FAQ
How does this website work?
This website is a loan broking service that helps you to find you an established lending institution that agrees in principle to offer you a loan. The website introduces you to a broad range of loan products available on our lender partner's websites. After you fill in the application form, we forward you to a lender who agrees (again, in principle) to offer you a loan, should one come forward. The loan amount offered will be based on your needs and circumstances.
*** MediaBlanket Ltd and its trading styles will never ask you to purchase vouchers of any description in relation to any application and we cannot be held responsible should you do so at the request of any other party. ***
*** Please note that the website www.theloanstree.co.uk is not related to MediaBlanket Ltd in any way and we would encourage you to check this site thoroughly and read online reviews of the service it provides before using it. ***
What do I need to have before I apply for a loan through this website?
To apply for a loan through this website, you should be a UK resident with a UK bank account and an active debit card linked to that account. The active debit card will be set up on a Continuous Payment Authority by the lender to take automatic, recurring payments to clear your loan. You should have a regular income too, and we'll need your address details. Each of our lender partners will have different requirements past this stage. As part of the application process you will be required to complete a creditworthiness and affordability check.
Do you run a credit check when I apply?
This website does not run a credit check when you apply, but you may be redirected to a lender who does.
What if I have bad credit?
Our partner lenders each have different conditions for accepting loan applications, and this website does the legwork in matching your application to prospective lender's requirements. A poor credit rating does not necessarily mean you cannot get access to credit, so don't let this put you off from using our service. Please remember, short-term loans are not designed to help you repay or manage existing debt. They are simply there to help you cover unexpected or urgent expenses. If you are experiencing any problems with debt you can visit one of the following websites for advice:
NationalDebtLine.org
CitizensAdvice.org.uk
StepChange.org
How quickly can I get a loan?
This website processes your application as soon as you have submitted it. Be aware that not every applicant will be offered a loan, however. If successful, the loan will be issued by the lender directly provided they are satisfied with your profile and you pass their creditworthiness and affordability checks. You can have the money transfered into your bank account within a few hours or on the same day but be advised that it could take up to 2-3 days depending on your bank, the lender you go through and the day you apply on. Please remember, before the funds are released to your account you will be required to sign a legally binding, regulated Credit Agreement. Ensure you read and consider the terms carefully before signing and bear in mind that an electronic signature holds the same legal weight as signing a physical contract.
How much does it cost?
Our service is completely free of charge for you. The costs for your loan will depend on the lender providing it.
What if I am self-employed?
Our partner lenders often lend to people who are self-employed so as long as you can prove you have a regular income, we can try and find you a loan.
How much can I borrow?
The amount you can borrow depends on the lender. Please remember to only attempt to secure the amount of credit you need, and not more, as this may not be in your best interest.
I live in rented accommodation - does this matter?
Lots of people in the UK rent their homes, and most loan providers don't see it as a reflection of a customer's ability to repay. If you rent, it should not be a problem.
Do I have to tell you why I need a loan?
We will not ask you why you need a loan but the lender may. We encourage responsible borrowing, and suggest to all our customers that they consider the alternatives first - a low interest bank loan or an overdraft extension - or if you can, wait till you next get paid. Remember, short-term loans are not designed to help you repay or manage existing debt and all credit is more expensive than using your own funds.
What if I make a late payment or miss a payment?
When you take out a loan with one of our lenders, you are committing to meet your repayments. So it's important you make every effort to do so. Each lender has their own policy and set of terms and conditions and we suggest you carefully read them on the lender's website before you enter into a loan agreement with them.
If you know that you will be late with a repayment, the best thing to do is to get in touch with the lender and try to rearrange your payment. The lender will help you get a more manageable payment plan in place. This may temporarily reflect as a payment arrangement on your credit report.
What is Auto Decisioning?
Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction, for more information please contact your lender or see their privacy policy. Some lending partners do not offer auto decisioning and will still need to talk to you.
What happens if I do not pay my loan?
If you do not meet the repayments that you have committed to in your loan agreement, you can incur charges and added interest for non-payment, and you will still be accuring the standard interest repayments. The exact amounts and methods depends on the specific lender you have been matched with, so check their website or your credit agreement for further details.
If you miss a payment, the lender will try to contact you. The lender will also continue to try and recover the funds using your debit card or a direct debit arrangement under the Continuous Payment Authority. If you have a problem, the best thing to do is to talk directly to the lender.
All our lenders are reasonable, so wherever possible, they will aim to reach an agreement with you on how you can repay the loan. However, if it is not possible to reach an agreement and you continue not to pay, they may pass your debt to a debt collection agency. Depending on the lender's policies, they may default your account and that could progress on to litigation steps including the registering of a County Court Judgement (CCJ) which could potentially be enforced through an Attachment of Earnings. Missed or late repayments, defaulted accounts and any litigation action will remain on your credit file for 6 years.
Outstanding debts will affect your credit status, and you may not be able to get credit as required in the future. You probably will not be able to borrow from the lender again if they have problems recovering your loan and the related interest and charges.
How do I improve my Credit Rating?
Initially it is a good idea to determine what is causing you to have a low credit score in the first place. You can do this by applying for your Credit Report from a Credit Agency. Once you have found out this information you can begin to repair your credit history by paying off any outstanding debt or fixing any inaccuracies on the report
What does APR mean?
APR stands for Annual Percentage Rate. An APR is used to calculate the amount you will repay in interest rate and fees associated with your solution. Historically, loans were taken out over several years – hence the measurement on an annual basis. Nowadays, with many shorter-term options available, the APR may seem high, because these are taken out between 30 days, and 6 months, and not a year or more.
Under guidelines set out in the Consumer Credit Regulations 2010 (Total Charge for Credit), and the Consumer Credit Act 1974, businesses advertising loans are obliged to show an APR guideline, regardless of the term. Whilst this helps the customer compare products, the length of the loan should be considered at the same time to give a true comparison.
What is a representative APR?
The representative APR that you see on sites are usually either the most common APR offered to customers, or the average APR. Each individual has different financial circumstances, and therefore risk factors, so the actual APR you end up with on your loan may vary from the representative example – for better or for worse. The representative APR figure therefore should only be used as a guideline.
Are you a direct lender?
No, we are a licensed credit broker that uses state of the art software and systems to not only match you to a suitable lender, but also to ensure that a product is the right solution for you.
Would I be better off speaking directly to a lender?
We have access to over 30 providers, and our systems allow us to ensure you get the right deal in no more than 2 minutes. If a lender rejects your application, it takes seconds to find another lender, rather than several minutes applying directly, multiple times. Once you fill in your details, we do the hard work for you, and you are under no obligation to accept your proposal. Remember, we charge you nothing for our service, so you really have nothing to lose, and everything to gain by enquiring now!
Who do I contact if I have a problem with my loan?
Once you have accepted a proposal from one of our partners, and are redirected, you no longer deal with us. For any problems directly relating to your solution, please contact your lender directly. If you have a query or complaint about our website, and the service we provide you, please write to us at the address on our website,and we will endeavour to respond within 48 hours.
I Am In Debt – Where Can I Get Help?
There are a number of free, impartial organisations who can help you if you are struggling with debt:
Citizens Advice
Citizens Advice provides independent, confidential, and free advice on getting out of debt, and a variety of other issues.
Website: www.citizensadvice.org.uk
Money Advice Scotland (MAS)
Money Advice Scotland (MAS) is a registered charity, and the national umbrella organisation promoting the development of free, impartial, independent, confidential money / debt advice and financial inclusion.
Website: www.moneyadvicescotland.org.uk
Tel: 0141 572 0237
Money Helper
The Money Advice Service is set up by the government to give free advice, unbiased, independent advice.
Website: www.moneyhelper.org.uk
Tel: 0800 138 7777
Natinal DebtLine
National Debtline is a debt charity that provides free, impartial, and confidential advice.
Website: www.nationaldebtline.org
Step Change
StepChange provides comprehensive debt advice and help to people with debt problems take back control of their finances.
Website: www.stepchange.org
