Will the Corona Virus affect getting a loan?
Corona Virus Update
By Jon Edward
Coronavirus is reducing peoples chances of getting a loan 😟
As a direct result of the Coronavirus pandemic, many lenders have staff unable to work, so they are unable to do the underwriting required to process new loan applications.
- This means many of our lenders are not currently lending!
- We understand in these very difficult times people still need access to credit.
- We’ve been working night and day to find options for you:
Option 1 – Best Value
- Click Get Loan Quotes
- Fill out our 3-minute application form
- Our dynamic system will find lenders who are still lending
If your application is refused, this may be because today the lenders cannot take on new applications (literally changing from day to day).
Option 2 – Second time lucky?
- Apply Here to find the few other lenders who are taking on new customers.
- Note: these may be more expensive than our ‘normal’ guarantor loans, but if you are in a real need for credit, may give you one final option.
Warning – please remember in these difficult times that increasing debt should only be considered if the repayments are sustainable and affordable to you. Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Are there reduced borrowing options due to COVID-19?
All lenders have a team of staff to underwrite new loans.
As a direct result of COVID-19 and the UK Government directives to work from home and self-isolate, many lenders currently do not have the staff to underwrite new loans.
As a result, they are scaling back lending for new customers, or pausing completely.
Are there alternatives to getting a loan?
If you are having financial difficulties as a direct result of COVID-19, the UK government has announced the following help for people:
- Guidance for Employees
- Self-Employment Income Support Scheme
- Support available for renters
- Help to Buy homeowners
- Ban on evictions and additional protection for renters
- Energy industry support for vulnerable people
We would suggest you explore all these other options before the loan option.
Are any companies still lending?
This is literally changing every day 📋
- Currently, we have a couple of guarantor lenders who are.
- To see if any are today click GET QUOTES, fill out the form, and see those who are.
What if all decline my application?
This might be because the lenders are not taking new applications, and nothing to do with your specific application.
You then have the options covered below in 4.
What borrowing options are there still?
Option 1 – Try again later or tomorrow, as things may have changed by then, and some lenders may be looking for new customers.
Option 2 – Apply Here – we have a select few other non-guarantor lenders who are taking on a few new clients.
- Your application is sent to a number of lenders and you’ll be automatically forwarded to one who’s looking for new customers.
- Be patient, it may take 1 or 2 minutes to be forwarded to the lender
- These loans could be more expensive than those we typically offer on this website, so please get full details of the loan, their terms and conditions, and costs before proceeding. Remember that the loan repayments should be comfortably affordable for you.