Startup Loans
Hi, waiting to receive a loan from the Startup Loans Company - They've just done a credit check and I've passed :-) and now I need to provide a ton of biz documents. Just wanted to know -
1. Is it likely they will do another check? - They've said no but wondering if there are further bank uk checks etc or some other checks that Loan applicants are unaware of.
2.Will they be able to see the amounts of money I hold in all my UK accounts and/or do they make direct contact with banks?
3. Is there any way they can see my balances for uk saving accounts credit reports or otherwise?
Thanks
1. Is it likely they will do another check? - They've said no but wondering if there are further bank uk checks etc or some other checks that Loan applicants are unaware of.
2.Will they be able to see the amounts of money I hold in all my UK accounts and/or do they make direct contact with banks?
3. Is there any way they can see my balances for uk saving accounts credit reports or otherwise?
Thanks
0
Comments
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I will answer each question, in numbered sections.
1. The lender reserves the right, where authorized, to perform a full credit search. Under normal circumstances, this should be a one-time occurrence. There are other checks, required under legislation. This includes an identity check, anti-money laundering check, affordability assessment and any other procedure used by the lender.
2. The lender does not have direct access to your banking information. In recent times, a small number of lenders may ask applicants to provide their Internet Banking details, in order to download transaction histories for screening. If the lender hasn't asked for this, the answer is completely no.
3. Your credit file should contain the companies you use or have used to bank with. Normally, the bank will upload data relating to an overdraft or other credit facility used. Your savings account balance should not be visible on your credit file.
I hope that this information has covered your questions.0 -
Thanks for such a succinct and hasty reply,
One more question...would they be able to see when an account was created?0 -
They can only see what is on your credit reference agency report such as Experian.
Is there a problem with the questions they have asked?0 -
Hi, waiting to receive a loan from the Startup Loans Company - They've just done a credit check and I've passed :-) and now I need to provide a ton of biz documents. Just wanted to know -
1. Is it likely they will do another check? - They've said no but wondering if there are further bank uk checks etc or some other checks that Loan applicants are unaware of.
2.Will they be able to see the amounts of money I hold in all my UK accounts and/or do they make direct contact with banks?
3. Is there any way they can see my balances for uk saving accounts credit reports or otherwise?
Thanks
Whats the websie for this start up loans company ?0 -
Sounds a bit dodgy, trying to hide assets etc?0
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dealer_wins wrote: »Sounds a bit dodgy, trying to hide assets etc?
Most start up funding requires the loan amount to be matched by investment in the business from the borrower - often on a 50/50 basis. Therefore there would ne no logical advantage to hiding assets. However, hiding the lack of them if you have over stated what you are sinking into the business is a different matter.0 -
Hey guys!...thanks for all your help with this...my questions have been answered...:beer:
I'd honestly never done a credit check on myself and was intrigued by the inner workings. I think I have OCD haha
And no I'm not trying to hide assets :rotfl:its a startup loan so the more assets I have the greater my chances...also I dont have to secure it with any of my assets.
Have a good week :-)0
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