As a responsible lender, we do check your credit file as part of our loan affordability analysis. As one of the top direct online loan providers in the UK, we don't make "bad credit" loans. However, we do look at more than just your credit when we make our assessment. Our algorithm lets us make a personalised review of your unique situation, not just your credit.
Once you fill out our online application, we run the personalised review and provide an instant decision.
There is no universal 'credit score' or rating that all lenders or financial companies use every time you want to borrow money. Credit scores are individual to the credit reference agencies who create them e.g. Experian, CallCredit etc and cannot be seen by lenders when they run checks. However, your 'credit file' is universal and this contains details of your financial dealings over the last few years. This credit file is partly what lenders use to assess how you handle money, borrowing, repayments and more. Lenders each use their own criteria to analyse your credit file, take other factors into consideration and then decide whether to approve your application or not.
For those who think they might have a bad credit rating, whether from a previous payday loan credit check, missed bill payments or other financial difficulties in the past, the idea of having a credit check can seem worrying. However, a loan credit check is just one way in which Lending Stream assesses each individual application, because we know that your credit history is only part of the story.