Need a loan – Don’t waste your time…

By: Credit 4 Everyone4 comments

If you need money in a hurry you may be tempted with some lenders who spring up on Google when searching for Personal Loans or Quick loans etc.

Our list of lenders to avoid if you don't want the stress of being accepted only to be declined after

when you need a loan - avoid the lenders who can waste your time
when you need a loan – avoid the lenders who can waste your time

Lenders to avoid

When we say avoid, We mean lenders who ask you to complete an application, Then carry out Credit Checks and even ask you to complete steps like Sharing Bank Statements. Some Lenders will then Approve your application only to go on in a short while to reject your application.

It's as if they don't have any faith in their own Lending criteria, why Approve an application in the first place? – impertinent 

You may see their TV adverts as a way to get that money in a hurry, from an urgent car repair to getting the hot water fixed, one quick application and those funds will be with you.

You could even find your application is approved, the downside is this lender can then just go and reject your application a few hours later, despite you jumping through hoops to satisfy their identity requirements. Be aware, they also ask you for banking information, not really the Quick Quid they promise.

Quick Quid Our Rating 1/5 – Time Consuming

As with a lot of other lenders, they take responsible lending seriously, too seriously in fact, they are usually happy to lend to someone and then the next time you apply they want your life history in form of bank statements or proof of income. This may well be standard, but sending this sensitive information by email as they request is dangerous and could see your personal information stolen.

Satsuma Our Rating 2/5

118118 Money – Another waste of time

Another lender who wastes your time is 118118money, in fact, you may even find 118118 money is a lender with a 100% approval chance on an eligibility checker. Complete an application and find that everything is just dandy, your approved subject to final checks, it's those final checks that prove 118118 money are another waste of time as they will decline you because of your Credit Score or Credit rating. But you already did the credit check? Another lender to avoid if you don't want to be accepted then rejected. Just say No at the start!

118118 Money Our review 1/5

Likely Loans – Make it clear at the time of application

We actually borrowed £5k from Likely loans without any fuss or headaches, each month we repaid on time, when it came to wanting another loan the lender declines following a soft search, At least they bother to do so at the start, when they approve, they approve, you know where you stand

Likely loans Our review  4/5 (At least they don't waste your time)

bad credit loan
bad credit loan

Completing multiple applications

The last thing anyone wants to do is to complete multiple applications, however, some lenders go a lot further to annoy consumers.

Approve then decline…

A new trend upon certain lenders is to ask you to complete an application, complete a credit check and then after a few hours decline your application.

Just decline in the first place

It's not only upsetting for those looking for a loan in the first place but approving an application then declining it can be more than inconvenient.

Check reviews

Some lenders like Quick Quid hide behind review sites, they love to promote which is understandable, they have some happy reviewers, but check Trust Pilot and it shows a very different company, I wonder if it's because Trust Pilot won't allow Quick Quid to choose which reviews go live? How can two review sites be so different?

If you are considering a personal loan, check out the reviews first, it could save time borrowing from lenders who stick by their original decision.

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  • Mick

    20th August 2018

    Also had problems with quick quid and to make it worst they already lent me money in the past which I repaid. This time they say I can’t have a loan because of information from the Credit Reference agencies, I haven’t missed any payments so don’t know what they are talking about

    • Credit 4 Everyone

      20th August 2018

      It’s a glass shield they hide behind, they don’t want to lend you money so make out they can’t tell you why. Why approve in the first place ? Not all lenders are the same Michael

  • Harrison

    20th August 2018

    Its true about 118 118 wasting you time !!! They say your are accepted for a loan – only to rejected after sending documents etc
    They say you are treated as an individual – crap !! you are just a credit number as in the eyes of most of these time wasting companies – keep well clear .

    • Credit 4 Everyone

      20th August 2018

      Sorry it’s happened to you Harrison. Nothing more annoying when you supply all of the documents they request.

      Surely all of the Affordability & Other checks they rely on could be carried out before asking for documents?

      If you still need a loan let us know, We can help share some Loan companies who have a higher approval rate.

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