Our primary goal is to offer an applicant a loan directly from ourselves, that is where we make our money, lending! It is important to us that we also do it with speed, faster the better.
The more applicants we can approve, the better it is for us and the more we are able to make. Unlike banks we don't make money from customers going overdrawn or bouncing Direct Debits around. If we don't lend then we go out of business.
There does need to be a balance though, we can't lend to everyone and no matter how good a applicant's intention is when they apply, some borrowers just can't afford to repay the money and that means that we end up like the banks in running out of money.
We therefore need to work out which applicants have the best chance of repaying the loan and which are most likely to struggle. To do this we perform a credit check, from the data we receive back we can make a judgement on whether or not we can approve a loan offer, how much we can offer and at what rate we can offer the loan.
We would then expect the applicant to review our offer and make a decision if they wish to proceed or not, they can decline our offers at any point. On occasions the information we receive back from the credit reference agency means that we cannot make any offer to that applicant.
We do however have other network sites that maybe able to view that information from the credit reference agencies in a different way. They may be able to make an offer and lend to the applicant.
The charges, terms and conditions will be specific from the individual lender. An applicant should read what the lender is offering them and decide if they wish to proceed or not. A applicant is under no obligation to accept any offer that is made.