Your Decision

Will you be doing a credit check on me?

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans.

Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score. You can get your quote by using our loan calculator and clicking 'Get my quote'. 

If you decide to take a LiveLend loan we’ll conduct a full search and update the Credit Reference Agencies that you've taken a loan with us.

How do I find out my credit score?

There are three Credit Reference Agencies (CRAs) in the UK - Equifax, Experian and TransUnion. All three are dedicated to collecting information on your financial behaviour and how it has impacted your score.

CRAs must share your credit report with you if you request it. It’s good practice to look at all of your credit scores on a regular basis so you can keep an eye on any changes.

They all have different scores but this is completely normal. You can get to know your credit score better with free credit reports at ClearScore, Intuit Credit Karma and Experian.

Learn more about the Reward Loan.

What fraud prevention agencies do you use?

We have systems that protect our customers and ourselves against fraud and other crime. We will share your personal information from your application with fraud prevention agencies. If you provide false or inaccurate information and fraud is identified, details of this fraud will be passed to these agencies. Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

• Checking details on applications for credit and credit related or other facilities
• Managing credit and credit related accounts or facilities
• Recovering debt
• Checking details of job applicants and employees

At LiveLend we use the following fraud prevention agencies:

Synectics
CIFAS

Why have you declined my application?

We understand that our decision may be a disappointment, so let us explain how we’ve reached it. As a responsible lender, we always review all the information available to us. That way, we can make a fair decision.

The only information we use is what you told us in your application, information we might already know about you and information provided by Credit Reference Agencies.

When reviewing information we promise to only use soft searches, so there’s no impact on your credit rating.

We consider several factors including:

• Your employment status. For example, if you're unemployed or you've only been in your job for a short time
• Your residential status. For example, if you've lived at your address for only a short time
• Your payment history for other loans or credit card repayments
• Your current level of borrowing and existing commitments
• Any information we already hold about you

Why is the rate you have offered me different to the advertised rate?

We have to use representative rates on our website to comply with regulation, but we know that these rates can be confusing. So, when we give you your quote, we’ll also give you your real rate. We do this in just two minutes, and without any impact to your credit report, so that you know exactly how much your loan will cost.

This real rate is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.