due to its high levels of customer service and years of experience in helping borrowers find the right lending product for their needs.”
Matt Tristram, founder of Loans Warehouse, said: “We are delighted to have been chosen to support a brand as respected as Moneyfacts. It’s a great endorsement of what we are trying to achieve in the personal loan space with the right balance of technology and customer service.”