We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.

Does Applying For A Loan Affect My Credit Score FAQ

Does Applying For A Loan Affect My Credit Score?

Secured Loans > Does applying for a loan affect my credit score

Does applying for a loan affect my credit score?

Applying for a loan can impact your credit score. When you apply for a loan, lenders may perform a credit check. This may affect your credit score.

Many lenders perform a full search of your credit report – known as a “hard search”. If multiple hard searches are carried out on your credit report over a short timeframe, it could affect your credit score.

  • A hard search is when a lender makes a full search of your credit report
  • Too many hard searches over a short timeframe could affect your credit score

Lenders may perform different types of credit checks (hard and soft) at different stages of the loan application process. There are also many other factors that can affect your credit score.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookies | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution