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Declined applications

  1. If your application is declined

    Each loan application is meticulously underwritten by our team of industry professionals. If we cannot establish that you are creditworthy or that the loan is affordable then we will be unable to approve the loan application. Applicants will be sent an email to confirm why their loan application was declined and we are always more than happy to discuss an individual loan application with an applicant should they have any further queries.

    If you believe that your loan application needs to be reconsidered, please send us an email at uw@lendingworks.co.uk explaining why and we'll ensure that your application is reviewed again by a different underwriter. We will also ask you to provide any additional information which was not available at the time of the initial application which may assist.

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  2. Your credit rating

    Lending Works is a responsible lender and we are committed to sharing relevant information with credit reference agencies. This means that once a month we report to credit reference agencies that payments have been made on time, are late or have been missed. Lending Works considers a payment late if it is more than five days later than the scheduled payment date.

    When regular payments are made as per the terms of your loan agreement, this will help to improve your credit score. Late payments, defaults and debt collection agency referrals all have a negative effect on your credit score, which will affect how likely you are to be granted credit in future.

    For more information on the definition of loan arrears and defaults, please click here.


    Missed payments

    Late and individual missed payments on your credit search show that you have missed payments in the past and therefore you are more likely to miss payments in the future. Not only does this mean that you may have difficulty obtaining credit in the future, it also means that the credit available to you may come at a higher cost.

    For more information on credit scoring, please click here.

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  3. Improving your credit score

    We see many loan applications where information on a customer’s credit file leads to the loan application being declined, or the customer not receiving the best interest rate possible. A little preparation goes a long way to ensuring you receive the funds just when you need them, and at a rate you deserve. Here are our five simple tips for securing the best rate on your loan:

    • Get hold of your credit file
    • Reduce the balances on any credit cards or overdrafts
    • Become a model customer and pay off all your debts
    • Watch out for credit check ‘footprints’
    • And finally, be easy to find

    For more detailed information on the above points, and improving your credit score in general, please click here.

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