Every Loan › Frequently asked questions about loans and credit
Frequently asked questions about loans and credit
Short answers to the questions people ask most about borrowing in the UK, with links to the fuller guides.
Choosing and comparing
What is the cheapest way to borrow?
It depends on the amount, the term and your circumstances, so no single answer applies. Compare the total amount repayable, not only the monthly payment. See APR and total cost.
Does a longer loan term cost more?
Usually yes. Payments are smaller, but you pay interest for longer.
Credit files
Will applying for a loan affect my credit score?
A hard search is recorded on your file. A soft search, used in many eligibility checkers, is not visible to other lenders. See credit scores and checks.
Your rights
Can I change my mind?
For many regulated agreements, yes, within 14 days. See your rights.
Who do I complain to?
The lender first, then the Financial Ombudsman Service.
Safety
How do I know a lender is real?
Check the FCA register. See how to check.
Someone asked for a fee to release my loan. Is that normal?
It is a classic advance-fee scam pattern. Do not pay, and check the firm. If you have lost money, report it to Report Fraud (the police fraud reporting service) or Police Scotland on 101.
What if I owe a loan shark?
Contact Stop Loan Sharks. It is free and confidential. See loan sharks.
Struggling to pay
Where can I get free help?
MoneyHelper, StepChange and Citizens Advice. See free debt help.
Are payday loans banned?
No, but they are capped. See the price cap.
About this site
Do you recommend any lenders?
No. We are not a lender or broker and don't arrange credit. We provide general information only. Questions? Use our contact page.
Keep in mind
Rules change. Check the official source listed on each page for the latest position, and speak to a free adviser if you are unsure what is right for you. Our home page links every guide in one place: Every Loan home.
Where to find the official rules
The FCA publishes consumer guidance, the Consumer Credit Act is on legislation.gov.uk, and MoneyHelper summarises the rules in plain words. We link these on every page so you can read the original. If something on this site looks out of date, tell us via the contact page. We read every message, though we cannot give personal advice on your individual circumstances.
More guides
Browse types of credit, credit checks and your rights for fuller explanations of the answers above.
Before you borrow
Borrowing should fit your budget, not the other way round.
A short checklist: know exactly how much you need, check the total amount repayable, make sure you could still manage if your income fell, confirm the firm is on the FCA register, and read the agreement including the section on what happens if you miss a payment. If anything is unclear, ask for it in writing or take advice before signing.
A note on figures
Where this site quotes figures such as the 14-day cancellation period or the high-cost credit cap, they come from the official pages listed under each guide. Always read the latest version, because regulators update their rules. If you are unsure whether a rule applies to your agreement, ask the lender in writing and keep the reply, or take free advice from Citizens Advice or MoneyHelper before you commit.
This is general information, not financial advice. We're not a lender or broker and don't arrange credit.
Frequently asked questions
Is Every Loan financial advice?
No. It is general information only and does not recommend products.
Do you arrange loans?
No. We are not a lender or broker and don't arrange credit.
Which page should I read first?
Start with types of credit, then APR and total cost.