FAQs at Purple Loans UK

In case you are unsure about any of our products and services, we’ve put together a list of the most frequently asked questions. If, after reading these, we still haven’t satisfied your query, then don’t hesitate to get in touch via our contact page.

Purple Loans allows customers to access a large panel UK lenders and providers through one simple application form. Although Purple Loans is not a lender and doesn’t directly offer loans, there is absolutely no charge to use the service and during your application you will be under no obligation to accept a loan.

Applying online through Purple Loans is a quick and simple process. All you need to do is complete the online application form and click ‘Apply Now’, before letting Purple Loans do the rest! We will take your details; run them through our panel of lenders and a few moments later we will let you know whether or not you have been accepted for a loan. If you have, we will forward you to the lender’s completion page so that you can sign for your loan electronically.

You can apply for loans from £100 to £25,000.

RAPR stands for Representative Annual Percentage Rate and it is the amount of interest that approximately 51% or more customers will receive against their loan. Because an RAPR is calculated on an annual basis, it is more often suited to assist customers in comparing the suitability of longer term loans (taken for 12 months or more) and therefore it is less representative of how much you will look to re-pay on a shorter term loan. As a result, we prefer to focus on exactly how much you will re-pay rather than the RAPR.

The eligibility criteria when applying for loan will vary between lenders, however there are some standard criteria requirements that you will be expected to meet in order to apply. For instance, you must be aged 18 years or older, have an active bank account into which you can receive direct debits and have a regular source of income.

We require your personal information in order to present your application to our panel of lenders so they are able to make an accurate judgement about whether they are interested in lending to you and to assess your ability to re-pay a loan.

Purple Loans will not carry out a credit check during the application process. If accepted, it is likely that the lender will go on to perform a credit search to assess your ability to repay the loan.

Not necessarily. Many of the lenders on our panel specialise in working with individuals who have a poor credit rating, so no matter what your credit score you can still apply for a loan. /p>

However, if you are experiencing financial hardships we strongly advise that you seek professional help and refrain from taking out further credit.

If you do not have a debit card, please contact your prospective lender to discuss this before committing to taking out a loan. It may be that you are unable to receive a loan in this instance.

If you make your loan application and you are accepted by a lender on a weekday before 3pm, you could receive your money on that very same day. However, if you make your application and you are accepted for a loan after 3pm or on a weekend/bank holiday, you will often receive your funds on the next available working day. The time a loan takes to get paid out can vary from Lender to Lender. You should always confirm this with the lender directly.

Typically, a loan will be transferred electronically into your account via electronic transfer.

In most instances a loan re-payment will be automatically debited from your account on the agreed re-payment date. This means that all you need to do is ensure that you have the correct funds in your account and your lender will do the rest!

Many lenders will allow you to defer or re-arrange your payment should you be unable to meet the original agreed re-payment date. However, Purple Loans does not advise renewing or rearranging your re-payment date as this could mean that you incur further charges as a result. Please only take out a loan if you feel sure that you will be able to re-pay what you owe.

If you have any issues regarding the re-payment of your loan you must contact your lender in the first instance. They will be able to discuss any options that you have moving forward and offer advice about how you can re-pay what you owe.

Yes! If you feel that we have provided a good service and you want to let us know please either drop us an email or leave us a review at: www.reviews.co.uk
We would love to hear from you!

If you are unhappy with the service that you have received from Purple Loans, please get in touch to let us know. We don’t always get everything right, so by letting us know where we have not managed to meet your expectations we can endeavour to rectify the issue for all of our future customers.

Short Term Representative 305.9% APR

Personal Loans Representative 51.1% APR

Guarantor Loans Representative 49.9% APR