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When you apply for a personal loan, it's not simply a question of the creditor accepting or rejecting your request on an impulse - it all comes down to your credit rating.
Your credit score is a financial indicator of your credit risk - i.e. whether a loan company should lend to you or whether they shouldn't, entirely decided by whether you are considered a favourable or unfavourable credit risk. Your credit record - which is kept by all the major credit referencing agencies, like Experian and Equifax - discloses what credit you have had in your history (as far back as 6 years), in addition to existing debts.
When you make an application for any kind of credit, the lender will perform a credit search - and will give you a credit rating based on the details within your credit file. In the event you have numerous debts - and notably if you have ignored payments or have paid them late - you will have an unfavourable credit rating.
The lesser your credit rating, the less chance you have of being given credit since a small rating equals there being a greater chance of you failing to pay back on time.
It also shows whether you are on the electoral roll and any financial associations. If you are absent from the electoral roll, it can alter the likelihood of you obtaining credit, as your place of residence is not 'substantiated'. A financial association is a person with whom you have been financially linked, presently or at some time in the past. It could possibly be an ex-partner, your father or mother, or maybe even somebody who lived at your address prior to you being there and who has not been eliminated from your file.
If the person or people named as a financial association are in no way associated with you - i.e. there are no current joint financial responsibilities and the person is not presently living where you do - then you should ask that the credit recording agency have the details removed.
Continuing to have them on your credit file - particularly if they have gone through financial struggles previously - can have a negative influence on you being granted credit.
When considering approving credit, lenders will also determine what sum of money you are paying on any other debts you have - if you have lots of them, they might turn you down for a personal loan, even if your credit score is sufficient. This is because they may think that you will be exceeding your financial ability with a further debt to cover.
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