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When you make an application for a personal loan, it is not a simple case of the loan provider giving a 'thumbs up' or 'thumbs down' on the spur of the moment - it is all about your credit rating.
Your credit score is a financial picture of the credit risk you present - that is to say, whether a creditor should give you a personal loan or not, solely based on whether you are evaluated as a high or low credit risk. Your credit report - which is on file with all the principal credit referencing agencies, for example, Experian and Equifax - discloses any type of credit you have had before now (going back six years), plus current responsibilities.
When you make an application for any sort of credit, the loan provider will initiate a credit search - and will appoint you a credit score determined from the details recorded in your record. When you have a lot of debts - and especially if you have lapsed on repayments or have paid them late - you will receive a poor credit score.
The smaller your credit score, the fewer the possibilities for obtaining credit because a small rating suggests there is a greater chance of you not covering your debt when it is due.
It also verifies whether you are on the electoral roll and any financial associations. If you are absent from the electoral roll, it might affect the likelihood of you being given credit, as your home address is not 'verified'. A financial association is anyone with whom you have been financially linked, at present or at some other time. This might be an ex-partner, your mum or dad, or even anyone who lived at your place of residence prior to you and whose name is not yet erased from your file.
In the event the people listed as a financial association are in no way associated with you - i.e. you have no ongoing common financial commitments and the person is not presently living where you do - then you may ask that the credit referencing agency remove the details.
Leaving them on your credit file - especially if they have a record of financial struggles previously - can have a negative impact on you obtaining any credit.
When looking at approving credit, loan companies will also determine what sum of money you are paying on other existing debts - if you have lots, they could turn you down for a personal loan, even when your credit score is adequate. This is as they could deem you to be financially overstretched with yet more debt to deal with.
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