My Financial Broker is a credit broker and not a lender. Warning: Late repayments can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/
Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 191.2% (fixed). Total repayment amount £1726.68 and total interest is £976.68. 12 monthly payments of £143.89. My Financial Broker is a broker, not a lender*.* As a broker, we are unable to ascertain exactly how many customers take out a loan or the lender's rate of interest particular to that customer, therefore our calculation is based on the mean APR of our panel of lenders.
It is very common for direct lenders and loan brokers to run a credit check on a customer when they apply, in order to determine their eligibility and find the best loan option for them. Every time a search is made on an applicant, it leaves a ‘search footprint’ which is like a virtual mark or a stamp to acknowledge that the lender has checked the individual’s credit file.
The search footprint can be either a ‘soft search’ or ‘hard search’ and with a soft search, it will check things like any recent defaults, credit or loan transactions but it will not leave a mark on your credit file and disappear shortly after.
Soft searches are regularly used for loans, mortgages and other financial products. If you have a joint bank account, lenders will typically run a credit check on this person too, or the guarantor involved in a guarantor loan. Since these people are not directly applying, it makes sense for the search to disappear shortly after.
All loan applications made through My Financial Broker are soft search loans, meaning that only a ‘soft search’ will be made against your credit report. This will not have any impact to your credit score, and the mark will disappear just after.
A hard search is a more thorough check on your credit report and will look at your credit history, including outstanding debt, recent searches, defaults and more. A hard search will usually stay on your credit file for around 12 months before it is naturally removed.
The issue is that having too many hard searches in a short space of time can make you look financially stretched and in desperate needs of funds. Whilst experts say that it is normal to have around 12 credit searches at any time, anything significantly higher than this will be considered a warning sign to most lenders, and they may be hesitant to proceed with your loan.
Your credit information is stored by the three main credit reference agencies in the UK: Experian, Equifax and TransUnion – and any other lenders working with these agencies are able to view your credit information in real-time. So if you have a lot of searches going on, the next lender you apply with will be able to see this information and make their decision accordingly.
Applying for a soft search loan allows you to protect your credit score and maximise your chances of approval. Using a soft search is a good way to check your eligibility for a loan and compare the different options available, without compromising your credit file or committing to any fees or charges.
One major issue for many borrowers is that they feel the need to apply with multiple lenders in order to improve their chances of getting approved. However, if you apply with lots of different lenders, this can result in several hard searches being left on your credit file and this can be off-putting for future lenders. By applying with a broker, you can ensure that this does not happen.
With just one soft check from My Financial Broker, you are able to improve your chances of approval and keep your credit score clean. We are part of a large financial group that has over 25 years combined experience in the short term loans industry. We work closely with many lenders across the UK, and by applying online, you can receive an instant quote from the lender best suited to your credit background, loan amount and duration. Our application form is completely online and takes only a few minutes to fill in on desktop, mobile or tablet. You will be required to answer some basic information including your name, age, address, employment, income and monthly expenses – which allows us to determine how much you can borrow. You will then receive an instant decision on the screen and the option to proceed with one of our chosen lenders. Our loan application is completely free of charge and no obligation. The selected lender may run a credit and affordability check to confirm your eligibility – and this might include sending a payslip or having a quick phone call. If you pass all the relevant checks, you can typically receive funds within 1 hour or on the same day of applying.Apply Now