Unlike many lenders, your credit score is only one of several factors we consider. Because of this, a below-average credit score doesn't automatically mean you won't be approved.
How We Use Your Credit File
We do run a credit check as part of our loan decision-making process. This allows us to get a clearer understanding of your borrowing history. We aim to see if you have had difficulties repaying credit you have taken in the past, and are particularly interested in things like outstanding county court judgments.
We are also looking out for things like IVAs or bankruptcy, which mean that legally we are unable to lend to you.
One or two missed payments isn't a dealbreaker, and we also understand that even county court judgements can sometimes have a reasonable explanation.
...But it's Only Part of the Picture
While your credit file is important, there is no particular 'score' or level it needs to meet in order to guarantee an automatic 'yes' or 'no'. Instead, it's part of us building up an overall picture of your financial situation.
As part of this, we carry out a 'financial assessment' which is just as important as your credit score. The financial assessment will look at copies of your payslips and bank statements to see all your income and outgoings. We'll use this to consider whether or not your application is affordable.