Frequently Asked Questions

WeLoans is a loan broker trusted by thousands of people experiencing urgent money worries. Considering that you may have questions about our services, we've put together a list of common questions we hear from our customers. Read on and you might clear up your queries.

What Are the Minimum Amounts and Maximum Amounts I Can Borrow?

Generally, WeLoans’s partner lenders can lend you a loan between £100 and £5,000. But the actual amount you will get finally depends on a number of factors, including but not limited to the loan type, your credit score, the lending cap in your state, and your repayment ability.

What Are the Prerequisites to Be Eligible to Apply for a Loan?

The application requirements for a loan are basic and easy to satisfy. You need to be at least 18 years old, be a U.K. citizen, have an active bank account, have a regular and stable source of income and more. However, bear in mind that some of our lenders may have additional requirements beyond those mentioned above.

What Minimum Credit Score is Required For a Loan?

The minimum credit score required for a loan is a FICO score of 300, which falls into the poor or bad credit category. However, getting rejected due to bad credit is the last thing you expect and we understand that. Therefore, we partner with a large pool of direct lenders that can allow you to borrow money with any credit level, even with very poor credit.

What Types of Loans Do Your Partner Lenders Provide?

Our partner lenders offer a wide range of financing options, such as payday loans, instalment loans, bad credit loans, car title loans, personal loans and more.

How Do I Apply for a Loan?

To get started, you will need to fill out a loan application form via WeLoans. It asks for your desired loan amounts and terms, a bit of your personal and financial information, your current credit score, employment status, and more. Then, the form will be sent to our panel of lenders to review. Willing lenders will send you an offer quickly and you get to compare their rates, terms, and fees. Once satisfied, accept the offer and wait to be funded in a few hours.

Why Do I Have to Provide My Personal Information During Application?

WeLoans as a broker serves to connect borrowers with potential lenders. During the process, we will need you to provide your personal details in an application form and we will forward it to our lenders to review. Based on the information you supplied, the lenders can better understand your loan needs and repayment ability.

Will My Information Be Kept Secure?

Yes. Your privacy is of utmost importance to us. Hence, our website employs high-standard 256-bit encryption technologies to safeguard all of your information. For more details about our privacy policy,click here.

When Can I Expect to Receive Funds After Applying for a Loan?

Each lender has its unique funding policy so the funding speed varies. However, most of our partner lenders can deposit your money right into your bank account as soon as the same day or the next business day. Applying in the wee hours of the day can improve your chances of getting your funds within 24 hours.

Will My Credit Score Be Checked?

WeLoans as a broker won't do any kind of credit search. Our partner lenders, as required by UK financial regulations, need to conduct a credit check to evaluate your repayment ability. However, they only utilize soft credit check technology which won't leave any footprints on your credit report, nor will it send your credit scores dipping.

What Are the Representative Annual Percentage Rates?

Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).

What If I Can't Repay My Loans As Agreed?

If you fail to pay off your loan on time, your credit score will take a hit. You should contact your lenders directly in advance to see if they are open to negotiate payment deadlines if you have any problems repaying your loan. You can also get free and confidential help from MoneyHelper .

Do You Charge Any Fees?

No. It will not cost you a dime to use our connecting services. No hidden fees and charges. Our partner lenders will pay us some commissions if you enter into a loan agreement with them through our referrals.