If you are taking loan for the first time, then there may be a number of questions on you mind. In this write up, we shall try to answer a few of the most common questions regarding loans.

How should I apply for loan?

Nowadays, there are plenty of websites like BingoLoans.co.uk, where a new customer can apply at any time of the day or night. All you need to do is fill up online application form that can be accessed by clicking on “Apply Now”.

After BingoLoans noted all your details they will review your information, and do a complete credit check, and after running affordability check make provisional decision depending upon your information that you have supplied.

If the loan is approved then they will intimate you by email and text message.

Am I eligible for a loan?

While applying for loan, there are few criteria that you must meet for acceptance of your application that are as follows:

  • Must be 18+ age and UK resident
  • Must have bank account with debit card
  • Must be having permanent employment
  • Must meet the credit criteria.
  • Must provide correct information about your personal and financial situation

Is it necessary to have proper bank account with debit card?

It will be necessary as the amount will be credited directly into your account, Debit card is necessary to see how you maintained and managed your account.

How will I know whether my loan has been approved?

After reviewing your application if the loan is approved and decision has been taken about your loan then the same will be informed by email and text message.

Are there any charges for transferring money in my account?

Usually, there will be no charges for transferring the loan amount to your account.

Can I get loan if I have bad credit score?

Always your credit score may not define about your financial management. Perhaps, you must have got into certain difficulties with your payments in the past and all payments as well as non-payments may reflect on the credit score. It is not necessary that your financial condition is the same as it was 6 years back.

Therefore, if you apply for loan with BingoLoans, their panel of lenders and financial services partners will take all these into account. They will try to evaluate your situation on the basis of your current situation.

In case you have been turned down for loan due to poor credit score then it is not necessary that you will be turned down by everybody.

If you have applied in BingoLoans then they will provide number of other alternatives based on your current situation and that can improve your chances to get loan from certain lenders who are in their panel.

How much a loan will cost me?

There will not be any cost if you apply for loan with BingoLoans.

However, Money Hive Limited may only charge interest that is based on duration of your borrowing. So, by paying back your loan earlier your interest payments can be reduced.

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