UpMyStreet can make comparing the options the best decision you make today, because we’re powered by uSwitch.com.
Check the answers below to some of our most frequently asked questions (FAQ).
FAQ
- Can I trust the advice?
- How quick and easy is it to apply for a loan?
- Is it free to compare lenders?
- What’s in it for uSwitch?
- Could my personal loan application be turned down?
- How do I know if my lender is reliable?
- Can I apply for a personal loan if I’m having financial problems?
- How can I protect my details against fraud?
- What is debt consolidation?
Can I trust the advice?
If you decide to apply for a loan or switch lender through us you’re certain of an impartial service. The information comes directly from lenders and government regulators and is continually updated to ensure it’s comprehensive and accurate.
How quick and easy is it to apply for a loan?
Applying for a loan or switching your lenders is very easy using our website. Most lenders are large, trusted companies and all of them are regulated to ensure standards of service.
Is it free to compare lenders?
Yes, our service is free, and you’re under no obligation to apply for a loan. We’ll give you all the information you need to make an informed decision about which loan is best for you.
What’s in it for uSwitch?
uSwitch.com is funded by the small commissions they receive from lenders when customers choose to apply or switch online. These commercial relationships have no influence on the ranking of lenders in the calculator. As UpMyStreet and uSwitch are independent of all lenders, information is given on all lenders not just those that pay commission.
Could my personal loan application be turned down?
It totally depends on your financial circumstances; the lender will check with credit reference agencies to ensure lending to you is not a big risk. If your credit record is flawless, you have nothing to worry about. A credit check is based on a lot of information, including the following:
- The electoral register, the area you live in and the value of your house.
- Any late payments you’ve made on credit cards, loans, utility bills etc.
- How many credit cards or loans you’ve been turned down for.
- Whether any County Court Judgements are recorded against you.
How do I know if my lender is reliable?
All of the companies on the comparison service are established, responsible lenders. You can also view each company’s service rating which is measured on a scale of one to five stars.
Can I apply for a personal loan if I’m having financial problems?
If your credit rating has been damaged, you might only be eligible for a more expensive loan. Let us know you’ve a bad credit rating in your search and choose between the loans offered.
If you’re not sure whether your credit rating has been damaged, contact the credit reference agencies for a report (for a small fee) or go to www.checkmyfile.com.
If your credit rating is fine, you should be accepted for a loan.
How can I protect my details against fraud?
The comparison service is fully secure so any details you give to uSwitch are safe from fraud. Your information won’t be passed on to any third parties. If you give information to a lender this should also be protected. Remember though to read their Terms & conditions and Privacy policy first.
What is debt consolidation?
This is a term for moving all your debts to one account. For instance, if you have two credit cards, an overdraft and a store card, adding up to a total debt of £8000, you could take out a loan of £8000 at a low APR, use it to pay off all of these debts, and then set up a direct debit from your current account to pay off the loan. You can then close all of your old accounts, or keep a credit card for emergencies. This simplifies your finances and will probably cut your interest payments.
