LiveLendGroup 2

Your Application

Can I pause my application and come back to it?

No, not yet, but we know you're busy, so we give you your quote in just two minutes. Your quote will let you know whether you can take out our loan, and we’ll also give you your real rate. That way, you’ll know exactly how much your loan will cost. The rest of the application will take just another three minutes and we’ll transfer your funds immediately so your money is in your account in under four hours. You can get your quote by using our loan calculator and clicking 'Get my quote'

Our loans are 25.9% APR Representative.

I've recently moved house, will this affect my application?

Moving house shouldn't impact your application, as long as you’re registered to vote at your new address. Not being registered to vote can have a negative impact on you credit score. If you’ve been in your current address for less than two years you’ll need to provide us with your previous address details.

At LiveLend we only use soft searches, also known as quotation searches, to work out whether you’re approved for our loans. A soft search will let you know whether you’re eligible for the loan before you apply. That means we’re taking the guesswork out of applying for credit and protecting your score.

Can I cancel my application?

Sure, you can cancel your application at any time before you receive your loan. You don't need to let us know, your quote will automatically expire.

If you have received your loan but have changed your mind, you have 14 days from receiving the money to tell us that you would like to withdraw from your loan agreement. We'll never charge you a fee to close your loan early. If you decide to cancel your loan within 14 days we also won't charge you any interest, so long as you pay us within 30 days of cancellation.

Why can't you verify my personal details?

As a responsible lender, it's important that we can verify the following details during your application:

  • Your name and date of birth
  • Your email address
  • Your phone number
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments

We also use a Credit Reference Agency (CRA), along with the information you tell us, to help correctly match your details and make a lending decision. CRAs such as Equifax, TransUnion and Experian, collect information about your which helps lenders verify your identity.

If the personal details they hold about you are not up to date or don't match what you've entered during your loan application, this may be the reason we can't verify your identity right now.

It's important that you make sure the information CRAs hold about you is correct. You can check what information they have by clicking the link below and accessing your credit report.

www.equifax.co.uk
www.transunionstatreport.co.uk
www.experian.co.uk

Why can't you verify my bank details?

As a 100% digital bank, we use online electronic tools to verify your details.

When sharing your bank details during your loan application, it's important you check that:

  • Your bank details are correct
  • The bank account is registered in your name and current address
  • Your bank accepts faster payments

You have a total of three attempts to submit your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above.

If we’re still unable to verify your details, it may be that your bank account is one that hasn’t adapted to the industry standard, that came into effect in 1998, where established banks share useful information directly with credit reference agencies (CRAs) and online financial services like ourselves. Some of the accounts that fit this criteria are listed below.

  • Bank accounts opened before 1998
  • Some of the new challenger banks

Our digital approach allows our customers to manage their loan completely online wherever they are but it also means we keep costs low so that we can continue to offer great rates. This does mean, however, that some customers won’t be able to take a loan with us, depending on who they bank with, as we mention above.

Unfortunately, if we can’t match your account then you won’t be able to take a loan with us right now. We welcome more support from established banks to increase the number of accounts they share with us. Until then, we’re working hard to welcome even more customers to LiveLend.

How do you decide what rate to charge me?

We think representative rates are confusing. So, when we give you your quote, we’ll also give you your real rate. That way, you’ll know exactly how much your loan will cost. This is a rate individual to you, worked out based on the information you provide us with as part of your application, any information we might already know about you, and the information provided to us by our Credit Reference Agency.

What do I need to include in my monthly expenses?

You should include your essential expenses and financial commitments.

For example: 

  • Your share of the mortgage or rent
  • Any existing loan or credit card repayments
  • Utility bills such as gas, electricity, water, council tax
  • Any monthly commitments such as mobile phone, broadband, sky, insurance
  • Food costs
  • Childcare costs
  • Travel costs

How much can I borrow?

We offer online personal loans from £1,000 to £12,000. We make responsible lending decisions because a loan needs to be good for you and us. We want to make sure you can afford to repay the loan.

At LiveLend we'll consider your personal situation, including your income and your financial commitments, before we make a lending decision, and we’ll pick up the phone for a chat if we have any questions.

What can I include within my income?

Your main source of income is usually your salary. You can tell us what this is, either monthly or annually and the amount, either before or after tax. Most people select monthly after tax as this is the actual amount you get paid every month.

You can also include income from additional jobs, income from savings or investments, any permanent benefits that you receive, and any regular bonuses.

However, you should only include regular income and you should be honest about how much you receive, as we will look to confirm this through our soft search.

What personal details will you ask for?

We know that you don’t want to spend all day filling in forms. To get your quote we will only ask for:

  • Your personal details, (name, address, date of birth, email address and phone number)
  • Your address history and residential status
  • Your employment status
  • Your income and expenditure, including essential expenses and financial commitments

You can get your quote by using our loan calculator and clicking 'Get my quote'