Vendigo Finance / Lending Works

hillcats

I’ve always had a perfect credit file and never been refused any type of borrowing that I’ve ever applied for. 

I’ve recently had a new roof fitted and the company were offering and I accepted a three year 0% interest free finance loan to repay the job.  I always had the funds available to pay for this in full immediately but I thought it was a good idea as 0% for three years, and of course the application sailed through and I was accepted within minutes.  I can afford to allow the loan to run it’s full term, the same as I could just as easily pay it off in full tomorrow...

My concern now is that I failed to investigate the lender’s background and the loan was arranged via ‘Vendigo Finance’ which I just believed at the time was a normal run of the mill lender, but it is ‘lending works’ that appears on my credit file, a peer 2 peer company ...

It’s obviously too late now, and the monthly repayments have already started, but how could this be seen by other lenders when I next apply for a 36 month interest free CC for example, does it appear that I’m struggling as I’ve a peer 2 peer loan as I’m certainly not, but concerned how it could be misinterpreted. Thanks 

[Deleted User]

Unlike a payday loan I don't think a peer2peer loan would start alarm bells ringing.

hillcats

Appreciated Thanks 

[Deleted User]

The lender is not visible to other lenders, so you can relax and enjoy your new roof.

hillcats

Thanks for that !

Fighter1986

The only thing that's going to be taken into account when you next apply for credit is the monthly payments on the loan. This may reduce the limit you're granted on your next card as you have larger fixed monthly outgoings now. 

Lenders can't see how much you have saved.