Although we would like to help as many customers as possible, an application will be unsuccessful if it does not pass our initial criteria (age, income, employment) or further checks such as credit checking and affordability measures.

As a lender that has full authorisation with the Financial Conduct Authority, you can rest assured that your details will be held safely and confidentially on our system. Our website is hosted on a secure server (https) which adds extra encryption to your data and gives it more protection.

We explain what you can expect if your application with Uncle Buck is not successful:

No fees or charges 

We do not charge any upfront fees for applying. We appreciate that if individuals are looking for a payday loan, the last thing they want is to be charged money for simply applying, especially if the application does not go any further. So, although we request your bank account and debit card details as part of the application process, this is simply to have the information to deposit your funds if we approve your application and to collect the repayments on your due dates –  we will never charge you any upfront fees during the application stages.

No damage to your credit score  

If you reach the later stages of our application, we may run a credit check on your file to get an idea of how well you have repaid other types of loans and credit in the past and to see if you have any debt outstanding. We are able to access this information by working with credit reference agencies that hold up-to-date credit information about every individual in the UK aged over 18.

By applying for a loan with Uncle Buck, there will not be any damage to your credit score. So, you can have peace of mind that your credit rating will not go down and this should not affect your eligibility for future loans, cards and mortgages or leave you stuck with higher rates than normal.

The only impact to your credit record will be the addition of a ‘credit search footprint’ which we explain below.However, if your loan application is approved and you proceed with borrowing, you should be aware that other lenders may see this information as we report payment information to credit reference agencies.  This may influence applications for longer term credit e.g. a mortgage and each lender looks at information in different ways.

Credit search footprint 

search-footprint

When carrying out a credit check, a credit search footprint will be placed on your credit file to acknowledge that we have looked at your account. This is just a note on your credit record to say that someone has looked at your file. There is no charge for this and the footprint will disappear after 12 months. (Source: Experian)

The only thing to be aware of is making several loan applications in a short space of time, as any other lenders that visit your credit file will be able to see these footprints. By having many search footprints in a short space of time might make you look in need for finance and jeopardise your chances of being approved.

You can see how many search footprints you have by using free trials to check your credit report. There is also the option to request a statutory credit report for £2 from one of the three main credit reference agencies in the UK – Experian, Equifax and Call Credit.

We may recommend an alternative 

As part of the application process, we ask for consent on our application page to pass your details to selected third parties who may contact you about products and services that may be of interest to you by email or text message.

So, in the event that your application is not successful with us and you have answered ‘yes’ in this box, we may pass on your application details in real-time to another third party introducer who may be able to find an alternative lender to offer you a loan.

If an alternative lender is found, the page will automatically redirect you to the page of an alternative finance provider, who may be better suited to your circumstances. All the companies that you might be redirected to have been vetted by our affiliate partners and are authorised UK companies.

The names of the partners that we work with can be found in our privacy policy and you will be contacted by any lender that approves your application.

What other options are available?

If you have not been successful with your application, there are alternatives available to help you get the finance you need. Consider borrowing from a family member or friend – you may be able to obtain the funds you require even faster and not have to worry about paying high interest charges.

For a low-cost loan, you can reach out to your local credit union. This is non-profit organization set up by a group of people within a local community or religious group. The cost of borrowing is very low, capped at  3% per month and there are no late fees if you cannot meet repayments.

Customers can borrow between £50 and £3,000 and repay at the end of each month. Since it is non-profit, the funds can take a little longer and up to 7 days to reach your account. To be eligible, you need to be living within a certain distance of the credit union or be part of their community.

Our commitment to treating customers fairly 

We are passionate about treating customers fairly. This means that will always carry out checks prior to funding a loan and take the necessary measures to help find a product that is right for them if they ask us to, even if this means that the application is not successful.

If you are having debt problems or financial difficulty, you can receive free and impartial advice from The Money Advice Service.