Frequently Asked Questions (FAQs)

As you can see in our loan products, we offer both short-term loans and long-term loans. Therefore, we have kept the amount limit from £1000 to £50000. However, the final amount will be provided only after analysing your current affordability. Similarly, the actual cost will be determined per your loan amount, term, and credit score.

We generally keep our loans away from any documentation. You can term these as no paperwork loans. It means you do not need to waste time compiling many documents. Instead, you just need to scan the copies of bank statements and income proofs for the last 3 months, and that is enough for us. You can share credit score reports if you want, but we do not make it mandatory.

We do everything instantly, thanks to our well-organised digital process. If you submit your loan application on time and there is no fault, we promise you to approve your loan application on the same day. You have a 99% chance of loan acceptance with us within 24 hours. Don’t believe it? Try us now.

A credit check is a good process if it is soft. A hard credit check may damage your credit score, but a soft credit check avoids any risk. As a responsible direct lender in the UK, we run a soft credit assessment that only helps us prepare affordable loans. Sometimes, we avoid credit checks for our existing customers.

Only the basic information we need during the application process. It comprises the type of loan you want to apply for, email address, contact number, postal code, and date of birth. Make sure all the details are true, and double-check before clicking the submit button.

As we have digitalised our loan process, the loan amount will be transferred only through online mode. Once your application is approved, we will release the loan amount to your active bank account. That is why we ask you to share your bank account details.

Within 24 hours. Yes, every loan is available within a single business day. However, you have to ensure that every detail mentioned in the application form is true and relevant to the lender. If everything is flawless, we do not delay the fund transfer. Instead, we do it on the same day.

Our service is 24/7. Therefore, you can apply for any loan at the weekend. Not only this, but we also release the money at the weekend as we work online. Sometimes, if it gets delayed, there must be some genuine reason, like any error in the bank transfer or your application having the wrong information.

Interest rate defines the loan cost you pay to the lender for availing an amount. It is applied on top of the loan principal amount. You need to pay higher throughout the life of the loan if the interest rate is higher. On the other hand, the Annual Percentage Rate (APR) comprises the bigger picture of a loan. It includes interest rates as well as other fees levied on the loan. However, both are illustrated in the percentage.

The interest rate on the loan is calculated through a very simple process, i.e. Principal amount × Rate × Term = Interest rates. However, it also depends upon other factors like collateral, type of loan, market trends and many more. Therefore, we always suggest you use the loan calculator before applying and get the correct estimation.

Loan repayments under the given schedule are mandatory and good for your credit score. There might be circumstances like losing the full-time income where you cannot manage the loan instalments. You may miss the loan repayments or may default on the loan. Such a situation is unsuitable for you, particularly your credit score. Therefore, you should talk to us immediately if such situations arise or keep earning part-time as we can accept that too.

Loansforever does not follow stringent loan policies, and we always suggest you contact us if you face difficulty repaying the loan amount. We cannot arrange anything for you if you do not contact us. In such situations, you must pay the late repayment fees or your credit score declines.