Medicred is here to support you through a simple and transparent process. While applying for a loan is straightforward, we carry out important checks to ensure that any credit offered is affordable and suitable for your needs. Here’s how it works:
- Complete the Application Form – Visit our website and fill out the loan application form with your details. Ensure all information is accurate and up to date.
- Decision in Principle – we will process your application and complete a Credit & Affordability Check then provide you with a decision quickly, usually within minutes. Subject to automated checks and availability of information, some applications may require manual review. If further checks are required, it may take up to 24 hours.
- Identity Check – You will need to provide your proof of identity (driving licence or passport with an NFC chip). We will send you a link to complete this at a convenient time.
- Loan Agreement – Once you have passed the Identity Check we will send you a loan agreement to check and e-sign.
- Direct Debit Set-up – We will send you a link to authorise your bank for the monthly Direct Debit payments.
- Funds Released – Once all the steps are complete we will release the funds to the approved bank account.
If you have any questions during the process, feel free to contact us for assistance.
We are committed to ensuring all customers can understand our products and services clearly. If anything is unclear, please contact us, we’re here to help.
We recognise that customers may experience circumstances making them vulnerable. If you’re facing health, financial, or personal challenges, notify us at your earliest convenience so we can offer additional support. Our Vulnerable Customer Policy can be found here.
Frequently Asked Questions #
How do I Apply For A Loan #
- How Long Will My Application Take?
It’s difficult to get a loan with no income, but not impossible if you can prove that you will be able to pay it back. However, having a stable income will make you more likely to be approved.
- What is a Credit & Affordability Check?
Find a lender you like the sound of, visit their branch or website, and fill out the application form. This will then be submitted for review and (hopefully) approval.
- How do I check the status of my loan application?
Please email admin@medicred.co.uk if you have not received a response regarding your loan application.
- Why Was My Loan Application Rejected?
Your loan application may have been declined due to one or more of the following reasons:
- Credit History Issues – A low credit score, missed payments, or defaults on previous agreements may indicate a higher risk.
- Affordability Concerns – If your income and expenses suggest that repayments may be unaffordable, the application may not meet responsible lending criteria.
- Incomplete or Incorrect Information – Errors in your application or missing documents can impact the decision.
- Identity Verification Issues – If we are unable to verify your identity or financial details, we may be unable to proceed.
- Lender Criteria Not Met – Each loan provider has specific eligibility requirements, and your application may not align with the Medicred criteria.
If your application was declined, you may be able to reapply in the future if your circumstances change.
