FREQUENTLY ASKED QUESTIONS
We hope you'll find these helpful. For any further information please don't hesitate to contact your local branch who'll be happy to answer any questions.
Q1. How do I apply?
Q2. What happens when I submit an online application?
Q3. How long will my loan application take?
Q4. "I've been turned down by my bank, does that mean I'll be
turned down again"?
Q5. I'm self employed and finding it hard to get a loan. Can
Elephant Loans help?
Q6. Do I need to be a home owner?
Q7. I have County Court Judgements (CCJ's) does that mean I won't
be able to get a loan?
Q8. I have missed payments on my mortgage and I am in arrears, does
that mean I'll be refused a loan?
Q9. I want to re-mortgage my commercial property but the lenders
I've tried won't consider this property type, will Elephant Loans?
Q10. I want to purchase a commercial property but have been turned
down by my bank, can Elephant Loans help?
Q11. I was previously made bankrupt, does that mean I'll be turned
down now?
Q12. I previously had an "IVA" (Individual Voluntary Arrangement),
does that mean I'll fail the credit score?
Q13. Because I have a bad credit rating does it mean the interest
on my loan will be high?
There are a number of ways to apply. You can apply online by completing the short application form. You can also apply or find out more information by calling us on: 0800 032 56 26.
You can also request for us to call you back by clicking on the "Call Me Back" button and leaving your details. However you contact us we'll deal with your enquiry as soon as possible.
Q2. What happens when I submit an online application?
When we receive your online application we'll immediately start to process your details to find the best loan options for you and we'll call you as soon as possible. In order to provide a service to you we will with your consent run a credit check with a licensed credit reference agency and a record of our search will appear on your credit file. If you've previously failed a credit score with another lender don't worry, we don't credit score. We look at your individual situation. At Elephant Loans we specialise in helping customers who may have an adverse credit history or previously failed a credit check with other lenders. Throughout your application you'll only deal with one of our friendly and experienced local Managers, and their job is to help you.
Q3. How long will my loan application take?
In most circumstances a loan application takes between 7 to 10 working days from first call to completion. For some customers it may be less or a little longer. We will always try our best to make it as quick and easy as possible and keep you informed during the whole process.
Q4. "I've been turned down by my bank, does that mean I'll be turned down again"?
No it doesn't. At Elephant Loans we specialise in helping clients who may have been turned down by other lenders. We work with a panel of lenders to look at each application individually. So if you have bad credit, missed mortgage payments or multiple CJJ's don't assume you'll be turned down as we may be able to help and have helped many customers in similar circumstances.
Q5. I'm self employed and finding it hard to get a loan. Can Elephant Loans help?
Yes we may be able to help. Sometimes self employed people or small business owners can find it difficult to get a loan just when they need extra cash to expand their business or ease cash flow worries. At Elephant Loans we can arrange finance for self employed people without accounts or bank statements being required.
Q6. Do I need to be a home owner?
Yes, at Elephant Loans we specialise in secured homeowner loans and mortgages for residential, commercial or semi-commercial properties?
Q7. I have County Court Judgements (CCJ's) does that mean I won't be able to get a loan?
No it doesn't. We've helped many customers who have multiple CCJ's. If you let us know about your CCJ then we'll be able to look at your options.
Q8. I have missed payments on my mortgage and I am in arrears, does that mean I'll be refused a loan?
No, you may not be refused if you've got behind on your mortgage payments. We've been able to help many customers who were in the same situation. If you let us know about any arrears then we'll look at your options.
Q9. I want to re-mortgage my commercial property but the lenders I've tried won't consider this property type, will Elephant Loans?
Yes we possibly could. We can help where traditionally other lenders won't. We'll consider a vast range of properties including, buy-to-let, shops, warehouses, restaurants, hotels and even agricultural premises or land. For more details please call your local branch.
Q10. I want to purchase a commercial property but have been turned down by my bank, can Elephant Loans help?
Yes we possibly could. We will consider a range of properties including, warehouses, shops, restaurants, hotels and even agricultural premises and land. We can also arrange finance for semi-commercial properties and buy-to-let.
Q11. I was previously made bankrupt, does that mean I'll be turned down now?
No it doesn't necessarily mean you'll be turned down. We would need to look at your individual circumstances, but we have helped many customers in the same situation.
Q12. I previously had an "IVA" (Individual Voluntary Arrangement), does that mean I'll fail the credit score?
Whether you have completed your IVA or even if you are still in the term of your IVA, Elephant Loans can arrange an affordable loan for you.
Q13. Because I have a bad credit rating does it mean the interest on my loan will be high?
At Elephant Loans we have a select panel of lenders who specialise in financial products for customers with adverse credit histories. This means our typical variable rate is 13.3% APR and is the highest rate we offer to 66% of our customers. Therefore the majority of our borrowers are offered a rate lower than our typical APR, although it is possible the rate could be higher. Whatever your circumstances we'll always search to offer you a fair rate. Check out our Calculator's on the Personal Loans and Business Loans pages to give you some examples.
