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FAQs for £500 to £12,000 loans

Answers to Frequently Asked Questions

Can you accept applications from people with a bad credit history?

    • It's people with a less-than-perfect credit history that this type of loan is perect for. Our lenders consider all applicants regardless of their credit history. If you've been refused by high street lenders then you should seriously consider a guarantor loan.

Why is a guarantor required for the loan?

    • A poor credit history and the use of a guarantor means it is possible to lend to you where traditional lenders won't. If you keep to the agreed repayment schedule, your guarantor will not be required to do anything more than sign the initial agreement form. In other words the use of a guarantor means that your credit history can be ignored.

Do you credit check me?

    • Both you and your guarantor are likely to be credit checked. This is not only to ensure that you are not currently bankrupt or on an IVA but also to ensure you are who you say you are. This is done by looking at your credit report. Not all lenders will credit score you, and even those who do will not make a lending decision just on the basis of your score - after all you have offered a guarantor who is demonstrating trust towards you.

How much can you lend?

    • The largest initial loan is £12,000. The exact amount that will be offered to you will be decided on following receipt of your enquiry and will depend on the lenders' assessments of your situation. All our lenders operate responsible lending policies and will need to conduct affordability checks. Not all lenders will feel they can offer your desired amount.

You have offered me less than I would like, can you help with a larger amount?

    • All applications are individually considered. The amount that can be offered will be the largest amount that it is felt can be lent to you at this time. However once you have successfully made repayments for a number of months your credit limit can be reconsidered and you may be offered a top-up loan. Lenders operate responsible lending policies.

Can I make overpayments?

    • This varies a little by lender, but in general you have absolute freedom to make overpayments as you wish - to either reduce your payment period or skip payments in the future. The only thing is that you must make at least the normal monthly payment agreed to on your application form. By making overpayments you can take advantage of the fact that the interest on the loan is calculated on a daily basis. You can reduce the overall cost of the loan by paying it off early.

Can I settle my agreement early?

    • Yes, you may settle the loan agreement at anytime. In most cases there are no penalties for doing this unlike the situation with other loan companies.

Have you received my loan application, as I have not had confirmation of a decision yet?

    • When your credit agreement has been received by your chosen lender you will be assigned a dedicated case worker who will aim to process your agreement within 24 hours typically.

What forms of identification do you accept?

    • The requirements depend on the lender and these will be explained in the paperwork they send to you. Our lenders are trying to simplify this all the time and already many of our lenders do not require any documentation from you to prove your identity or that of your guarantor. Also, you'll be glad to hear that they do not require any financial documents from your guarantor (e.g. bank statements).

Why do I need a debit card?

    • Lenders currently use debit cards in some cases to collect repayments. This is the fastest and easiest way for them to collect money from customers and provides more security for you.

I don't have a debit card, what can I do?

    • That's not a problem. With the correct documentation and permission you can use your guarantor's debit card.

I have been accepted and received my loan agreement form, what do I do next?

    • Please read the documents, sign and return your loan agreement with any other documents that may have requested in the pre-paid envelope provided. You may also have the option of providing some of this information online. Many lenders also offer an e-signature service which means the entire loan application process through to payout is carried out online - this means an extremely fast payout is possible.

I have applied for a loan but want to change some of the details. How do I do this?

    • If you have received confirmation that your loan is with a caseworker please contact them on their direct number. They will then be able to make the changes you need.

How long will it take to be paid out?

    • Our lenders aim to pay out on your guarantor loan within 24 hours of receiving your completed application.

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  • No Home Visits
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Solution Loans is a trading style of Affiniti Digital Media Ltd. Registered Office: Moorgate House, 7 Station Road West, Oxted, Surrey, RH8 9EE. Registered in England & Wales, number 5180470. Solution Loans is authorised and regulated by the Financial Conduct Authority (FRN 726074). Registered with the Information Commissioner's Office - Z8703415. Solution Loans acts as an introducer to guarantor loans lenders.