The question:
How long does it take to process an unsecured loan?

Archie's answer:

Whilst unsecured loans are regulated by the Financial Conduct Authority they can be processed within a matter of days. We have partnered with our chosen lenders to provide you with an accurate quote before we actually submit your loan application to them and this will not affect your credit rating. With an unsecured loan, a lender is taking a risk on a borrower so will want to know that the borrower is in a position to repay the loan. Therefore they will carry out a risk assessment before approving your loan application. Freedom Finance acts as the loan broker between you, the borrower, and our partnered unsecured lenders helping to make the application process an efficient and accurate process, but you will have to supply the relevant information.

The application for an unsecured loan will take into account your income and outgoings assessing your reliability by looking at factors such as how long you have lived at your current address and been with your current employer. Lenders of unsecured loans want to establish that you as a borrower will have enough money in your monthly budget to cover your loan repayments once you have addressed all your other regular financial commitments. If you want to proceed with the application, we send all your details to the lender so that you don’t have to spend more time supplying the same information. Once they have received the information for an unsecured loan we can often transfer via the telephone directly to the lender or they will usually get in touch with you within 24 hours to confirm that your application has been approved and to make the final arrangements for processing your loan.

Related questions