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Before You Apply
What is an unsecured loan?
An unsecured loan is a type of personal loan where no collateral is involved. Instead of pledging assets or properties, a borrower’s loan is approved based on their creditworthiness.
What is LoanTube? What is its role in the whole process?
LoanTube is a FCA registered broker operating in the UK. With state-of-the-art digital loan platform. It is a common platform that brings lenders and borrowers with the help of real-time loan quotation comparison.
Why should I choose LoanTube?
LoanTube is a FCA registered broker that compares actual APRs among multiple lenders, which give borrowers a freedom to choose their own lender. Moreover, it believes in transparency and simplification of the process.
How can I apply and what happens after I finish applying for a loan?
Applying for a loan is easier, faster, and simple with LoanTube. Fill out the required details in the form available on our website and wait for a few minutes for the decision. The decision will be shown to you on the screen. Say good-bye to the waiting time! We try to match your loan requirements with lenders on our panel to find the right loan for you.
How much can I borrow?
The limits are set by lenders according to the responsible lending guidelines set by the financial regulatory body of the UK, FCA and it depends upon various factors like your incomes & your expenses. This limit do vary customer to customer.
What is the legal age for applying for a loan?
The legal age for applying a loan is 18 and the borrower should be a resident of the UK.
How long does it take to get an unsecured loan in the UK?
After you fill out the available application form, we make an assessment based on the information provided by you. If we have all the information we and our lenders need, a “yes or a no” answer from lenders who are willing to lend you and the quotes/APRs they want to offer you will be displayed on your screen on a real-time basis. Once you accept any offer we display on the screen, it depends on the lender how soon they disburse the loan to you. Please read lender’s Terms & Conditions before you choose to accept the quote of any lender.
How to decide which broker or bank to take a loan from?
We suggest you to always run a thorough check before applying for a loan. Compare the interest rates, tenure and terms, and conditions before choosing your lender.
Will LoanTube make a credit search on me?
A loan with credit check is always the safest option. LoanTube runs a soft credit check on your name which won’t affect your credit score. But that’s a good thing. Doing so helps us in knowing the right lenders for you even before we pass your details to them. So this way we don’t pass your details to any lender we already know won’t be able to lend you. The more we know know about you, the more personalized and more suitable loan deal we can find for you. Please note that soft credit check does not affect your borrowing capacity.
Who do you lend money to?
LoanTube is a registered broker and not a lender. We deal with a wide network of regulated lenders who would be lending money to our customers.
During the Application Process
How much do you charge for a loan?
We do not charge any fees from our customers. Yes. You read it right. LoanTube doesn’t charge any fees whatsoever from our customers. We do not even deduct any amount from the loan advance. Hence, an individual applying for a loan with us will receive the whole amount of the loan applied for.
However, we do receive a fee or commission from lenders whenever you obtain a loan through LoanTube.
How long do I have to wait after applying for the loan?
After applying, if we have all the information we and our lenders need, a “yes” or “no” answer from lenders who are willing to lend you with the APRs and quotes will be displayed on your screen on a real-time basis.
How will my loan get approved?
LoanTube offers a platform where lenders and borrowers meet to fulfil each other’s need. Lenders use various parameters to select and approve a loan. These parameters vary from lender to lender. Some may approve your loan instantly and some may take time for reconsideration as well and some may not consider your loan request at all.
I have finished filling out my loan application, what happens next?
Once you complete filling out the loan application form, we will try to search for lender that matches your needs and preferences. We will consider all the information provided by you to get you deals that are personalized to you. We show you all the matching lenders with their offered APRs on your screen in real-time. You have to accept the quotes from one of these lenders before we can handover you completely to that lender. Its between you and the lender then to complete the rest of the loan journey. We have no role in that. If lender requires any additional information, it will ask you. If you pass it’s additional checks, lender will transfer the loan amount to your bank account as per its usual loan disbursal policy.
Please read lender’s Terms & Conditions carefully before signing any loan agreement with them.
Do you offer a fixed rate loan or variable rate loan?
LoanTube offers loan at fixed APR which doesn’t change after the loan has been approved by the lender. The rate of interest will never fluctuate in case you are applying through us. We really work hard to make things transparent.
Can I choose my loan term?
Yes. You have all the rights to choose your own loan term. Depending upon the affordability and preference, an individual is suggested to choose the repayment term to avoid any negative impact on the credit history.
What are the chances that my loan application will be approved?
Your chances of approval depend upon many factors. Some of them are your past credit history, your current incomes & expenditures, your residential status, and lenders’ criteria. LoanTube does not impact your approval chances with any lender in any way. However as we deal with multiple lenders, we process your single loan application with all of our lenders. So your chances of getting approval for a loan through LoanTube are comparatively higher than applying with any lender directly.
Though we do suggest you to check your credit report before applying for any loan. We request you to recheck all the information that you fill in loan application form, in case you wish to check the eligibility for a loan through us.
I want a guarantee that the loan will be approved. Will LoanTube offer me that?
No, we don’t provide guarantee of your loan approval. At the end of the day, it is the lender who approves or rejects your loan request. However as we deal with multiple lenders, we process your single loan application with all of our lenders. So your chances of getting approval for a loan through LoanTube are comparatively higher than applying with any lender directly.